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The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Joseph Boahen Aidoo, has revealed that Ghana and Côte d'Ivoire are close to harmonizing their system of trading cocoa at the world market.

This harmonization, it is hoped, will give some control to the producers at the cocoa market.

Additionally, the harmonisation will help the two countries in their quest to take a strong position on deciding the price of cocoa at the world market.

Ghana and Côte d'Ivoire have been pushing to set a floor price where under the stated price, both countries will not sell the commodity.

The two countries have been collaborating in recent times on how to improve the income of farmers in the two major cocoa producing countries, but the difference in the system of trading between them has been a major challenge in their discussions. 

But at a session on "New Approaches To Regional Cooperation in West Africa" moderated by Tim McCoy at the on-going World Cocoa Foundation (WCF) meeting in Sao Paulo, Brazil; Mr Aidoo, who was a panelist together with Nanga Coulibaly, Technical Advisor to the Director-General of the Conseil du Café-Cacao, stressed that the major driving force for the collaboration of the two countries is pricing.

“It’s unethical, unfair and we cannot talk about the sustainability of the industry when we are not paying commensurate and rewarding prices to farmers,” Mr Aidoo stated and added that it is his expectation the industry will respond to the call favourably.

Cocoa producing countries have been sharing less than three percent of money in the cocoa value chain.

The Head of Ghana's cocoa regulator also revealed that a technical team has been set up between the two major cocoa producing countries to come out with the true cost of production per tonne, and this he hopes, will serve as the basis of setting the floor price.

He further indicated that all other cocoa producing countries will be engaged to be part of such a major revolution in the industry.