ICCO HQ to move to Abidjan following Council decision

London, 25 September 2015—In a momentous decision, the International Cocoa Council has approved the relocation of the headquarters of the International Cocoa Organization from London to Côte d’Ivoire’s commercial capital, Abidjan.

The long-anticipated decision was taken at the 92nd regular session of the Council and its subsidiary bodies, held in London in late September.

Under the decision, the Council authorized the Executive Director to begin the relocation to Abidjan with effect from 1 October 2015, and stipulated that the process should be completed at the latest by 31 March 2017. In the Ivorian city, the Organization is to move into newly refurbished offices provided by the Government of Côte d’Ivoire, which has also agreed to cover the costs of the relocation itself.

The International Cocoa Organization has been based in London since its founding in 1973.

The decision to relocate the ICCO’s headquarters to Abidjan was first taken in 2002, but civil unrest in the country disrupted the relocation process, which was subsequently suspended. At its 85th regular session in Guayaquil, Ecuador in March 2012, the Council agreed that if the United Nations security level number two (low threat) had been achieved across the whole country at the September 2015 regular session, relocation to Abidjan would proceed.

In a separate decision, the Council tasked the current Executive Director–a national of Côte d’Ivoire, the new home of the Organization–with launching the process of recruiting a new Executive Director.

Quarterly Bulletin of Cocoa Statistics – August 2015

London, 28 August 2015–The International Cocoa Organization today releases its revised forecasts for the current 2014/2015 cocoa year and revised estimates of world production, grindings and stocks of cocoa beans for 2013/2014, as summarized below. The data published in Issue No. 3 – Volume XLI – Cocoa year 2014/2015 of the Quarterly Bulletin of Cocoa Statistics, reflect the most recent information available to the Secretariat as at the beginning of August 2015.

Summary of revised forecasts and estimates

 

Cocoa year
(Oct-Sep)		 2013/2014 2014/2015 Year-on-year change
Revised
estimates		 Previous
forecasts a/		 Revised
forecasts
(thousand tonnes) (Per cent)
World production 4 370 4 168 4 158 – 212 – 4.9%
World grindings 4 304 4 164 4 131 – 173 – 4.0%
Surplus/deficit b/ + 22   – 38  – 15
End-of-season stocks 1 616 1 570 1 601 – 15 – 0.9%
Stocks/Grindings ratio 37.5% 37.7% 38.8%

Notes:
a/   Estimates published in Quarterly Bulletin of Cocoa Statistics, Vol. XLI – No. 2 – Cocoa year 2014/2015
b/   Surplus/deficit: net world crop (gross crop adjusted for loss in weight) minus grindings
Totals may differ due to rounding.

This issue of the Bulletin contains the Secretariat’s revised forecasts for the 2014/2015 cocoa year as well as data for the past four years of production and grindings of cocoa beans, detailed by country. The main features of the global cocoa market are illustrated in colour charts. In addition, the Bulletin includes comments on crop and demand prospects in the leading countries for the current season, and a review of price developments on international markets for cocoa beans during the April-June quarter of 2015.

Statistical information on trade in cocoa beans, cocoa products and chocolate, by country and by region, published in this edition, covers annual data from 2011/2012 to 2013/2014 and quarterly statistics for the period April-June 2013 to October-December 2014. Details of origin of imports and destination of exports for leading cocoa importing countries are also provided. Historical statistics on cocoa trade and consumption, by country and by region, for the period 2005/2006 to 2013/2014 are presented for reference.

Copies of the Quarterly Bulletin of Cocoa Statistics, including in Microsoft Excel files and Adobe PDF format versions, can be ordered by completing and returning this form or from the ICCO Secretariat at the address below:

International Cocoa Organization
Westgate House
Ealing
London W5 1YY, UK
Tel: +44 (0)20 8991 6000
Fax: +44 (0)20 8997 4372
E-mail: registry@icco.org or info@icco.org

International Cocoa Council and subsidiary bodies, 18 – 25 September 2015, London

The International Cocoa Council and subsidiary bodies, including the Ad hoc Panel on Fine or Flavour Cocoa, the Consultative Board on the World Cocoa Economy, as well as the Economics and Administration and Finance Committees, will meet at the Holiday Inn Hotel, Wembley, London, UK, 18 – 25 September 2015.

The one-day Cocoa Market Outlook Conference will take place on Tuesday 22 September at the same venue.

Provisional Timetable of Meetings, 18 – 25 September 2015, Wembley, London, UK

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International Cocoa Council: Draft Agenda

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Administration and Finance Committee: Draft Agenda

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Economics Committee: Draft Agenda

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Consultative Board on the World Cocoa Economy: Draft Agenda

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Ad hoc Panel on Fine or Flavour Cocoa: Draft Agenda

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One-Day Cocoa Market Outlook Conference

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Fine or Flavour Panel to consider the world’s best cocoa

London, 21 July 2015—Some of the best cocoa in the world is to be examined as the International Cocoa Organization’s Ad hoc Panel on Fine or Flavour Cocoa meets in London on 18 September.

