Ivory Coast and Ghana, the world’s biggest exporters of cocoa, have agreed to a deal to sell the commodity with an additional living income premium of $400 (£320) a tonne.
The scheme is aimed at working with the world’s chocolate makers in making sure farmers are lifted out of poverty.
Ivory Coast and Ghana produce two-thirds of the world’s cocoa beans, but the volatile price of the crop often means the growers, many of whom are small-scale farmers, have to accept low prices.
The agreement to impose what’s called a living income differential sum was therefore established and will take effect from next year.
The French chocolate maker Cemoi has also confirmed it will be buying cocoa from Ivory Coast and paying the additional $400 a ton. It is also reported that global players in the industry, Sucden, Barry Callebaut, Cargill and Olam have done similar deals.
Traders have, however, warned that the scheme could backfire if it encourages a surplus of crops, which would drive prices down.
The agreement is the latest in a series of attempts to combat poverty among African cocoa farmers.