No Result
View All Result
Tuesday, October 3, 2023
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    The Geopolitical Forces Driving Today’s Oil Market

    IMF raises concerns over the energy transition price tag

    Billion dollar opioid addiction market fuels Nigeria’s drug crisis

    Govt defaults on paying pension contributions for public sector workers

    Punitive domestic tariffs threaten African trade

    Traders bare teeth at GRA; issue ultimatum to govt over tax compliance exercise

    Prices of petroleum products to rise marginally in October – IES

    Dollar makes modest gains against Cedi in October amidst periods of relative stability

    Gross insurance premiums decline in H1; but industry outlook remains positive

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    The Geopolitical Forces Driving Today’s Oil Market

    IMF raises concerns over the energy transition price tag

    Prices of petroleum products to rise marginally in October – IES

    FBNBank Ghana launches Akye promotion

    AGI advocates for innovative policies to support SMEs

    Transport owners and the missing NPA: who assured Sentuo to import BRVs?

    BOST clarifies amount paid for iPhones bought for company executives

    Fuel prices to remain fairly stable at the pumps – COPEC

    Restructuring NIB’s balance sheet won’t fix solvency challenges – Banking consultant cautions

  • TECHNOLOGY

    Nigeria Aims for $5 Billion Tech Investment by 2027

    Genius IT Foundation achieves STEM.org accreditation

    Pharmaceutical Society charged to utilize AI to transform industry

    Apple says iPhone and iPad apps will show up on the vision OS App Store from the get-go

    China launches $41 billion fund to accelerate semiconductor industry

    Digital marketing: Event managers urged to explore growth opportunities

    Govt. urged to commit more investments to enhance AI competencies

    Stakeholders in digital ecosystem charged to do more to protect child privacy

    Cyber hygiene key for public safety – Dr. Albert Antwi Boasiako

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Billion dollar opioid addiction market fuels Nigeria’s drug crisis

    Nigeria Aims for $5 Billion Tech Investment by 2027

    Punitive domestic tariffs threaten African trade

    South Africa adds Ghana to E Visa list

    Ofori-Atta commends G20 for AU’s inclusion, urges common voice

    Nine ventures announced for Africa Money and DeFi Summit investment showcase

    African Union to launch regional credit rating agency in 2024

    New study reveals alarming food access disparity affecting 650 million Africans

    Global food price index declines in August

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    The Geopolitical Forces Driving Today’s Oil Market

    IMF raises concerns over the energy transition price tag

    Billion dollar opioid addiction market fuels Nigeria’s drug crisis

    Govt defaults on paying pension contributions for public sector workers

    Punitive domestic tariffs threaten African trade

    Traders bare teeth at GRA; issue ultimatum to govt over tax compliance exercise

    Prices of petroleum products to rise marginally in October – IES

    Dollar makes modest gains against Cedi in October amidst periods of relative stability

    Gross insurance premiums decline in H1; but industry outlook remains positive

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    The Geopolitical Forces Driving Today’s Oil Market

    IMF raises concerns over the energy transition price tag

    Prices of petroleum products to rise marginally in October – IES

    FBNBank Ghana launches Akye promotion

    AGI advocates for innovative policies to support SMEs

    Transport owners and the missing NPA: who assured Sentuo to import BRVs?

    BOST clarifies amount paid for iPhones bought for company executives

    Fuel prices to remain fairly stable at the pumps – COPEC

    Restructuring NIB’s balance sheet won’t fix solvency challenges – Banking consultant cautions

  • TECHNOLOGY

    Nigeria Aims for $5 Billion Tech Investment by 2027

    Genius IT Foundation achieves STEM.org accreditation

    Pharmaceutical Society charged to utilize AI to transform industry

    Apple says iPhone and iPad apps will show up on the vision OS App Store from the get-go

    China launches $41 billion fund to accelerate semiconductor industry

    Digital marketing: Event managers urged to explore growth opportunities

    Govt. urged to commit more investments to enhance AI competencies

    Stakeholders in digital ecosystem charged to do more to protect child privacy

    Cyber hygiene key for public safety – Dr. Albert Antwi Boasiako

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Billion dollar opioid addiction market fuels Nigeria’s drug crisis

