The ceremony, co-hosted by Ghanaian President Nana Akufo-Addo and Ivorian Prime Minister Robert Mambe, marks a significant step towards the initiative’s goals of influencing global cocoa prices and empowering producers.
The African Development Bank (AfDB) provided crucial financial support for the initiative’s headquarters and staff capacity building. Prime Minister Mambe expressed hope that the new facility will serve as a central hub for strategic monitoring, price anticipation, and fostering partnerships with new cocoa consumers and producers.
Both leaders emphasized the need for fairer compensation for cocoa farmers. Despite being responsible for over 63% of global cocoa production, Côte d’Ivoire and Ghana currently receive a disproportionately small share of the overall profit within the cocoa value chain.
The initiative’s success in implementing the “Decent Revenue Differential” (DRD) – a $400 per ton price floor established by the two countries – was celebrated. Prime Minister Mambe highlighted the DRD’s resilience against criticism and attempts to circumvent it, expressing confidence in the Initiative’s future progress.
The Ivorian Minister of State for Agriculture, Adjoumani Kouassi, commended the initiative’s collaborative approach, crediting it with boosting cocoa sector prices and benefitting all stakeholders. Executive Secretary Alex Assanvo urged cocoa buyers to recognize cocoa as a premium commodity and provide fair pricing that reflects its true value.
The inauguration comes ahead of the upcoming World Cocoa Conference hosted by the International Cocoa Organisation (ICCO). Assanvo sees this as an opportunity to advocate for a “new generation” of cocoa – one that guarantees a decent living for producers and fosters a sustainable cocoa industry.
The ceremony was attended by high-level representatives from both countries’ agricultural ministries, cocoa boards, and technical teams. This collaboration between Ghana and Côte d’Ivoire signifies their commitment to empower cocoa farmers and achieve a more equitable cocoa trade landscape.
AP/fss/abj/APA