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Business News of Tuesday, 17 October 2017

Source: Starrfmonline.com

Ghana, Ivory Coast must reap higher cocoa benefits – Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has disclosed that Ghana and Côte d’Ivoire have agreed to coordinate their respective policies in the Cocoa sector to ensure that the two countries who are responsible for the production of 65% of the world’s cocoa, reap higher benefits from the sector than what both currently enjoy.

Addressing attendees at an official state dinner in honour of the President of the Republic of Côte d’Ivoire, Alassane Ouattara as part of his two-day official visit to Ghana, President Akufo Addo said the proposed coordination of policies between the two West African countries will help to better protect their farmers and guarantee better life and financial remuneration for them.

“Being the two largest producers of cocoa, Ghana and Côte d’Ivoire have begun to cooperate to ensure that we do not continue to be victims of a global cocoa industry that is dependent on the work of our farmers,” the President said.

Joint Earnings from Cocoa Industry

President Akufo-Addo bemoaned the low earnings from cocoa that Ghana and Côte d’Ivoire currently receive despite the fact that the two countries are the world’s leaders in cocoa production.

“It is worth stressing again on this occasion that in 2015, our two countries earned from our output which accounted for 65% of the world’s cocoa production, some $5.75 billion at a time when the global chocolate market was worth some $100 billion. It meant that our farmers through whose toil and sweat the cocoa industry is founded earned 5.75% of the global value chain of the industry. This is manifest injustice that cannot and should not continue,” the President said.

To this end, President Akufo-Addo said he and his Ivorian counterpart have agreed to work together to provide leadership for technical and political corporation between the two countries that will promote the interest of Ghanaian and Ivorian farmers.

President Ouattara on his part assured that he and his government are ready to corporate with Ghana in all possible ways to realize full benefits from the global cocoa industry.