03.31.26 Chocolate Press Statement

As we approach Easter, one of the holidays with the highest chocolate sales, it is critical to reflect on the bitter conditions facing cocoa farmers whose labor helps make this celebration sweet for many.

The call for cocoa farmers in Ghana and Côte d’Ivoire to receive a living income is more urgent than ever. After the price of cocoa soared to a record high in 2024, with cocoa reaching almost $13,000/ton, the cocoa price has suffered a steep crash, and it is currently almost as low as $3,000/ton. These prices have fallen sharply for a variety of reasons, including chocolate manufacturers reducing cocoa content in their products in response to high cocoa prices, and favorable weather leading to higher cocoa yields and a cocoa surplus. As a result, cocoa farmers have suffered steep losses, with many farmers not having received payment for their cocoa since November 2025.

We believe there is a compelling business case for chocolate manufacturing companies – as well as a human rights and moral obligation – to remain committed to responsibly sourcing cocoa from Ghana and Côte d’Ivoire and to ensure cocoa farmers receive a living income. This is crucial to avert a disaster in which cocoa is no longer viable in these countries. Chocolate companies need to address the root issue: systemic poverty. Cocoa farmers are often paid far below the World Bank’s poverty threshold of $2.15 per day. Issifu Issaka stated, “As a cocoa farmer myself, I know from experience that cocoa farmers in Ghana and Côte d’Ivoire need to receive a living income in order to support ourselves and our families. Chocolate companies can and should be paying higher premiums to ensure cocoa farmers are paid a higher price for their cocoa.” For generations Chocolate companies have built their wealth on the backs of Ghanaian and Ivorian cocoa farmers, and those farmers should not be abandoned at this moment of crisis. 

In May 2024, IASJ launched our Chocolate Companies Investor Initiative by sending investor letters to the big 6 chocolate manufacturers: Mars, Incorporated; Mondelez International, Inc.; Ferrero International SpA; The Hershey Company; Nestle S.A.; Lindt & Sprungli AG. Investors representing more than $8.8 trillion USD called on chocolate companies to use their purchasing power to ensure West African cocoa farmers received a living income for their cocoa. Importantly, the initiative calls on chocolate companies to work, both individually and collectively, to address these systemic challenges, recognizing the critical role of industry-wide action.

Since launching the campaign, we have partnered with Ghanaian cocoa farmers to ensure our engagements with the chocolate companies are aligned with farmers’ priorities and informed by farmers’ expertise. The Northwest Coalition for Responsible Investment has also joined IASJ and is now co-leading the initiative with us.

Our investor group, along with cocoa farmers, has been in ongoing dialogue with Hershey, Nestle, and Lindt, and until this year, Mondelez (who has since refused to meet with us) *see chart below. We believe it is critical that cocoa farmers’ voices are heard in our investor dialogues with companies, as they are the rights holders most impacted by corporate actions. Through these tripartite conversations with chocolate companies, we have discussed pressing issues facing the cocoa industry, provided recommendations from cocoa farmers, and encouraged the companies to use their influence and leverage to enact concrete, positive change in the sector, specifically for cocoa farmers. 

As the only publicly traded chocolate company in our initiative to not have agreed to meet with our group this year, we are calling on Mondelez to reinitiate dialogue with its investors. We believe that ongoing, constructive dialogue with chocolate companies, including Mondelez, is invaluable for addressing some of the most urgent problems facing the cocoa industry. 

As we enter the Easter season, let us remember what it took to produce the chocolate that you are able to enjoy. And, let us use our voices to demand that chocolate companies and governments respect the human rights of cocoa farmers, by ensuring they receive a living income. 

For questions about the Chocolate Companies Investor Initiative, please reach out to Aaron Acosta, Program Director, at aacosta@iasj.org.