Ghana and Ivory Coast have agreed to harmonize cocoa prices as the two countries coordinate a response to a global fall in sales.
Ivory Coast, Ghana seek to create cocoa 'OPEC'
Farmer Kehinde Kumayon shows a rotten cocoa pod at his farm inside the conservation zone of the Omo Forest Reserve in Nigeria on Wednesday, Aug. 2, 2023
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At a meeting in the Ivorian capital on Tuesday, Presidents John Mahama and Alassane Ouattara announced that their countries' respective cocoa agencies would consult each other before setting the farmgate price.
The two countries together account for 60% of global cocoa production.
The so-called Cocoa Initiative will also harmonize the crop's marketing calendar in the two countries. President Ouattara has invited Cameroon and Nigeria - the region's smaller producers to join the initiative.
Global cocoa prices, which went through the roof in 2024 before starting to drop in 2025, have plunged in 2026, leaving the government unable to buy the crop from farmers.
After soaring to $12,000 per tonne in late 2024, the price per tonne on the world market is currently $2,900.
The price volatility has left farmers in Ghana and Ivory Coast angry and disillusioned.
Through the initiative, Accra and Abidjan are seeking a say in the marketing and pricing of cocoa.