Africa’s sweet cocoa cartel misses bigger prize edwardcropley
Ivory Coast and Ghana, which together control nearly two-thirds of the world’s cocoa supply, agreed on July 12 to impose a minimum price of $2,600 per tonne of the chocolate ingredient.
The two countries also suspended forward sales of the 2020-21 cocoa crop in an attempt to secure better prices for farmers. Cocoa futures hit an 11-month high of $2,541 per tonne on July 12. Cocoa traded at $3,000 a tonne for much of the period between 2014 and 2016, but the price subsequently collapsed to almost half that due to production increases in Ivory Coast.
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