I. Coast, Ghana Ease Tug-of-war With Buyers Over Cocoa Prices
Umer Jamshaid Published November 21, 2022 | 11:37 PM
Ivory Coast and Ghana, the world's two biggest cocoa producers, said Monday there had been progress towards resolving a tug-of-war with chocolate giants on prices
Abidjan, (APP - UrduPoint / Pakistan Point News - 21st Nov, 2022 ) :Ivory Coast and Ghana, the world's two biggest cocoa producers, said Monday there had been progress towards resolving a tug-of-war with chocolate giants on prices.
The two countries had set a deadline of Sunday for manufacturers to pay higher prices to their growers.
But in a joint statement, industry bodies said the talks had yielded agreement to set up a working group to explore the problems, and report back early next year.
The producer countries also praised "the efforts made by certain companies" to find a solution for sustainable farming, the statement said.
The quarrel focuses on the Living Income Differential (LID) -- a policy Ivory Coast and Ghana introduced in 2019 to fight poverty among cocoa farmers in the global $130-billion chocolate market.
Under it, Ivory Coast and Ghana vowed to charge a premium of $400 per tonne on all sales of cocoa beans, starting with the 2020/21 harvest.
But their trade boards say the scheme is being undercut by buyers who depress the price of another premium based on bean quality.
They have accused purchasers of clawing back the cost of the LID by exerting pressure on the "origin differential" premium, which has plunged below zero in recent years.
They set November 20 as a deadline for bringing buyers into line.
They threatened to punish corporations by barring them from visiting plantations to estimate harvests -- a key factor in cocoa price forecasting.
And they also threatened to suspend sustainability programmes that chocolate giants use to enhance their image given the increasing ethical concerns of consumers.
Related Topics
Recent Stories
Journalists call for global action to end Gaza’s humanitarian crisis
CM for generating opportunities to bring direct int'l investment
Pakistan retains position in FTSE secondary emerging market
High Commissioner of Malaysia hosts Iftar dinner reception
NEPRA announces 2nd quarterly adjustment in power bills with Rs 1.68 cut per uni ..
Hoopo Inc. Collaborates with SAU to Install Solar-Powered RO Plant
04 killed in Spain as Storm Nelson looms
Russian military jet crashes into sea off Crimea: Governor
Rain-windstorm/thunderstorm likely at various parts of country
Implementation of Sindh Agriculture Workers Act-2019 demanded
Pandemic accord talks heading for extra time
Khawaja reiterates PM commitment to judiciary
More Stories From World
-
Bus plunges off S.Africa bridge killing 45: ministry
1 hour ago -
S.Africa's ex-president Zuma barred from May election
1 hour ago -
Tax the rich: slow progress on the international front
2 hours ago -
Bus plunges off S.Africa bridge killing 45: ministry
2 hours ago -
Russia sentences journalist to 2 years in prison, detains others
2 hours ago -
France asks for foreign help for Olympics security: officials
2 hours ago
-
04 killed in Spain as Storm Nelson looms
3 hours ago -
Russian military jet crashes into sea off Crimea: Governor
3 hours ago -
Pandemic accord talks heading for extra time
3 hours ago -
French parliament backs bill against hair discrimination affecting black women
3 hours ago -
Russia says 'evidence' links Ukraine to Moscow attack
3 hours ago -
Russian shelling kills three in Ukraine, officials say
3 hours ago