    Nigeria Aims for $5 Billion Tech Investment by 2027

    Punitive domestic tariffs threaten African trade

    South Africa adds Ghana to E Visa list

    Ofori-Atta commends G20 for AU’s inclusion, urges common voice

    Nine ventures announced for Africa Money and DeFi Summit investment showcase

    African Union to launch regional credit rating agency in 2024

    New study reveals alarming food access disparity affecting 650 million Africans

    Global food price index declines in August

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

Nigeria begins processes to join Ghana-Côte d’Ivoire Cocoa Initiative

byNerteley Nettey
May 19, 2022
in Agribusiness, Business, Top Stories
Share on FacebookShare on TwitterShare on Whatsapp

As part of efforts to bring some relief to cocoa farmers in Nigeria and help them achieve a living income, the world’s fourth leading producer of cocoa has begun processes to join the Ghana-Côte d’Ivoire Initiative.

The Ghana-Côte d’Ivoire Initiative was promulgated by the two leading producers of cocoa in the world, Ghana and Côte d’Ivoire to improve the livelihood of cocoa farmers.

As part of the move, the two countries pushed for a US$400 a tonne Living Income Differential (LID) on cocoa sales for the 2020/21 crop season which will directly go to farmers.

ADVERTISEMENT

This move comes after reports that Nigerian cocoa farmers were losing revenue annually due to the absence of the living-income differential for cocoa producers in the country.

It also makes Nigeria the first to be added to the scheme three years after the Ghana-Côte d’Ivoire Initiative was started.

Speaking during a stakeholder meeting with the management of the Ghana Cocoa Board, Director of the Federal Ministry of Agriculture and rural development in Nigeria, Ing. Abdullahi Abubakar, noted that his outfit was poised to put in place measures to increase the production of cocoa in Nigeria from the current 340,000 tonnes to the 500,000 tonnes in 2024.

“It is noteworthy that the unregulated and liberalised cocoa industry in Nigeria is depriving smallholder cocoa farmers of yearly revenues as they are unable to collect the living income differential of $400 per ton being paid to farmers in Ghana and Cote d’Ivoire in the interest of improving the livelihood of our smallholder cocoa farmers, apart from the cocoa floor prices that are paid by world cocoa farmers.

This visit is aimed at improving our cocoa production from the present 340,000 tonnes to the 500,000 tonnes in 2024 and this can be achieved based on the present drive of the Federal government and relevant stakeholders drive towards utilisation of improved varieties,” he said.

Chief Executive of COCOBOD, Joseph Boahen Aiddo also charged all members to comply with all principles that are enshrined in the Living Income Differential charter and ensure their members benefit from the initiative.

Living Income Differential

The Living Income Differential (LID) was introduced in 2019 by the governments of Ghana and Cote d’Ivoire, to apply a premium of $400/ tonne on the export price of cocoa from the 2020/21 crop.

It is an initiative pushed by Ghana and La Cote d’Ivoire to combat the widespread farmer poverty in the two West African countries, which together produce more than 60% of the world’s cocoa.

This additional revenue was intended to increase the incomes of farming families to help them achieve a living income.

Related Posts

Oil And Gas

The Geopolitical Forces Driving Today’s Oil Market

byBenjamin Aklama

The recent oil price rally has been driven, in large part, by Saudi Arabia's and Russia's efforts to cut supply...

Read more

IMF raises concerns over the energy transition price tag

Billion dollar opioid addiction market fuels Nigeria’s drug crisis

Govt defaults on paying pension contributions for public sector workers

Punitive domestic tariffs threaten African trade

Traders bare teeth at GRA; issue ultimatum to govt over tax compliance exercise

Prices of petroleum products to rise marginally in October – IES

Next Post

Akufo-Addo worried over impact of fertiliser shortage on poultry industry

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2023 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2023 Citi Business News - CitiBusinessNews.com by CNR Digital.