Ivory Coast strengthens cooperation with Ghana in cocoa, cashew production

NIGERIA – Ivory Coast and Ghana have reached an agreement to deepen their collaboration in the cultivation, processing, and marketing of cocoa and cashew nuts, two of the most significant agricultural products for their economies.  

The agreement was finalized at the conclusion of the first summit of the “Strategic Partnership Agreement between Côte d’Ivoire and Ghana” held in Abidjan on Sunday. 

The summit, attended by Ivorian President Alassane Ouattara and Ghanaian President Nana Akufo-Addo, highlighted the importance of cocoa and cashew nuts as drivers of economic growth in both countries.  

A joint statement from the summit emphasized the need to strengthen cooperation in these sectors to enhance competitiveness and sustainability, benefiting local farmers and promoting economic development. 

Ivory Coast is currently the world’s leading producer of raw cashew nuts, with a production of 1.2 million tonnes in 2023, far surpassing Ghana’s 180,000 tonnes.  

The two countries also dominate the global cocoa market, with Côte d’Ivoire producing over 2 million tonnes of cocoa beans annually, followed by Ghana with less than 500,000 tonnes.  

Together, they account for nearly 60 percent of global cocoa production. 

The agreement comes at a time when cocoa prices continue to rise due to production shortages caused by adverse weather and disease outbreaks in key cocoa-producing regions.  

High production costs, rising fertilizer prices, and poor infrastructure have added to the challenges facing the cocoa industries in both nations. 

To support cocoa farmers, Ghana has announced a 45 percent increase in cocoa producer prices for the 2024/2025 crop season, raising the price of a 64kg bag from US$132 to US$192.  

Ivory Coast also increased the fixed farmgate price for cocoa farmers by 20 percent, now offering 1,800 CFA francs (US$3.09) per kg. 

Additionally, the Ivorian government is considering a 10 billion CFA francs (US$17 million) annual subsidy over the next four seasons to boost local exporters’ capacity to handle 25 percent of the country’s cocoa harvest, equivalent to 500,000 tonnes annually. 

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