Ghana and Cote D'Ivoire collaborate to address int'l cocoa price decline

Ghana and Cote d’Ivoire, the two largest cocoa producing countries in the world, have now decided to co-operate in ensuring international stability in the pricing of cocoa and its products.

According to President Akufo-Addo, since his assumption of office in January 2017, he has worked with his Ivorian counterpart, President Alassane Outtara, to provide the necessary leadership for technical and political co-operation that addresses effectively the international cocoa price decline in the short-to-medium term.

“We are fashioning far-reaching policies towards achieving a shared vision of an industrialized and prosperous domestic cocoa economy. This, I am sure, will reduce our vulnerability to the volatility of the markets, and help deliver prosperity to our farmers and people,” the President added.

President Akufo-Addo made this known on Monday, when he delivered a speech at this year’s World Cocoa Day celebration, at the Jubilee Park in Kumasi, an event which coincided with the 70th-anniversary celebration of the establishment of the Ghana Cocoa Board.

With price instabilities on the international cocoa market representing perhaps the biggest threat to cocoa producers, President Akufo-Addo bemoaned the fact that the fortunes of Ghanaian farmers, unfortunately, have become tied to the volatile cocoa bean market.

Nonetheless, and in spite of the over 40% drop in world cocoa prices, President Akufo-Addo stated that his government will ensure that the price review for the coming season will not leave farmers short-changed.

“Indeed, government will make sure that producer prices paid to Ghanaian cocoa farmers remain unchanged, and will be in sync with those of Ivorian farmers,” he said.

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Government, the President added, “is also working on the cocoa pension scheme for cocoa farmers, the first of its kind in our history. This will not only benefit cocoa farmers, but all involved in the cocoa value chain.”

Again, with Ghana and Cote d’Ivoire accounting for more than 60% of the world’s cocoa output, and yet earning together, some $5.75 billion out of the sale of cocoa beans, President Akufo-Addo lamented that “the farmers whose toil and sweat produced 60% plus of the world’s cocoa, earned 5.75% of the global value of their activity”, which was a little over $100 billion in 2015.

“This cannot, and should not continue. It is manifest injustice. We have to devise ways of ensuring that our farmers reap much greater value from their toil,” he said.

To this end, the President revealed that he has amongst other measures, directed the Minister for Food and Agriculture to direct COCOBOD to work towards increasing domestic processing of cocoa up from the current levels to a minimum of 50% of annual production by 2020.

This, he stressed, will significantly increase export revenues and foreign exchange earnings from cocoa.

“Processing of cocoa must also go beyond just grinding the beans, to tertiary manufacturing for table consumption. Chocolate and cocoa products from Ghana should be accessible anywhere on the globe,” he said.

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www.primenewsghana.com/ Ghana News