The panel, made up of experts from producing and consuming countries around the world, will review and if necessary revise Annex ‘C’ of the International Cocoa Agreement 2010, which determines the proportion in which its listed countries produce and export fine or flavour cocoa.

Fine or flavour cocoa, currently making up only about five per cent of world production, recently has been increasingly sought after, as chocolate manufacturers use it for upmarket and speciality products, and fine chocolatiers require its distinctive characteristics in aroma and flavour to enhance and differentiate their ranges.

The countries producing fine or flavour cocoa have been asked to submit proposals for inclusion in Annex ‘C’ and to justify the percentages of the type that they provide. The panel will look at the specific conditions in each producing country, including production levels, export deliveries, quality assessment and traders’ and chocolate manufacturers’ confidence in the origin in order to come to a recommendation.

More details of the work of the Fine or Flavour Cocoa Panel are available here, where you can also see the current list of countries producing this type of cocoa.

More details of the Fine or Flavour Cocoa Panel’s meeting in September can be downloaded here.

Call for Tender for the ICCO Statistical Database Management System

London, 16 July 2015–The Quarterly Bulletin of Cocoa Statistics produced by ICCO is the most authoritative source of cocoa statistics in the world. The database of the Bulletin, built on Oracle Personal Express, captures data submitted by ICCO members and non-members from over a hundred countries and presents the data in a report or spreadsheet that facilitates the printing of the Bulletin.

The ICCO is seeking a qualified consultant or company to develop a new customized, computerized database management system. In addition to the existing functions of the current system, the new system will be more user-friendly, optimize the regular transfer of data from MS Excel files, implement automatic data quality checks, provide an output closer to the current Bulletin’s format and be capable of handling the growing data management needs of the organization.

For a full specification, or further details, please contact Elizabeth Gyamfi at Elizabeth.Gyamfi@icco.org.

Conference on Cocoa Market Outlook set for September in London

The ICCO has announced a one-day Conference looking in depth at the cocoa market situation and prospects for the future, to take place Tuesday, 22 September 2015 at the Holiday Inn Hotel, Wembley, London.

The Cocoa Market Outlook Conference, which will include presentations from leading experts and analysts in the trade and industry, is aimed at relevant government officials, corporate executives and members of civil society, as well as any other stakeholders in the cocoa value chain with an interest in the current characteristics and future developments in cocoa supply and demand.

A stand-alone event, the Conference will take place during the September meetings of the International Cocoa Council and its subsidiary bodies, and will likely be attended by many delegate representatives of ICCO member countries. However, the Conference itself is available to any interested participant who registers for it.

[media-downloader media_id=”4408″ texts=”Click here to download the latest Conference brochure, including the draft programme, list of speakers and a registration form.”]

[media-downloader media_id=”4387″ texts=”More details on the subject areas to be discussed and the arrangements for the Conference are available to download here.”]

[media-downloader media_id=”4403″ texts=”Download the details of discounted accommodation arranged for delegates to the Conference.”]

ICCO futures market and econometrics seminars to take place in Bali in August

London, 2 June 2015–The International Cocoa Organization is to run another edition of its successful International Seminar on Futures Markets and Econometric Modelling of the Cocoa Market, this time at the Discovery Kartika Plaza Hotel, Kuta, Bali, Indonesia, 3 – 6 August 2015, the ICCO announced today.

Organized in Bali in conjunction with the Ministry of Trade of Indonesia, these Seminars aim to give policy makers and other stakeholders in the cocoa sector–particularly from the Asian region–an improved understanding of the functioning of cocoa futures markets and an enhanced ability to use econometric models to forecast market developments. The two modules of the Seminar are scheduled to run back-to-back throughout four days.

ICCO staff and international experts with an in-depth knowledge of the subjects will deliver the Seminar training. The Seminar follows up on a number of studies on cocoa price determination and the functioning of the cocoa markets published by the Organization’s staff in recent years, and the ICCO also has built a sophisticated econometric model on the world cocoa economy and publishes regular forecasts on cocoa supply and demand based on it.

Both module topics already have been the subject of well received seminars held at the ICCO headquarters in London, and subsequently in Guayaquil (Ecuador) and in Abidjan (Côte d’Ivoire).

[media-downloader media_id=”4980″ texts=”Full details of the Seminar, including the content, presenter biographies, schedule, accommodation options and a registration form, are available to download here.”]

May 2015 Quarterly Bulletin of Cocoa Statistics

London, 29 May 2015 — The International Cocoa Organization today releases its revised forecasts for the current 2014/2015 cocoa year and revised estimates of world production, grindings and stocks of cocoa beans for 2013/2014, as summarized below. The data published in Issue No. 2 – Volume XLI – Cocoa year 2014/2015 of the Quarterly Bulletin of Cocoa Statisticsreflect the most recent information available to the Secretariat as at the middle of May 2015.

