Lessons for Africa in Brussels Cocoa Boycott TheExchangeEA: WestAfrica
Brussels boycott: Top cocoa producers, Ghana and Ivory Coast, have boycotted a major industry meeting that was to be held in Brussels.
The problem is, while the multinational corporations earn a fortune every year, the cocoa farmers squirm in abject poverty. This is a big hit on the big wigs in Brussels because the cocoa producers of Ghana and Ivory Coast produce more than two-thirds of the global cocoa production every year. In Ivory Coast, the government set the price of coca at US$1.36 per kilogram while in Ghana, the government set the price at $1,248 per ton for the 2022-23 season.
It is not clear what sustainability matters were discussed in Brussels in the absence of top cocoa producers. Whatever was convened over fair trade coffee about unfair trade chocolate remains to be seen, or tasted for that matter but without a change in prices, it could not be palatable.Top cocoa producers Ghana and Ivory Coast, earn less than 6% of the industry's billionsThe World Cocoa Foundation represents over 80 per cent of the global chocolate industry's multinational corporations.
An interesting development is that, Cameroon and Nigeria have expressed interest to join the underdogs, CIGCI. That is major boost for the producers side because Cameroon and Nigeria represent another 15 percent of global cocoa production.and Ghana, that would be represents over 75 percent of global cocoa production.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The Global Fund for Widows 14th Annual Gala in NYC Nov 10Announcement - The Global Fund for Widows 14th Annual Gala on Thursday, November 10, 2022, in New York City at the Central Park Boathouse. We have the privilege of honoring several prominent Nigerians, including First Lady Madam Ajoke Muhammed, Former First Lady of Nigeria.
Read more »
Global events may affect Egypt's wheat supply temporarily, Egyptian supply minister saysGlobal events may temporarily affect Egypt's wheat supply but the country can adjust to them, Egypt's supply minister Ali Moselhy told Reuters on Tuesday when asked whether Russia's decision to freeze its participation in a U.N.-brokered grain export deal would affect its supply.
Read more »
Business Maverick: Extreme heat is stressing cows, imperilling global dairy supplyHeat and drought are inflicting perilous strain on dairy cows across the globe, drying up their milk production and threatening the long-term global supply of everything from butter to baby formula.
Read more »
Pick of the Month: Omnia is well placed at a time of global fertiliser shortageOrganic biostimulants make the international division a jewel, with opportunities for future growth.
Read more »
'Journey of transformation' - De Beers announce Lupita Nyong’o as new global ambassadorLeading diamond company, De Beers Group has announced actress, Lupita Nyong’o as their new global ambassador.
Read more »
Beware empty promises of expansionary policies, says KganyagoBeware empty promises of expansionary policies, says Kganyago: The Reserve Bank governor has cautioned against ‘reckless’ fiscal and monetary policies amid global shocks
Read more »