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Africa's OPEC of Cocoa to Face First Test on Farmer Prices

  • Ivory Coast and Ghana plan to coordinate their bean sales
  • Move is unlikely to impact market prices, Marex Spectron says
GHANA COCOA

Photographer: Jane Hahn/Bloomberg

The top two cocoa growers’ plan to work together to exert more control over global prices will face a key test in just over three months.

Ivory Coast and Ghana, which produce about 60 percent of the world’s cocoa, have indicated they’ll coordinate their farmers’ price announcements for the new season that starts in October. If they can achieve that, analysts say it will bode well for other, more ambitious plans to coordinate bean sales and manage exports.