VACANCY NOTICE – ECONOMIST

Abidjan, 31 October 2024. Vacancy notice – Economist

Title: Economist

Category/ Grade: Internationally recruited staff, P1 on the UN salary scale

Duty station: Abidjan

Type of contract: Fixed Term (5 years with 6-month probationary period)

Deadline for application: 31/12/2024 (Midnight UTC Time)

Indicative starting date: 01/07/2025 (latest date when the selected candidate is expected to take up her/his position in Abidjan)

Applications (only CV & Covering letter) to be sent to recruitment@icco.org

VACANCY NOTICE FULL DESCRIPTION – ENGLISH

Cocoa Market Report for September 2024

Abidjan, 21 October 2024 – The International Cocoa Organization releases the Cocoa Market Report for September 2024. The current report highlights the following insights:

  • Cocoa prices made headlines during the 2023/24 cocoa year.
  • While some farmers enjoyed higher revenues, those who operated in regulated markets such as the the Ivorian Conseil du Café-Cacao (CCC) and the Ghana Cocoa Board (COCOBOD) were unable to do so, as farm gate prices were fixed for the entire season.
  • One should note that these institutions regulate their domestic market system with a self-financing price stabilisation policy, i.e., at no cost to the taxpayers, whose objectives are:
    • to protect farmers from intra-season price volatility (i.e. establish a fixed farm gate price); and
    • to give farmers a fair share of the price that buyers will pay to source beans from Côte d’Ivoire and Ghana (i.e. enforce the fixed farm gate price).

The September 2024 report retraces the steps used by the CCC and the COCOBOD to determine the fixed farm gate prices for the 2024/25 season.

Caution should be exercised in the interpretation of the following steps as they are just guidelines.

You can download the complete report by clicking here.

Cocoa Market Report for August 2024

Abidjan, 18 September 2024 – The International Cocoa Organization releases the Cocoa Market Report for August 2024. The current report highlights the following insights:

  • In August, it appeared the cocoa market entered a new phase characterized by “relatively low” cocoa prices. At the end of August, the monthly average cocoa price in London represented a six-month low at US$8,047 per tonne, while in New York, it was a one-month low at US$8,992 per tonne. These prices can be interpreted as ‘relatively low’ as they are about 133% and 163% above the average price recorded for August 2023 in London and in New York, respectively.
  • Reports of conducive weather conditions, which is expected to bolster the 2024/25 main crop especially across the West African cocoa belt, were the main factor that provided the relief in prices.
  • However, with the market still in backwardation, can we anticipate further price declines and improved availability of supplies? There has been a postponement of bean delivery from the current season to the 2024/25 season. Would upcoming supplies be enough to immediately satisfy the market?

You can download the complete report by clicking here.

110th International Cocoa Council and Subsidiary Bodies, 23 – 26 September 2024, Abidjan, Côte d’Ivoire / Hybrid

Abidjan, 17 September 2024 – The International Cocoa Council and subsidiary bodies, including the Consultative Board on the World Cocoa Economy and the Economics and Administration and Finance Committees, will meet from 23 to 26 September, 2024.

This information is restricted to ICCO Members. Please go to Member area for more information.

Timetable of Meetings, 23 – 26 September 2024, Abidjan, Côte d’Ivoire / Hybrid

MEETING
48th Consultative Board  (Monday, 23 September)

11:00 – 16:00 UTC
Opening of the 110th International Cocoa Council and 23th Economics Committee (Tuesday, 24 September)

11:00 – 16:00 UTC
 26th Administration and Finance Committee* and 110th International Cocoa Council (Wednesday, 25 September)

11:00 – 16:00 UTC
110th International Cocoa Council (Thursday, 26 September)

11:00 – 16:00 UTC
* = It is respectfully noted that the meetings of the Administration and Finance Committee are open to ICCO Member countries only.

 

August 2024 Quarterly Bulletin of Cocoa Statistics

Abidjan, 31 August 2024 – The International Cocoa Organization today releases its revised forecasts for the 2023/24 cocoa year and revised estimates of world production, grindings and stocks of cocoa beans for the 2022/23 cocoa year. The data published in Issue No. 3 – Volume L – cocoa year 2023/24 of the Quarterly Bulletin of Cocoa Statistics, reflect the most recent information available to the Secretariat as at the beginning of August 2024.

