President Nana Akufo-Addo has reiterated his dedication to building a robust cocoa industry that places the well-being of cocoa farmers at the forefront.

His remarks came during the inauguration of the permanent office of the Cote d’Ivoire-Ghana Cocoa Initiative in Accra.

Highlighting the achievements of his administration, President Akufo-Addo emphasised that his government has implemented the highest cocoa producer price ever recorded in the country's history.

This, he asserted, demonstrates his administration's commitment to preventing cocoa farmers from being exploited.

President Akufo-Addo underscored the importance of the cocoa industry to the economies of both Ghana and Cote d’Ivoire, emphasising the need for collaboration between the two countries to ensure the sustainability and prosperity of the sector.

“In 2019, Ghana and Cote d’Ivoire met in Accra where we held a dialogue on an important subject, which was critical to the survival of the global cocoa industry supply chain. That meeting, culminated in the adoption of a living income deferential for cocoa producers in the two countries which involves the additional payment of cocoa farmers of $400 per ton on the world market price for every cocoa sold by the two nations effective by the 2020/2021 season."

“The international cocoa market justifies our course of action. What we thought was impossible only two years ago is happening now,” he stated.

President Akufo-Addo also underscored the critical importance of collaborative efforts between Ghana and Cote d’Ivoire to tackle the numerous challenges facing the cocoa industry.

“However, with the current peak in market prices, a new set of challenges has emerged necessitating a revision of the research approach to sustain or prevent a decline in prices."

"This underscores the importance of this organisation for the two countries to devise new strategies to address the evolving market dynamics,” he added.