Ghana and Cote D’Ivoire have suspended pre-sales of the 2020-2021 season cocoa crop as the governments work to institute a base price for cocoa from those countries.

Ghana’s Cocoa Board announced June 12 that manufacturers, processors and cocoa trade houses have accepted a proposed floor price of $2,600 per metric tonne, the result of a two-day meeting held in Accra, Ghana. 

Ghana and Cote D’Ivoire, which produce roughly two-thirds of the world’s cocoa, sought to set a base price to stabilize sinking cocoa prices and ensure a livable income for farmers.

Another meeting to iron out details for implementing the floor price is set for July 3 in Abidjan, Cote D’Ivoire.

Late last year, Fairtrade International announced it would raise the prices it pays for conventional and organic cocoa after world cocoa prices dropped by more than a third in 2017. 

Set to take effect Oct. 1, the Fairtrade Minimum Price for conventional cocoa will be $2,400 per metric ton at the point of export. For organic cocoa, the Fairtrade price will be $300 above the market price or the Fairtrade Minimum Price, whichever is higher at the time of sale.