Audio By Carbonatix
The world’s two biggest cocoa producers are considering setting a minimum price for their beans in a bid to derive more value from growing the chocolate ingredient, according to two people familiar with the matter.
The industry regulators of Ivory Coast and neighboring Ghana are in talks to study a price that will fall in a range of 1,700 pounds ($2,255) to 2,000 pounds per metric ton on a free-on-board basis, said the people, who asked not to be identified because they’re not authorized to speak publicly about the matter.
The issue was discussed at meetings between Ghana Cocoa Board and Ivory Coast’s Le Conseil du Cafe-Cacao in Accra last week, said the people.
The strategy is at an early stage and both regulators are reviewing the implications of such a proposal for their industries, said the people.
A final plan will be submitted for approval to the two governments and then presented to cocoa buyers, said the people.
Ivory Coast wants to implement the plan before the October start of the next main harvest and will set aside a portion of the season’s future sales at the set price, said one of the people.
A spokeswoman for the CCC didn’t answer calls seeking comment. A spokeswoman for Ghana Cocoa Board declined to comment when contacted by phone.
London cocoa prices have averaged 1,652 pounds per ton since the beginning of the current season for most active contracts, compared with 1,487 pounds per ton a year ago.
Ivory Coast and Ghana, which account for about three-fifths of global cocoa output, typically sell about 80 percent of the main harvest before the beginning of every season, a system which allows it to lock in prices and set the minimum pay for farmers.
Ivory Coast, the biggest producer, has already sold at least 500,000 metric tons of the next harvest from a target of 1.4 million tons, people familiar said earlier this month.
To be sure, past attempts to control the market by limiting or banning sales in Ivory Coast didn’t prove successful. That’s partially because traders know West African nations rely heavily on cocoa-export revenues and they eventually end up selling, in some cases at even lower prices.
The two countries have been trying to align their policies and share more information to improve their pricing power in the global market.
Last month, Ivory Coast started to move away from a cocoa-auction system in favor of direct sales to traders, bringing the marketing process closer to that of its West African neighbor.
Latest Stories
-
Nyindam says he will consult party, constituents before deciding on Kpandai re-run
10 minutes -
Kpandai chiefs urge President Mahama to intervene in election rerun dispute
23 minutes -
Underfunding and GH¢12bn arrears crippling education delivery – Ntim Fordjour
47 minutes -
I am not troubled; we didn’t cheat – Nyindam responds as Kpandai poll heads for re-run
49 minutes -
Investment in data production strengthens governance – Deputy Finance Minister
1 hour -
High Court ruling on Kpandai will stand unless overturned by Supreme Court- Berekum West MP
1 hour -
Ghana’s public debate too emotional, not driven by data – Prof Bokpin
1 hour -
Arthur Kennedy writes on President Kufuor
1 hour -
Today’s Front pages: Tuesday, December 9, 2025
2 hours -
IMANI files RTI request seeking details on new nationwide SIM registration
2 hours -
Bawumia will perform better in 2026 NPP primaries, his popularity has actually risen – Nana Akomea
2 hours -
Ghana Education crisis deepens as WASSCE Results expose systemic gaps
2 hours -
NAIMOS ramps up Eastern Region clampdown, shuts major galamsey sites on Akyem Oda stretch
2 hours -
Prof. H. Kwasi Prempeh urges constitutional overhaul to fix OSP challenges
2 hours -
NYA CEO Osman Ayariga highlights need for skilled, disciplined Yango couriers at 2025 Conference
2 hours
