This was contained in a joint communiqué issued and signed by the Chief Executive of the Ghana Cocoa Board, Joseph Boahen Aidoo and the Chief of Cote d’Ivoire’s Coffee and Cocoa Council, Yves Kone-Brahima.

The two countries, at a two-day meeting in Accra in June 2019, announced the suspension of cocoa sales to push for their demand for a floor price of US$2,600, which was accepted by stakeholders.

Ghana and Cote D’Ivoire, between them, produce more than 60 percent of the world’s cocoa output and have agreed to “a constant US$400 farmers’-living differential” on each tonne of cocoa from the two countries.

The communiqué said, “in view of the above the two countries decided to lift the suspension of sales of the 2020/2021 crop from July 16.”

The communique added that the two countries were going to legislate the minimum producer price to be paid to cocoa farmers as a means to safeguard their income.

The two countries would be paying farmers a guaranteed minimum price of 70% of the floor price of US$2,600 per tonne.

Farmers would also be entitled to bonus payment when the achieved average gross Free On Board (FOB) price at the end of the Cocoa season is between the minimum of US$2,600 (US$2,700 Cost Insurance Freight (CIF) – US$2,900 (US$3,000 CIF).

The countries agreed on creating a stabilization account under the cocoa initiative of both countries and provided for in the Charter.

In line with this, two accounts would be set up for each country within the secretariat in Accra where any extra value above US$3,000 CIF or US$2,900 Gross FOB of the Achieved Weight Average will be deposited.