The Ivorian President Gbagbo’s two-day visit to Ghana ended with a joint communique expressing the two countries’ resolve to influence international cocoa prices. The communique pointed out that increases in production have not yielded comparative increases in revenue for the countries. It further criticized the impact of global commodity cartels on cocoa prices. Finally, Gbagbo and Ghanaian President Mills reaffirmed their support for moving the headquarters of the International Cocoa Organization (ICCO) from London to Abidjan.
Posts Tagged ‘ICCO’
Ghana and Côte d’Ivoire to Cooperate on Cocoa Prices
Thursday, November 5th, 2009ICCO and Markets Agree: Cocoa Might be in Short Supply
Wednesday, September 23rd, 2009
The International Cocoa Organization (ICCO) cut its forecasted surplus for the next cocoa year from 100,000 to 25,000-50,000 tons. In an interview along the sidelines of the ICCO meeting in London, the ICCO’s chief, Jan Vingerhoets, pointed out that the economic recession may be ending sooner than expected, leading to higher demand. In addition, cocoa production for the next cocoa year starting on October 1 may well be lower than anticipated. The effects of El Niño on Indonesia and Ecuador may lower production in these countries and the Côte d’Ivoire continues to struggle with pests and diseases.
El Niño and Chocolate
Monday, July 6th, 2009Cocoa news just keeps getting worse. After a less than stellar production for the main season in Africa, several predictions claim that future output will also be lower than expected.
Chocolate Apparently Not Recession-Proof After All
Wednesday, May 27th, 2009Quite a few reports recently claimed that chocolate is recession-proof. It made sense, sort of. When everything else is going down the tube, there’s always chocolate–a little treat in hard times and not too expensive. But it it turned out to be just hearsay.
ICCO Predicts Cocoa Shortfall
Wednesday, January 21st, 2009The executive director of the International Cocoa Organization (ICCO) indicated on Monday that the 2008/09 cocoa season will yield less cocoa than previously thought. Despite a predicted decline in demand as a result of the global economic crisis, Jan Vingerhoets told Reuters that he expects a shortfall of about 45,000 tonnes.
It seems that the economic mess has not yet halted demand for chocolate. Fourth quarter grindings in Europe and the U.S. were up compared to last year albeit by small amounts, 0.1 percent and 1.85 percent respectively.
