The Chairmanship of the Côte d’Ivoire-Ghana Cocoa Initiative (CIGCI) has been assumed by Bryan Acheampong, the Minister of Food and Agriculture, during the 5th Steering Committee Meeting in Abidjan.
Acheampong, who also serves as the Abetifi Constituency Member of Parliament, takes over from Kobenan Kouassi Adjoumani, the Ivorian Minister of Agriculture and Rural Development.
The CIGCI, a collaborative effort between Presidents Nana Akufo-Addo and Alassane Ouattara, aims to exert pressure on international cocoa buyers and trade houses to establish a minimum floor price of $2,600 per tonne for cocoa beans from both countries.
Key decisions made in meetings with stakeholders include the introduction of a new trading mechanism featuring the Living Income Differential (LID), set at $400.00 per tonne, for cocoa sold by both countries from the 2020/21 season.
In his new role, Dr. Acheampong is tasked with overseeing the completion and handover of the permanent headquarters of the Initiative in Accra.
He will also focus on expanding bloc membership by bringing in other African cocoa-producing countries, restructuring the CIGCI, and implementing West African Standards for sustainability and cocoa traceability systems.
Established in March 2018, the Côte d’Ivoire-Ghana Cocoa Initiative aims to enhance farmer pay and improve the financial well-being of cocoa farmers.
The CIGCI is also leading the formulation of West Africa Standards for certification and traceability of cocoa in the subregion.
Dr. Acheampong, commenting on his new role, pledged to use his position to advance the interests of cocoa producers and the objectives of both countries.
He emphasized the importance of participants carrying their share of responsibility to uphold the initiative’s rules.
Under Dr. Acheampong’s tenure as Agriculture Minister, Ghana has increased the state-guaranteed cocoa price for farmers by over 63%, aiming to boost income and prevent cocoa beans from being smuggled to neighboring countries.
The increment for the new 2023/2024 season is set at 20,943 Ghana cedis ($1,837) per tonne, compared to the 12,800 Ghana cedis received in 2022.
ALSO READ: