Panama is a producer of coffee beans known today as Geisha, a premium specialty coffee.
Coffee production in this country also had deep ties to the Specialty Coffee Association of America (SCAA).
In 1989, the ICO price agreement collapsed, causing coffee prices to fall in producing countries.
For example, in Panama, the price was US$1.20 per pound (approximately 450g), but after the price collapse, it is said to have fallen to US$0.74.