The nations are also planning to promote local consumption of chocolate, the ICCO’s Luis Valverde told reporters Monday in
"We are in a crisis, in a price crisis," Valverde said. "The last six months have been terrible, and the forecast is even worse." Cocoa futures in New York have plunged more than 40 percent in the past year amid a worldwide glut caused by bumper harvests in West Africa.
While many commodities have been saddled by oversupply in recent years, in markets such as crude oil, producers have been able to stem price losses by agreeing on output cuts. Now, growers of the chocolate ingredient plan on working together on strategy. “We can no longer make sole decisions,” Valverde said. “We now make decisions as a group."
Plummeting prices are hurting the finances of producing nations and incomes for hundreds of thousands small-scale farmers.
President Alassane Ouattara said last week.
"In order to reduce this crisis, we cannot only see and analyze our production," Valverde said. "We need to increase consumption within our countries,” and the market must be more transparent when it comes to demand data, he said.