Ghana, Ivory Coast Inaugurate Headquarters For Cocoa Initiative

News in Brief: - Ghana and Ivory Coast inaugurated the permanent headquarters for their joint cocoa initiative, targeted at improving the industry. - The initiative will focus on building a sustainable industry by offering premium prices to local producers. President Nana Akufo-Addo of Ghana inaugurated the permanent headquarters of the Côte d'Ivoire-Ghana Cocoa Initiative (CIGCI) in Accra. The inauguration ceremony had in attendance the Ivorian Prime Minister Robert Beugre Mambe, representing the President of Côte d'Ivoire, and Joseph Boahen Aidoo, CEO of the Ghana Cocoa Board. With critical financial backing from the African Development Bank (AfDB), Prime Minister Mambe says that he sees this new facility as a central hub for several key functions like strategically monitoring the cocoa market, anticipating price fluctuations, and forging partnerships with both new consumers and producers of cocoa. The initiative, formed in 2017 through a strategic partnership agreement between the governments of Ghana and Ivory Coast, aims to improve the cocoa sector for both nations.

Shared vision for a sustainable cocoa industry

President Akufo-Addo stressed the importance of continued collaboration between the two countries, highlighting the shared challenges and goals outlined in the Abidjan Declaration. This declaration focuses on achieving a sustainable cocoa economy, with a particular emphasis on improving the livelihoods of cocoa farmers. Specifically, a key achievement of the CIGCI is the establishment of the Living Income Differential (LID) – a $400 per tonne premium paid to cocoa farmers on top of the world market price since the 2020/2021 season. President Akufo-Addo acknowledged the recent rise in cocoa prices and the need to adapt the initiative's approach to maintain price stability. Meanwhile, both President Akufo-Addo and the CIGCI's Executive Secretary, Alex Assanvo, stressed the initiative's commitment to improving farmer remuneration and placing them at the center of the cocoa value chain. Dr. Bryan Acheampong, Ghana's Minister of Food and Agriculture and Chair of the CIGCI Steering Committee, emphasised the project's growing role in the cocoa industry. He pointed to its contributions towards price stability, regulations, and market outlook. The establishment of the permanent headquarters is seen as a significant step towards a more prosperous and sustainable cocoa industry for Ghana and Côte d'Ivoire.