Ghana and Ivory Coast, the world’s two largest cocoa producers, have decided to lift the ban on the sale of cocoa effective Tuesday, July 16.
The two West African cocoa producing giants announced suspension of the sale of cocoa for the 2020/2021 crop season in mid June.
The decision was contained in a joint statement, signed by Yves Kone-Brahima, Executive Director of the Coffee-Cocoa Council of Ivory Coast, and Joseph Boahen Aidoo, Executive Head of the Ghana Cocoa Board and cited by AFP.
On June 12, Ivory Coast and Ghana decided to suspend their cocoa sales in order to raise prices, with the aim of obtaining better remuneration for farmers.
This is thanks to the introduction of a purchase price of $400 per tonne of cocoa.
According to the World Bank, cocoa farmers in Ivory Coast and Ghana, continue to languish in poverty, with less than $1.2 per day.