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Ghana, Ivory Coast close to embracing single cocoa trading system

By Wendy Amarteifio
Ghana
Ghana, Ivory Coast close to embracing single cocoa trading system
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Ghana and Cote d'Ivoire are close to harmonising their system of trading cocoa at the world market.

This is to give the two major producing countries some control, at the cocoa market. The Chief Executive of Ghana Cocoa Board (COCOBOD), Joseph Boahen Aidoo disclosed.

The harmonisation will aid the two countries in their search to take a strong position in deciding the price of cocoa in the world market.

Ghana and Cote d'Ivoire have been cooperating in recent times on how to improve the income of farmers but the difference in their respective trading systems has become a major setback.

Speaking on Thursday, October 25, as a panellist at ongoing World Cocoa Foundation meeting in Sao Paulo, Brazil, the head of Ghana's cocoa regulator found that the major driving force for the collaboration of the two countries is the price.

“It’s unethical, unfair and we cannot talk about the sustainability of the industry when we are not paying commensurate and rewarding price to farmers,” Mr. Aidoo said, adding that it is his expectation industry will respond to the call''.

The COCOBOD Chief Executive also revealed that a technical team has been set up between the two major cocoa producing countries, to come out with the true cost of production per tonne which they believe will serve as the basis of setting the floor price.

Chief Executive of Ghana Cocoa Board (COCOBOD), Joseph Boahen Aidoo

READ MORE:Maintaining cocoa price will prevent cocoa smuggling– Deputy Minister

He further noted that all other producing countries will be occupied to be part of such a major revolution in the industry.

Mr. Aidoo further declared major achievements made as a result of engagements between Ghana and Cote d'Ivoire introduced by Presidents Nana Akufo-Addo and Alassane Ouattara, respectively.

By launching a joint programme some two months ago, He noted that the two countries have started dealing with the problem of cocoa swollen shoot virus disease

The World Cocoa Foundation partnership is a meeting of all major and minor stakeholders in the cocoa industry

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