Ivory Coast and Ghana to raise cocoa premium next month
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Loading... - Fotso Siddi
- 31 Aug 2022
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Ivory Coast and Ghana, the world's biggest cocoa producers, said on Friday they would next month raise the premium that chocolate makers and traders pay for their beans as they step up efforts to tackle farmer poverty.
Ivory Coast's Coffee and Cocoa Council (CCC) has set its premium - or origin differential - at zero for August compared with -125 pounds per tonne in July, it said in a statement.
Ghana's regulator Cocobod will raise its origin differential to 20 pounds/tonne in August from -50 pounds/tonne in July, it said.
Ghana's origin differential is higher because its beans are generally better quality.
The two West African countries, which together produce more than 60% of the world's cocoa, decided in May to jointly publish their origin differentials each month as part of the joint Cote d'Ivoire-Ghana Cocoa Initiative (CIGCI).
The premium is meant to increase the prices paid to impoverished farmers, but it has often dropped below zero due to pressure from multinational cocoa traders and chocolate makers. Read More...
