Ghana Cocoa Board (COCOBOD) has drawn the attention of the European Union to its unfavorable cocoa pricing legislation.
Chief Executive Officer of the Board, Mr Boahen Aidoo, while engaging a four-member delegation from the European Union in Accra this week, stated that the right price must be paid for Africa’s cocoa.
For him, a revision is imperative since “cocoa is the only crop which has preserved Ghana’s forest and supported global effort.”
Ghana is the second largest supplier of cocoa in the world. The Anglophone country is ranked after Côte d’Ivoire.
A review of the cocoa pricing legislation by the EU is key since it is the largest importer of cocoa, accounting for 60% of world imports.
The National Buffer Stock Company in 2022 revealed that of the $130 billion global chocolate industry, cocoa exported from Africa rakes in only a small slice.
On his part, Head of Cooperation, EU delegation to Ghana, Massimo Nina, who led the delegation, admitted that the present current pricing framework does not ensure the wellbeing of cocoa farmers as they are not able to rake in enough profit.
He gave the assurance that the European Union would take the necessary steps to improve the livelihoods of farmers it receives cocoa from.
In November 2022, the EU contributed €25 million to enhance the economic, social and environmental sustainability of cocoa production in Côte d’Ivoire, Ghana and Cameroon.
With regards to pricing, COCOBOD has introduced the Living Income Differential (LID) policy to mitigate poverty among cocoa farmers in Côte d’Ivoire and Ghana.
Again, the Board has put in place the Cocoa Management System (CMS) to ensure cocoa traceability and sustainability, an initiative that has received commendation from the European Union.
“I must say your processes towards ensuring sustainability, traceability and elimination of child labour within the sector are on a good track,” Massimo Nina said.
Meanwhile, COCOBOD has assured its commitment to maintaining its status as the best producer of premium quality cocoa in the world, while ensuring that cocoa cultivation is devoid of deforestation and use of services of children in cocoa farms.
Source: The Independent Ghana