The world’s leading cocoa producers, Ivory Coast and Ghana, have reached agreement with traders, processors and manufacturers to instigate a floor price for cocoa. The agreement was struck after a two-day stakeholder engagement process that the Cocoa Marketing Board (Cocobod) from Ghana said “involved all major cocoa trade houses, processors and manufacturers”. The meeting took place in Accra/Ghana.

Cocobod said a floor price of USD 2,600 was accepted by all stakeholders, but processors, manufacturers and traders requested a further technical meeting to fine-tune the mechanism for the implementation of the floor price.

It was agreed that the technical meeting will be held on 3 July 2019 in Abidjan/Ivory Coast. It was also agreed that issues involving sustainability, traceability, the environment and child labour, although important, be decoupled from the floor price and be discussed at separate forum. In the run-up to the meeting, Ivory Coast and Ghana suspended sales of the 2020/21 crop. Sales will remain suspended until the floor price actually takes effect.