‘Cocoa: Outlook looks robust for Ghana, Côte d’Ivoire’

By Abdulai SAAKA, Accra

THE Administrative and External Affairs Officer of the Côte d’Ivoire-Ghana Cocoa Initiative (CIGCI), Madam Widad Adaku Quaye, has projected a robust and more equitable cocoa market for both Ghana and Côte d’Ivoire in the years ahead.

Speaking on Zed in the Morning on Zed 101.9 FM to mark International Cocoa Day, which falls on October 1 each year, she attributed this optimistic outlook to the scalable and sustainable practices being implemented by the organization.

Madam Quaye highlighted the CIGCI’s efforts to ensure fairness in cocoa marketing, noting that while competition is inevitable in the industry, the initiative is committed to fostering harmony.

“I envisage a stronger market, a harmonious market. Of course, in every market there would be ground for competition. However, our presence is to also enhance fairness and free and fair marketing through scalable and sustainable practices,” she said.

According to Quaye, these sustainable practices are already gaining traction within the industry, with traders, producers, and processors increasingly recognizing the key role played by the CIGCI. She emphasized the organization’s influence, noting, “We see that these practices are building up and scaling up. Traders and producers now come to accept CIGCI’s role in the process”.

CIGCI’s efforts extend beyond the local market, with the organization making significant strides on the international stage. Quaye pointed out that the initiative is now listed on the London Stock Exchange and regularly publishes country differential figures, which set a benchmark for the minimum price traders can pay for cocoa in member countries.

“The trading rooms of both countries talk to each other, and we set the bar, publishing the country differential monthly, ensuring no trader can go below these figures when buying cocoa in any of our member countries,” she explained.

The initiative’s high-level engagements with international partners, including traders, buyers, and processors, were also emphasized. Quaye revealed that a recent meeting in Accra, which brought together key players from across the cocoa value chain, including the Ghana Cocoa Board (COCOBOD) and Côte d’Ivoire’s Coffee and Cocoa Council (CCC), sought to identify areas for collaboration and dispel longstanding myths within the sector.

“Our engagement with trading partners is very strong, and today, CIGCI sits at the center as a point of call for both traders and producers. We have become the go-to place for addressing any concerns regarding commodity trading,” Quaye added, underscoring the initiative’s pivotal role in shaping the future of cocoa trade in the region.

As the world’s top cocoa producers, Ghana and Côte d’Ivoire rely heavily on the sustainability and stability of the cocoa industry, and the CIGCI is positioned to ensure that these two nations lead the way in promoting fair trade and better livelihoods for farmers. International Cocoa Day serves as a reminder of the importance of the industry and the continued efforts of organizations like the CIGCI to ensure a bright future for cocoa stakeholders.