AFRICA: Cocoa crop destroyed
African cocoa producers are destroying more than 250,000 tonnes of cocoa after withdrawing it from the market.Four countries: Ghana, Nigeria, Cameroon and Ivory Coast who produce around 70% of cocoa worldwide have agreed to destroy the cocoa and in a statement explained: "the aim is to raise prices and improve the quality of cocoa on the world market," after prices hit their lowest levels in February for 27 years.Apparently the amount of cocoa crop involved is around 8% and even though there is a recovery, it's not enough to bring prices back to their previous levels.According to the International Cocoa Organisation by destroying some of the next crop hopefully it will reverse the decline that they believe is due to the Asian and Russian financial crises in 1997 and 1998 and the declining role that governments are taking in trying to stabilise the market in producer countries.Earlier this year coffee producers agreed to withhold beans from the market if the price does not recover.
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