Accra (Greater Accra) 14 June ?99

A high-powered delegation from Cote d'Ivoire on Friday held a meeting with the Minister of Finance, Mr Kwame Peprah, and top officials from the Ghana Cocoa Board to review recent developments in the world cocoa market.

The Ivorians were Mr Guy Alain Gauze, Minister of Foreign Trade, Mr Yves Marie Koissy, Managing Director of La Nouvelle Caistab, and the Ambassador of Cote d'Ivoire in Ghana, Mr Emmanuel Amon Tanoe.

This was contained in a statement issued in Accra and signed by Mr J.H. Newman, Chief Executive, Ghana Cocoa Board, and Mr Gauze.

It said the meeting identified short, medium and long-term problems associated with the market liberalisation and decided to set up an ad hoc technical Committee to develop appropriate strategies to deal with the issue.

The committee, to be chaired by Cote d'Ivoire, will start its first working session in Abidjan in mid-July, 1999.

Cocoa prices have fallen to their lowest level in several years, creating a big hole in the government's revenue projections.

"The two delegations recognised the critical role that the International Cocoa Agreement can and must play in the dialogue between producers and consumers".

The statement said both sides agreed to harmonise their broad policies in the areas of production and marketing to ensure maximum returns from their cocoa sectors.