Breaking News

ICCO calls for review of cocoa resources

The world’s largest cocoa producing countries have been urged to marshal their resources with a view to avoiding oversupply in the future and helping ensure equitable prices.

cocoaInternational Cocoa Organisation (ICCO)’s Executive Director, Dr Jean-Marc Anga made the plea at the the 91st session of the International Cocoa Council in Abidjan recently.

Dr. Anga called on the five largest producing countries to conduct an inventory of their cocoa resources, and develop national strategies in line with demand, so as to avoid a negative effect on the market and on the price that farmers receive for their cocoa.

The meetings hosted by the Government of Côte d’Ivoire, the world’s largest cocoa producing country, included meetings of the ICCO’s Economics and Administration and Finance Committees, as well as of the Consultative Board on the World Cocoa Economy, which includes representatives of the major processors, chocolate manufacturers, and NGOs involved in the cocoa sector.

The meetings reported on all of the ICCO’s planned projects and activities, and on a number of upcoming events, including the first official announcement of the third edition of the successful World Cocoa Conference.

During the meetings, the African Export-Import Bank (Afreximbank) reported on the Memorandum of Understanding (MOU) between the bank and the ICCO signed in November 2014, under which the two institutions agreed to boost the development of the cocoa sector by promoting value addition through cocoa processing, strengthen Capacity in building cocoa projects and project finance, and promote the consumption of cocoa products in Africa and Asia.

Delegates at the meetings discussed issues as diverse as profitable farm models, a proposed global sustainability fund, fine or flavour cocoa and the policy implications of long-term trends in global cocoa prices. They also had presentations by the Food and Agriculture Organization (FAO) and the World Trade Organization (WTO).


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.