Côte d’Ivoire and Ghana, the world’s leading cocoa producers, are to set up a joint industry body.
According to a recent Reuters report, the Ghana-Cote d’Ivoire Sustainable Cocoa Initiative will, among other things, aim to set farmer prices that will discourage cross-border smuggling and enhance collaboration between the two countries’ cocoa marketing departments.
The report said the new body will include members of Côte d’Ivoire’s Coffee and Cocoa Council (CCC) and Ghana’s Cocobod.
“Both countries agreed to establish a new institution with Ghana and Côte d’Ivoire as the nucleus. The institution is expected to attract new members as it grows,” said a document seen by Reuters that has been signed by the heads of the CCC and Cocobod.
Both countries have been hit hard as cocoa futures prices have fallen by around a third since last year.