Côte d'Ivoire, Ghana sign deal on cacao economy management

Abidjan, Côte d'Ivoire (PANA) - The Ivorian president, Alassane Ouattara, and his Ghanaian counterpart, Nana Addo Dankwa Akufo-Addo, on Monday in Abidjan signed a deal on the implementation of a common strategy on the management and challenges of the cacao industry.

The deal, called the ‘Abidjan Declaration’, expresses the strong will of the two presidents to define a common strategy aimed at finding durable solutions to the price increases set by cacao producers in their respective countries.

Cacao is a tropical evergreen tree and the seed from the tree is used in making chocolate.

Despite the similarities in their spelling, cacao and cocoa are two very different ingredients. All of the chocolate products are derived from cacao seeds in some form or another, which are derived from the cacao plant — an evergreen tree that grows in South America and West Africa.

The ‘Abidjan declaration’ sets the cacao price every year for producers and provides the platform for collaboration in terms of scientific research on the protection of the cacao plant and the improvement on the quality of the crop.

President Ouattara on Monday, at the opening of the 6th edition of Africa CEO Forum, deplored the insufficient revenues received by cacao producers (about US$ 6 billion) as against the US$ 100 billion generated by the cacao industry.

In 2017, the drop in the international cacao prices had serious consequences on the Ivorian public finances with a drop of 53.8 billion CFAF in the government’s budget, decreasing from 6501.4 billion CFAF to 6447.6 billion CFAF.

Côte d'Ivoire and Ghana account for 60% of the world’s cacao production.
-0- PANA BAL/JSG/MSA/VAO 27March2018

27 march 2018 13:04:40

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