Hershey moves to support cocoa farmers, signs long-term agreement with cocoa cooperatives
Hershey has entered into a five-year agreement with nine cocoa-producing cooperatives in Côte d'Ivoire in western Africa. The move is part of its "Cocoa For Good" strategy, a 10-year, $500 million investment to address the complex challenges facing cocoa farmers. The company seeks to build relationships that enable a more resilient supply.
The announcement coincided with the annual National Cocoa and Chocolate Days held in Abidjan, Côte d'Ivoire. The agreement between Hershey, Sucden, and the nine cooperatives outlines key goals of the stakeholders:
- Partner with farmers to professionalize cocoa farming and improve their profitability
- Invest in community-based resources that improve household wellbeing
- Preserve the environment and strengthen farm resilience
- Develop long-term collaboration among the three entities to provide stability for farmers and an ability to more directly engage in addressing on-the-farm challenges
"Improving farmer incomes requires a holistic approach and collaboration across public and private sectors," said Tricia Brannigan, vice president, chief procurement officer, for Hershey. "Collaboration happens best when you have trust. Trust is built over time through strong, long-lasting relationships."
This latest move by Hershey is part of a series of significant investments in the well-being of cocoa farming communities.
