Ghana and Côte d’Ivoire have agreed to align key cocoa pricing and marketing policies in a major move aimed at improving farmer incomes and strengthening their control over the global cocoa market.
The agreement was reached during a high-level cocoa summit held in Abidjan on June 16, where President John Dramani Mahama and President Alassane Ouattara outlined a new strategy to secure better returns for cocoa-producing countries and protect the future of the industry.
As the world’s two largest cocoa producers, Ghana and Côte d’Ivoire account for about 60 percent of global cocoa production, making their partnership crucial to the international cocoa trade.
Under the new agreement, both countries will work together to harmonise farm-gate prices, align cocoa premiums and synchronise crop season calendars to ensure farmers receive better compensation for their produce.
The two leaders stressed that cocoa farmers must remain at the heart of decision-making within the industry, insisting that fair and sustainable incomes are essential for the future of cocoa production.
The summit also reviewed progress made under the Côte d’Ivoire-Ghana Cocoa Initiative (CIGCI), including the implementation of the Living Income Differential (LID), harmonised producer price announcements, cocoa traceability systems and joint efforts to combat Cocoa Swollen Shoot Virus Disease.
Despite these gains, both countries acknowledged several challenges threatening the sector, including fluctuating global prices, climate change, illegal mining activities in cocoa-growing communities, increasing use of cocoa substitutes and stricter international sustainability regulations.
To boost earnings from the sector, Ghana and Côte d’Ivoire also agreed to increase local cocoa processing, promote regional trade and encourage greater consumption of cocoa products across Africa.
In a significant development, the two countries further agreed to open the Côte d’Ivoire-Ghana Cocoa Initiative to other African cocoa-producing nations in a bid to strengthen Africa’s bargaining power and create a united front in tackling challenges facing the industry.
The latest agreement is expected to deepen cooperation between the two cocoa giants while helping to secure better livelihoods for millions of cocoa farmers across the region.
