Ivory Coast and Ghana, which together supply about 60 percent of the world’s cocoa, will start coordinating their sales of the beans as part of efforts to exert more influence on the market.
The West African neighbors want to harmonize their marketing systems and officials from each country will visit the other to exchange information, Joseph Boahen Aidoo, chief executive officer of Ghana’s cocoa regulator, told reporters in Abidjan, Ivory Coast’s commercial capital, Wednesday.
Cocoa prices dropped 40 percent last year because of a global glut, hitting farmers' income and reducing state revenues in the world's two largest cocoa producers.
An earlier meeting between Ivory Coast President Alassane Ouattara and his Ghanaian counterpart Nana Akufo-Addo, the two countries laid out an eight point plan to find ways to deal with sharp price swings and to improve prices for farmers.
The West African neighbours will also look to develop ways to combat swollen shoot disease that has badly affected crops this year.
They also plan to process most production inside the respective countries rather than export the raw cocoa product abroad, a measure that is expected to improve returns.