Global supply remains low and the Bulletin outlines factors including adverse weather conditions, aged trees, pests and diseases that affected production in major cocoa growing areas during the season under review.

Taking into account available trade data and published grindings data, cocoa demand outstripped global supply.

Considering the market balance, a production deficit of 462,000 tonnes is forecast for the 2023/24 season. Total end-of-season stocks are envisaged at 1.324 million tonnes. This results in a 45-year low stocks-to-grindings ratio of 27.9%.

Though prices have recently experienced a descent from their historic rallies, they remain relatively high as the supply constraints persist. A review of price developments on international markets for cocoa beans during the April-June quarter of 2024 is also presented.

Summary of forecasts and revised estimates

 

Cocoa year
(Oct-Sep)		 2022/2023 2023/2024 Year-on-year change
Revised
estimates		 Previous
forecasts a/		 Revised
forecasts
(thousand tonnes) (Per cent)
World gross production 5 050 4 461 4 332 – 718 – 14.2%
World grindings 5 057 4 855 4 751 – 306 – 6.0%
Surplus/deficit b/ – 57 – 439 – 462
 
End-of-season stocks 1 786 1 328 1 324 – 462 – 26.1%
Stocks/Grindings ratio 35.3% 27.4% 27.9%

Notes:
a/ Estimates published in Quarterly Bulletin of Cocoa Statistics, Vol. L – No. 2 – Cocoa year 2023/24
b/  Surplus/deficit: net world crop (gross crop adjusted for loss in weight) minus grindings. Totals may differ due to rounding

Statistical information on trade in cocoa beans, cocoa products and chocolate, by country and by region, published in this edition, covers crop year data from 2020/21 to 2022/23 and quarterly statistics for the period July-September 2022 to January-March 2024. Details of origin of imports and destination of exports for leading cocoa importing countries are also provided.

Caution should be exercised in the interpretation of the data in this issue of the Bulletin as they may be subject to revisions in subsequent Bulletins and reports from the Secretariat.

Copies of the Quarterly Bulletin of Cocoa Statistics, in Microsoft Excel and Adobe PDF formats, can be ordered from the ICCO e-Shop: www.icco.org/shop or by email: statistics.section@icco.org

Terms of Reference – Auditing firm – Extended deadline

The Executive Director presents his compliments to all Members and is pleased to announce that the submission date for the Call for Proposals for the appointment of an auditing firm to audit the accounts for the financial year ending 30 September 2025 has been extended. All relevant information, including the Terms of Reference and submission guidelines, is available on the ICCO website.

Proposals must be submitted no later than 15 November 2024, at 16:00 UTC.

20240902 TOR -English-Tender audit 2025

0290902 CLARIFICATION ON HOW TO SUBMIT YOUR OFFER English Tender 2025

20240902 TDR-French-Tender audit 2025

20240902 PRECISIONS RELATIVES A LA SOUMISSION DES OFFRES AUDIT 2025 – FRENCH

Cocoa Market Report for July 2024

Abidjan, 16 August 2024 – The International Cocoa Organization releases the Cocoa Market Report for July 2024. The current report highlights the following insights:

  • As the market enters the last quarter of the season, focus is on the developments of the forward prices for the mid-crop of the 2023/24 season: the JUL-24 and SEPT-24 contracts.
  • Based on the JULY-24 contract, cocoa futures initiated an upward trend in prices during the first week of July. Compared to prices on the first trading day, prices rose by 5% from US$9,352 per tonne to US$9,823 per tonne in London and by 4% from US$7,500 per tonne to US$7,811 per tonne in New York. Issues of supply tightness and stock declines supported the price increase. A year ago, prices were not as high as they currently are.
  • However, reports of improved weather conditions in Côte d’Ivoire and Ghana led prices to slip to US$9,143 per tonne and US$7,720 per tonne in London and New York, respectively.
  • The dip was short-lived, and prices reversed in a volatile manner as high margin calls led traders to reduce their positions. At the time, open interest was reported to be near their lowest level since 2010. In addition, stronger-than-expected second quarter grindings data from Europe also supported the upward momentum in prices.
  • From mid-July, the nearby contract shifted to the SEPT-24 contract. Prices remained high and volatile and ranged between US$8,131 per tonne and US$8,832 per tonne in London and in United States between US$7,660 per tonne and US$8,276 per tonne. The extent of the disappointing Côte d’Ivoire and Ghana crops, uncertainties surrounding demand and early predictions of a better crop outlook from top producing countries for the 2024/25 season contributed to the volatile price movements.

