To fight against the poverty of farmers, cocoa buyers reached an agreement on Friday. Through this agreement, they agree to pay a premium on cocoa sold by Côte d'Ivoire and Ghana.

400 dollars per ton on all cocoa contracts sold by Ivory Coast or Ghana. This is the "living wage differential" (LID) that the cocoa players will support. They will also pay a premium to achieve a target floor price of $2,600 per ton in both countries. Hershey, Mars, Blommer Chocolate, Nestlé, Sucden, Mondelez, Touton, Barry Callebaut, Cargill, Ferrero, Olam and Ecom Trading are signatories to this agreement.

The Côte d'Ivoire-Ghana Cocoa Initiative (CIGCI) is working on a price mechanism because of the difficulties Côte d'Ivoire and Ghana have in reaching this price target. Indeed, in Côte d'Ivoire, companies have been dragging their feet to meet the LID commitments, according to Yves Brahima Kone, Director General of the Côte d'Ivoire Cocoa and Coffee Council. This agreement will therefore allow all actors in the cocoa value chain to play their part and respect their commitments.