January 15, 2020 / 9:38 AM / 7 days ago

Ghana sells 280,000 T of 2020/21 cocoa export contracts with LID by Jan.7

ABIDJAN, Jan 15 (Reuters) - Ghana’s Cocoa Marketing Company (CMC) has sold 280,000 tonnes of cocoa for the 2020/21 season by Jan. 7, with prices that include a new $400 per tonne living income differential (LID), sources at CMC and the cocoa regulator said on Wednesday.

Cocobod’s CEO Joseph Boahen Aidoo told Reuters in November that Ghana was expecting to sell forward around 650,000 tonnes of next season’s crop.

Ivory Coast and Ghana announced in July that all cocoa purchases for the 2020/21 season must include a LID of $400 a tonne in a bid to tackle pervasive farmer poverty.

The move was a major overhaul of how global cocoa was priced and buyers initially responded cautiously with only a few deals concluded in the period immediately following the announcement. (Reporting by Ange ABoa; Editing by Juliette Jabkhiro and Louise Heavens)

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