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Hershey signs groundbreaking long-term agreement with cocoa cooperatives aimed at improving farmer income & farm resiliency
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Wednesday, 23 October, 2024, 08 : 00 AM [IST]
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Pennsylvania, USA
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Hershey announced a five-year agreement with nine cocoa-producing cooperatives in Côte d'Ivoire. The move is part of its ‘Cocoa for Good’, strategy, a 10-year, $500 million investment by the company to address the complex challenges facing cocoa farmers. The agreement aims to build lasting relationships with farmers that enable a more resilient supply.
The announcement coincided with the annual National Cocoa and Chocolate Days held in Abidjan, Côte D'Ivoire. The heart of the agreement is a memorandum of understanding between Hershey, Sucden, and the nine cooperatives which aims to:
- Partner with farmers to professionalise cocoa farming and improve their profitability
- Invests in community-based resources that improve household wellbeing
- Preserve the environment and strengthen farm resilience
- Long-term collaboration among the three entities provides stability for farmers and an ability to more directly engage in addressing on-the-farm challenges.
Tricia Brannigan, vice president, chief procurement officer, Hershey, said, "Improving farmer incomes requires a holistic approach and collaboration across public and private sectors. Collaboration happens best when you have trust. Trust is built over time through strong, long-lasting relationships."
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