September 12, 2018 / 3:49 PM / 9 days ago

UPDATE 1-Ghana agrees with Ivory Coast to announce bean prices at start of cocoa season

(Adds details)

ACCRA, Sept 12 (Reuters) - Ghana and Ivory Coast have agreed to coordinate the announcement of bean prices with the opening of cocoa season, part of a bid by the world’s top producers to harmonise operations and boost producer profits, industry regulator Cocobod said on Wednesday.

The two countries, which account for more than 40 percent of global cocoa supply, will jointly conduct a study to determine the floor price of cocoa, the regular said in a statement.

The agreements will take effect in the 2018/19 cocoa season which starts in October, subject to approval by the two countries’ parliaments, a Cocobod official close to the talks told Reuters.

Ghana and Ivory Coast began talks in June after consultations between President Nana Akufo-Addo and his Ivorian counterpart Alassane Ouattara on a strategic plan to harmonise cocoa production and marketing.

Wednesday’s statement said both countries would continue to cut cocoa trees infected by swollen shoot virus in their respective cocoa belts, and work together to mitigate adverse of climate change on the crop. (Reporting by Kwasi Kpodo; Editing by Jan Harvey)

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