Nigeria will be joining Ghana and Coted’lvoire to impose a Living Income Differential of $400 on every bag of cocoa bought in the Federal Republic.
This move makes the world’s 4th leading producer of cocoa the first to be added to the Ghana-Coted’lvoire Cocoa Initiative.
The aim is to reduce drastically unregulated and liberated pricing regime, which has short change cocoa farmers for a long time.
Abdullahi Abubakar, Director for Nigeria’s Federal Ministry of Agriculture and Rural Development, said
“the LID system which was established by Cote D’Ivoire and Ghana in 2019 is said to be the Cocoa Markets Organisation of Africa. If fully implemented in the region can be compared to the organisation of petroleum exporting countries where prices of cocoa will be regulated.”
“This is what Nigeria endeavours to be a part of”, he added.
Meanwhile, the Chief Executive of COCOBOD, Joseph Boahen Aidoo, has lamented about the under-representation of leading cocoa producers such as Ghana and Ivory Coast in the global cocoa value chain.
According to him, Nigeria’s presence in the Cocoa Markets Organisation will mean a 75% stake in global cocoa pricing for the three countries.
“We pray that apart from Nigeria, Cameroun also comes on board so that we have a very formidable force within the African Continent.”
“If we can do that, we can have a stronger say in the global market when it comes to deciding prices,” Joseph Boahen Aidoo added.
The Global Cocoa Industry is estimated to be worth $100 billion.
Before the LID was implemented, cocoa farmers in Ghana and Ivory Coast were paid less.
The low price of cocoa is tied to increased child labor, slavery, trafficking, and deforestation.
In Coted’lvoire, 90% of the forest has disappeared in the last 60 years, according to the Forest and Wildlife Inventory of Ivory Coast.
- Tear gas fired at Arise Ghana demo
- Social media users jubilate over E-levy flop
- 85% revenue has been lost due to E-Levy – African Network of Entrepreneurs CEO
- Government will withdraw e-levy if it’s not helpful – Kwaku Kwarteng
- Arise Ghana Demo: Police arrest 3 protesters
- 28 years of teaching but living on loans – Life of a teacher
- Health Minister submits over 10 documents against Ato Forson in ambulance case
- Photos and videos from Arise Ghana Demo
- Arise Ghana Demo: ‘Step down if you can’t rule Ghana anymore’ – Protesters tell Akufo-Addo
- ‘E-levy not a bad tax; Ghanaians just don’t want to pay taxes’ – Gabby Otchere-Darko
We don’t make any profit from School Feeding Programme – Caterer
Tax cuts not sustainable; demand for better accountability, better economic management – Dr. Patrick Asuming
Sex releases stress in men than women – Medical practitioner
Bank of Ghana elected Vice-Chair of African Financial Inclusion Policy Initiative
Gospel musician Melody Bowier out with new single ‘Around The Clock’
Arise Ghana conveners shirking responsibility for their role in police-protesters clash – Deputy Information Minister
Rotary Club of Sunyani East hands over a fully furnished 4-unit classroom block to Nsoatre R/C School
Fiifi Manfred: Micheal Edwards, Liverpool FC’s boardroom genius
Arise Ghana Demo: Bernard Mornah narrates harrowing experience
MTN Ghana adjudged Health Environment Safety and Security Company of the Year
Court places injunction on first Islamic anniversary of Ejura shooting victims
Minority demand breakdown of $34m cost involved in relocating Ameri deal
Release all images of 12 injured officers – Mensah Thompson tells Police
Kejetia traders in joy as ECG restores electricity connection to the market
Playback: PM Express discuss Arise Ghana’s demand for accountability and good governance