The government increases producer price of cocoa from US $ 3,100/tonne to US$5,040/tonne, which is a record level and a clear demonstration of members' commitment to upholding their promise to cocoa farmers and strengthening the foundation for a fairer and more resilient cocoa economy.

A statement issued in Accra commended the Ghana Cocoa Board (COCOBOD) and applauded the bold step as an essential contribution to the ongoing efforts to create a more equitable and sustainable global cocoa market.

It said for the past four years, Côte d'Ivoire and Ghana, representing over 60 per cent of global cocoa production, had worked in close collaboration to align policies on farmgate pricing, market transparency, and value distribution.

"It is in this same spirit of cooperation and coordination that the new producer price was announced," it added.

The statement said the level of cooperation between the major producing countries was unprecedented on the African continent and reflected a shared vision of transformation in the cocoa sector.

Mr Alex Assanvo, Executive Secretary, CIGCI said, "Since 2019, amid a volatile cocoa economy with market prices well below production costs, the two countries have closely collaborated to address
entrenched market failures that had left cocoa producers holding the short end of the stick."

He said a fair price to farmers was the first milestone to achieve a sustainable cocoa sector.
He said together with partners and stakeholders, "we are working to make cocoa the world's first truly sustainable commodity, one that is environmentally sound, economically viable, and socially just."

The transformation of the cocoa sector can only be achieved if it is rooted in fairness and profitability for all, especially the cocoa farmer without whom there is no cocoa, and no chocolate.