Ghana and Côte d'Ivoire Sign Historic Cocoa Pricing Deal to Protect Farmers

Ghana and Côte d'Ivoire, the world's two leading cocoa producers, have signed a landmark joint agreement aimed at aligning their cocoa pricing policies and promoting a sustainable cocoa economy that places farmers at the center of decision-making. The deal was jointly signed by Ghanaian President John Mahama and Côte d'Ivoire's President Alassane Ouattara in Abidjan on Tuesday. The agreement sets out a series of interventions designed to improve governance of the cocoa sector and ensure greater value sharing for farming communities. As part of the agreement, both countries committed to harmonize their Producer Pricing Policies by adopting a common framework comprising the principles and methodology for determining Producer Prices. The two nations also agreed to reinforce Trading Room alignment and Market Intelligence sharing to give both countries greater negotiating power in global commodity markets. The deal also addresses issues of governance, sustainability, and combating child labour within the cocoa supply chain — longstanding challenges that have attracted international scrutiny. Both presidents pledged to enforce standards that major chocolate companies must meet before being allowed to source cocoa from the two countries. The agreement is being seen as a major step forward for cocoa-producing nations in Africa, giving them a stronger collective voice on the global stage against multinational corporations and commodity traders who have historically controlled cocoa pricing. The Ghana Cocoa Board (COCOBOD) and its Ivorian counterpart are expected to work together to implement the new framework in the upcoming cocoa season.