Ghana, Cote d'Ivoire operationalise $400 premium on every metric tonne of cocoa

Ghana, Cote d'Ivoire operationalise $400 premium on every metric tonne of cocoa
Source: Ghana| Myjoyonline.com|
Date: 23-10-2019 Time: 07:10:12:pm

The Ghana Cocoa Board (COCOBOD) and Le Conseil du Café Cacao (CCC) of  Ivory Coast say the Living Income Differential (LID) and the sustainability programmes will operate together since they both complement each other.

The LID was jointly introduced by Ghana and Ivory Coast, who together control 70% of the global production of cocoa, and put s a $400 premium on each metric tonne of the commodity purchased.

In a press statement, released on Wednesday, COCOBOD and CCC explained that there will be a better and sustainable cocoa industry with the introduction and implementation of the LID.

Ghana and Ivory Coast introduced LID in July on all cocoa sales for the 2020/2021 season, to ease pervasive farmer poverty in their various countries.

“We hereby reaffirm our position that LID and sustainability programmes can operate together as the two complements each other in ensuring the sustainability of the industry and the achievement of the SDGs,” the statement read.

COCOBOD of Ghana and CCC of Ivory Coast added that industry players will monitor and evaluate the complementary co-existence of the LID and sustainability programmes in their respective countries.

The LID not being the only attempt to alleviate poverty amongst cocoa farmers, both governments and industries promise “to eradicating Child Labour and deforestation in cocoa and will collaborate with all stakeholders to promote and sustain the cocoa industry”.

Ivory Coast and Ghana together produce 70% of the world cocoa and so far sold around 20,000 to 25,000 tonnes with the premium attached.