Ivory Coast and Ghana, which supply about 60 % of the world’s cocoa, plan to co-ordinate cocoa sales to try to exert more influence on the market. According to a Bloomberg report, the countries want to harmonise their marketing systems. Officials from each country will visit the other to exchange information.

Joseph Boahen Aidoo, Chief Executive Officer of Ghana’s cocoa regulator, Cocobod, said: “Once we’re able to harmonise, then the two countries can decide when to go to the market. Once that decision is taken and what amount or volumes of cocoa can go to the market, then we can regulate.” The countries will also work on setting a floor price for their farmers and will announce the rate at the same time before each harvest from next season, they said in a statement.

The two nations also agreed to expand and speed up efforts to protect forests. This could have implications for cocoa output as growers in Ivory Coast have significantly expanded illegal plantations in protected forests in recent years.