Category: cocoa

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Ghana and Côte d’Ivoire to Cooperate on Cocoa Prices

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.

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Kraft Likes Deal with Rainforest Alliance

Kraft, the global food giant, likes the deal it struck with the Rainforest Alliance. So much so, it expanded its commitment to purchase RA certified cocoa from 3,000 to 30,000 by 2012. It’s the first major food giant in Europe to carry the RA seal. That’s still a drop in the bucket given the amount of cocoa it buys but, hey, it’s something. So look for Côte d’Or chocolate with the RA label. Still no fairtrade commitment, though. It seems U.S. based corporations have a really difficulty time with fairtrade. So far, Cadbury stands alone with its fairtrade commitment in Europe. Let’s hope that Kraft’s attempt to buy Cadbury won’t pan out.

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Cocoa Smuggling Continues in Ghana

Cocoa BagsDespite the COCOBOD’s announcement of higher producer prices, smuggling from Ghana to neighboring countries continues. Peace FM Online reports that an anti-cocoa-smuggling task force on the Ghana-Togo border has nabbed yet more smugglers. According to the local manager of the Produce Buying Company–one of the licensed buying agents in Ghana–500 bags were impounded between June and October 2009. Overall local purchases have declined by 64 percent over the past nine years due to smuggling.

The situation at the western border of Ghana is no better. Smuggling to the Côte d’Ivoire was rampant during the last year  and continues during the new cocoa year. Obviously, farmers close to either border understand that the producer price fixed by the COCOBOD is significantly below the current world market prices.

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Ghana Eyes Record Crop for 2009-10

Ghana’s Cocoa Growing Region Source: Cadbury

Several reports quote cocoa traders in Ghana who predict a record crop in the current cocoa year. Ali Basma, managing director of Akuafo Adamfo Marketing Company, one of the largest cocoa buyers in the country, predicted that the crop could reach 800,000 tons this year. The head of the COCOBOD, Ghana’s cocoa board, was not as sanguine about the prospects and predicted only that this year’s crop will match the 703,000 tons produced during the last year. Timely deliveries of pesticides and fungicides and less rain are key conditions to keep black pod disease at bay. Black pod disease poses the most serious threat to Ghana and its neighbor’s cocoa crops.

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Nigerian Cocoa Production Also Down

Despite an uptick in August (deliveries ran 48% higher than for the same month a year earlier) overall cocoa production in Nigeria, the world’s fourth largest cocoa producer, was down for the last cocoa year. Total production for 2008-09 amounted to 156,320 tonnes according to a Bloomberg report. That’s over 10,000 tons below the previous year. Yet more confirmation that 2008-09 was a poor year for the largest cocoa producers.