Chocolate-makers predicts a cocoa surplus as Covid-19 hits demand, with Ivory Coast and Ghana farmers saying governments must step in
A farmer carries cocoa pods at a farm in Agboville, Ivory Coast. Picture: REUTERS
But the scheme, set to come into effect in October, was based on expectations that international cocoa prices would stay within average ranges. Instead, the impact of the Covid-19 pandemic on demand has driven them to their lowest in nearly two years and they are expected to stay weak for at least a year.
A spokesperson for the Ghana Cocoa Board said in a statement sent via WhatsApp the process of determining the price cocoa farmers will get is ongoing. He added, however, farmers would still get a better price than without any premium.Market weakness could appear a good thing for chocolate consumers offered discounts on the high street, but for farmers it could mean hunger.
Because the market has suffered a sustained fall with prices now below $2,000 a tonne, even with the premium added, the earnings of Ivory Coast and Ghanaian farmers will fall below the guaranteed minimum wage. Farmers in Ivory Coast and Ghana said they had yet to be told they would receive any less and are counting on an increase for the upcoming season.
“Even if the coronavirus has an impact on the market and it lowers the price, it is up to the government to find a way to maintain a high price for the poor cocoa farmers that we are,” he said. “It’s not up to us to make a sacrifice but to the chocolate-makers and the government.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
COVID-19 SURVIVORS | Mom suffered from depression and dad is paralysed - but they beat the virusThe Bredell family's story is one of a series of Covid-19 survivor tales that will appear in the Sunday Times this weekend.
Read more »
Number of COVID-19 cases in South Africa rises to 350, 879Over 2 million tests have been conducted.
Read more »
Virus-hit E Cape school supplied with substandard sanitiserAlcohol content found to be just 57.6% in tests that also covered nine other schools in Alfred Nzo district
Read more »
Dear G20: The virus doesn’t discriminate but humans do - The Mail & GuardianCivic organisations from across the world ask whether this moment will go down in history as yours truly stepping up to the challenge, or the moment when you caved in to powerful elites
Read more »