16 July 1999
Ivory Coast and Ghana in cocoa plan
THE Ivory Coast and Ghana are making plans to co-ordinate their cocoa sales in a bid to improve returns.
The two countries produce between them 70% of the worlds cocoa, but critics are sceptical that the deal would lead to measures to support prices.
The agreement aims to promote forward sales, co-ordinate production targets between the two countries and persuade exporters to follow suit.
The agreement was also driven by the European Unions adoption of a directive on the use of vegetable fats other than cocoa butter in chocolate products, which producers believe will reduce cocoa demand.
September cocoa closed at £702/t on the London market yesterday (Thursday). This time last year it stood at £1160.
- Financial Times 16/07/99 page 36