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Top cocoa growers invite buyers to discuss floor price for beans

Ivory Coast and Ghana invited buyers and processors to discuss proposals for setting a joint minimum price for their cocoa beans, the latest sign that the world’s top producers are serious about improving cooperation.

Ivory Coast and Ghana invited buyers and processors to discuss proposals for setting a joint minimum price for their cocoa beans, the latest sign that the world’s top producers are serious about improving cooperation.

Ivory Coast and Ghana usually sell about 80% of the main harvest before the beginning of every season, a system which allows them to lock in prices and set the minimum pay for farmers.A spokeswoman for the Ghana Cocoa Board declined to comment when contacted by phone. A spokeswoman for Ivory Coast cocoa regulator Le Conseil du Cafe-Cacao didn’t answer calls seeking comment.

The two regulators were in talks to study a price in a range of 1,700 pounds ($2,200) to 2,000 pounds per ton on a free-on-board basis, people familiar with the matter said in February.

Ivory Coast has already brought its sales system closer to Ghana’s by selling directly to buyers rather than through auctions.

Credit: Bloomberg

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