You can download the complete report by clicking here.

World Cocoa Conference 2024 Report Now Available

Abidjan, 07 August 2024 – The International Cocoa Organization (ICCO) is pleased to announce the publication of the report on the 5th edition of the World Cocoa Conference, held in Brussels from April 21st to April 24th, 2024. This landmark event brought together over 1000 stakeholders from across the global cocoa industry, including farmers, cooperatives, exporters, traders, manufacturers, brands, retailers, financial institutions, and government representatives from 75 countries.

The report provides a detailed account of the insightful discussions, key takeaways, and actionable recommendations that emerged from the conference. It serves as a valuable resource for all stakeholders committed to fostering a more equitable and sustainable cocoa sector.

The Brussels Declaration

The conference culminated in the adoption of the Brussels Declaration, encapsulating the outcomes and commitments of the event. The declaration stressed the need for regulatory compliance, shared responsibilities between consumer and producer nations, and collective efforts to strengthen sustainable supply chains.

Download the Full Report

For a detailed overview of the discussions, key insights, and recommendations from the World Cocoa Conference 2024, download the full report here.

Cost & Benefit Analysis of the EU and US Regulatory Changes for Organic Production

Abidjan, 24 July 2024 – In recent years, organic chocolate has seen significant growth in both the European Union (EU) and the United States (US), driven by consumer demand for healthier and ethically produced foods. However, with this growth comes the need for stricter regulatory frameworks to ensure the integrity and sustainability of organic production.

This comprehensive analysis delves into the latest regulatory changes in the EU and US concerning production and imports of organic agricultural goods – with a special emphasis on cocoa. The study, conducted by TERO and BASIC, evaluates the potential costs and benefits that these new regulations will impose on stakeholders across the entire value chain, in particular cocoa producers.

Key highlights include:

  • An overview of global organic cocoa production and market trends.
  • Detailed examination of the new EU and US organic regulations.
  • Analysis of the projected benefits and compliance costs for organic stakeholders.
  • Comparative scenarios for different producer groups and market contexts.

This document aims to provide stakeholders with valuable insights into how these regulatory changes will impact the organic cocoa and chocolate value chains, helping them navigate the evolving landscape with informed strategies.

See reports below:

English version (2Mb) Version française Versión español

Cocoa Market Report for June 2024

Abidjan, 14 July 2024 – The International Cocoa Organization releases the Cocoa Market Report for June 2024. The current report highlights the following insights:

  • At the start of the month under review, the cocoa market did not appear to be looking past the period of supply tightness and price rallies. Several price swings occurred in the first half of June as both Côte d’Ivoire and Ghana postponed deliveries of cocoa beans until next season due to poor crops resulting from unconducive weather conditions and Cocoa Swollen Shoot Virus Disease (CSSVD).
  • Despite the current shortage of beans, from mid-June till the end of the month, prices pulled back and broke out of their rallies. The driving force behind the softening in prices may have come from reports of conducive weather conditions supporting crop development and the consequent anticipation of a better main crop output for the upcoming 2024/25 cocoa season.
  • Observations derived from the price declines may also be due to traders taking a short position to sell more now and buy these contracts later at a lower price. Another observation during this period was the backwardation that occurred while prices were declining. Though the supply tightness is felt in both London and New York, the magnitude can be said to be more significant in London than New York especially considering that most of the cocoa from West Africa is destined for Europe, and with less cocoa in West Africa, this can impact the volume in London. Nevertheless, outside West Africa, production and consequently exports from countries in the Americas, like Ecuador among others, have been increasing.

You can download the complete report by clicking here.