Speaking at an African investment forum, Ghana’s president made an argument for Nigeria and Cameroon to join Ivory Coast and Ghana’s cocoa market cooperation efforts. President Akufo-Addo acknowledged some “structural issues,” like Nigeria’s lack of a cocoa marketing mechanism, per The Africa Report. Both Nigeria and Cameroon have already signaled their willingness to discuss joining the cocoa premium pricing scheme.
Ghana has announced sales of at least 200,000 MT of 2020/21 cocoa that includes the living income differential (LID) of US$400 per MT. Ghana’s marketing board, Cocobod, is targeting forward sales of 650,000 MT of 2020/21 production, per Reuters. Publicly, many major traders and processors have supported the LID, which is intended to be paid directly to cocoa growers in a bid to support cocoa sustainability.