Summary of revised forecasts and estimates

 

Cocoa year
(Oct-Sep)		 2013/2014 2014/2015 Year-on-year change
Revised
estimates		 Previous
Forecasts a/		 Revised
Forecasts
(thousand tonnes) (Per cent)
World production 4 359 4 232 4 168 – 191 – 4.4%
World grindings 4 301 4 207 4 164 – 137 – 3.2%
Surplus/deficit b/ +  14 –  17 – 38
End-of-season stocks 1 608 1 609 1 570  – 38 – 2.4%
Stocks/Grindings ratio 37.4% 38.2% 37.7%

 

Notes:
a/   Estimates published in Quarterly Bulletin of Cocoa Statistics, Vol. XLI – No. 1 – Cocoa year 2014/2015
b/   Surplus/deficit: Net world crop (gross crop adjusted for loss in weight) minus grindings
Totals may differ due to rounding.

This issue of the Bulletin contains the Secretariat’s revised forecasts for the 2014/2015 cocoa year as well as data for the past four years of production and grindings of cocoa beans, detailed by country. The main features of the global cocoa market are illustrated in colour charts. In addition, the Bulletin includes comments on crop and demand prospects in the leading countries for the current season, and a review of price developments on international markets for cocoa beans during the January-March quarter of 2015.

Statistical information on trade in cocoa beans, cocoa products and chocolate, by country and by region, published in this edition, covers annual data from 2011/2012 to 2013/2014 and quarterly statistics for the period January-March 2013 to July-September 2014. Details of destination of exports and origin of imports for leading cocoa exporting countries are also provided. Historical statistics on cocoa trade and consumption, by country and by region, for the period 2005/2006 to 2013/2014 are presented for reference.

Copies of the Quarterly Bulletin of Cocoa Statistics, including Microsoft Excel files and Adobe PDF format, can be ordered by completing and returning this form or from the ICCO Secretariat at the address below:

International Cocoa Organization
Westgate House
Ealing
London W5 1YY, UK

Tel:              +44 (0)20 8991 6000
Fax:             +44 (0)20 8997 4372
E-mail:         registry@icco.org or info@icco.org

ICCO stresses sustainability and innovation at Singapore Congress

The ICCO stressed the importance of sustainability and innovation at the opening session of the Asia Choco Cocoa Congress, held in late April in Singapore.

Speaking on behalf of the Organization, Senior Economist Mr. Loke Fong Han emphasised the interdependence of all stakeholders and the fact that each component in the chain is vital to the future sustainability of the cocoa sector.

He advocated better coordination of initiatives and national policies, and increasing crop and farm diversification in his presentations. Improving quality and branding cocoa origins were steps leading to increased value for cocoa bean production, he said, and would help producing countries and their farmers to move up the chain rather than merely producing beans for export.

Mr. Han also reconfirmed the ICCO’s position that the widely publicised fear of a major upcoming cocoa shortage was seriously overstated, and presented some of the Organization’s forecasts for supply and demand of cocoa in the next few years.

The ICCO was a supporter of the Asian Choco Cocoa Congress, which drew participants from around the Asian cocoa producing region.

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Price risk management training project begins in West Africa

The ICCO launched its project Capacity building on price risk management strategy for cocoa smallholders in Africa in Cameroon and Nigeria in late April, with capacity building workshops held in Yaoundé and Abuja.

Implemented by the well known NGO Twin, the workshops attracted participation from cocoa farmers, co-operatives, producers associations, local banks and government officials. Similar workshops are already planned for Sierra Leone and Togo in the coming months.

The workshop participants discussed the results of a farm survey on the current price-risk management practices adopted in Cameroon and Sierra Leone. It emerged that only five per cent of interviewed cocoa producers are managing their price risk exposure either by negotiating the sale price before the delivery takes place (i.e. forward contracts), or by employing more sophisticated strategies (i.e. futures contracts). Furthermore, most farmers have misconceptions about how the world cocoa price is derived and the role of cocoa futures markets.

After this initial stage in the capacity building process, local cocoa stakeholders will go on to attend an intense training programme to fill these knowledge gaps. Subsequently, the Project Co-ordinators of each implementing country will contract some of these trained stakeholders to provide technical assistance to cocoa co-operatives on the ground.

The ultimate project goal is to increase the awareness of local cocoa stakeholders about price risk and about the means to reduce its detrimental effects on farm income. Indeed, the mitigation of the farm gate price risk is one of the pillars underpinning the reduction of the poverty level of cocoa farmers. Specifically reducing income uncertainty puts producers in a better position to plan both their current farm management practices, and their investment decisions. By doing so, positive spill over effects are expected on farm productivity.

The current project has been made possible by project grants from the Common Fund for Commodities (CFC) and the Agence Française de Développement (AFD).