NIGERIA, CAMEROON EXPRESS FURTHER INTEREST IN JOINING CÔTE D’IVOIRE – GHANA COCOA INITIATIVE

Date: 12th October 2022

Nigeria and Cameroon have expressed interest in joining the alliance for economic relations on cocoa between Côte d’Ivoire and Ghana; the two-leading cocoa-producing countries in the world.

The two West African countries believe joining the initiative will enhance the effort of the alliance to deliver a better price and remuneration for cocoa farmers.

This was expressed by the respective representatives of Nigeria and Cameroon, who addressed the Steering Committee of the Côte d’Ivoire – Ghana Cocoa Initiative (CIGCI) at a meeting in Abidjan, Côte d’Ivoire.

The initiative was set up following a declaration by the Presidents of Côte d’Ivoire and Ghana to harmonise the cocoa trading strategies of the two countries to improve the incomes of cocoa farmers in the two countries in the wake of persistently low cocoa prices on the world market.

The initiative has so far instituted the Living Income Differential (LID), the component of the cocoa trading mechanism operated by the two producer countries, which ensures that every tonne of cocoa beans sold attracts an extra $400.00 which is paid to farmers.

Ghana’s Minister for Food and Agriculture and outgoing Chairman of the Steering Committee, Dr Owusu Afriyie Akoto welcomed the move by the two countries and said CIGCI will take the prospective members through the processes laid down to admit new members.

Dr Afriyie Akoto indicated that the need for a better price for cocoa farmers cannot be overemphasized. Hence, any attempt to grow the alliance and strengthen its drive to improve farmer income is welcome.

The two countries joining Ghana and Côte d’Ivoire will create an alliance of countries, whose total cocoa production constitutes 75 per cent of the world's supply.

The Nigerian delegation was led by Engr. A. H. Abubakar the Director of the Federal Department of Agriculture and Chairman of Nigeria’s Cocoa Management Committee. 

Mr. Michael Ndoping the Chief Executive Officer of Cameroon’s National Office of Cocoa and Coffee led the Cameroonian delegation.