Cocoa

Ghana and Cote d'Ivoire announce closer ties to protect their cocoa industry

By Anthony Myers contact

- Last updated on GMT

Ghana and Cote d'Ivoire are the two largest cocoa-growing countries in the world. Pic: ConfectioneryNews
Ghana and Cote d'Ivoire are the two largest cocoa-growing countries in the world. Pic: ConfectioneryNews

Related tags: Cocoa, Ghana, Côte d'ivoire

Neighbors set-up a new joint body to improve coordination in research, price setting and the fight against child labour in their respective cocoa industries, the Ivorian government has revealed.

Combined, the two West African countries account for approximately 60% of the world’s cocoa, and have already coordinated on a joint ‘Living Income Differential’ (LID)  price initiative​ to add $400 a per tonne to help farmers fight poverty if the market price falls below $2,600 a tonne.

The LID is due to come into effect in October but the new organization, Ivory Coast-Ghana Cocoa Initiative (ICCIG), marks a formal step towards closer ties and is aimed at promoting its cocoa industries internationally while strengthening its collective position in the global market, the Ivorian government said in a statement.

The organization will allow the two countries to formalise an agreement started three years ago when they both announced farmgate prices at the start of the growing season (October 1), primarily to reduce cocoa smuggling across their shared border, Reuters reported.

Related topics: Commodities, Cocoa & Sugar

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