Cocoa prices soar as ICoast, Ghana threaten supply cut

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Cocoa prices soar as ICoast, Ghana threaten supply cutCocoa prices rose sharply on Wednesday after key producers Ivory Coast and Ghana threatened to stop selling their production to buyers unwilling to meet a minimum price. The two African nations, which together account for 60 percent of the world's cocoa production, summoned buyers to Accra for a two-day meeting demanding a price of $2,600 per tonne. At the end of the meeting, Joseph Boahen Aidoo, chief executive of the Ghana Cocoa Board, told a news conference that their demands had been accepted in principle by the participants, but that there would be a follow-up meeting to work out how to implement the agreement.


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