Hershey's New Agreement to Enhance Cocoa Farmer Prosperity

Hershey's Commitment to Cocoa Farmers

The Hershey Company has recently announced an exciting long-term agreement with nine cocoa-producing cooperatives in Côte d'Ivoire. This initiative is part of their "Cocoa For Good" strategy, which outlines a vision to enhance the livelihoods of cocoa farmers while ensuring sustainability in cocoa production.

Building Stronger Relationships with Farmers

Through a significant commitment of $500 million, this strategy focuses on building resilience among cocoa farming communities. By fostering strong partnerships, Hershey aims to create a reliable and sustainable supply chain that benefits farmers economically and socially.

The Essence of the Agreement

The heart of this agreement lies in a memorandum of understanding that outlines key goals aimed at improving the viability of cocoa farming:

• Enhancing profitability through professional farming practices.
• Investing in community resources to boost household well-being.
• Promoting environmental sustainability and farm resilience.

This collaborative approach ensures that farmers are directly involved in addressing on-the-ground challenges, leading to a richer, more sustainable farming environment.

A Holistic Approach to Improving Farmer Incomes

Tricia Brannigan, Vice President and Chief Procurement Officer at Hershey, underscored the importance of building trust through lasting relationships. "Improving farmer incomes isn't just a goal; it’s a shared responsibility that requires collaboration across both public and private sectors," she stated, emphasizing a holistic approach to creating change.

Supporting Cocoa Communities

This agreement aligns seamlessly with Côte d'Ivoire's National Strategy for Sustainable Cocoa, which is designed to create a more cohesive strategy to tackle the challenges faced by cocoa farmers. Hershey has been at the forefront of sustainable cocoa initiatives, working hard to align with national goals.

Alongside this recent investment, the company has previously initiated the $40 million Income Accelerator program to further support farmers. Furthermore, Hershey is actively funding the construction of primary schools in cocoa farming communities, thereby prioritizing educational support as part of its commitment.

About The Hershey Company

The Hershey Company (NYSE: HSY) is a leader in the snacks industry, constantly striving to create moments of goodness with its remarkable brands. Hershey employs over 20,000 individuals who work collectively to produce high-quality products enjoyed by consumers worldwide. Their dedication to social responsibility and community development sets them apart in the industry.

Frequently Asked Questions

What is the main purpose of the Hershey cocoa agreement?

The primary goal is to improve farmers' income and resilience by investing in sustainable cocoa farming practices and community development.

How much is Hershey investing in this initiative?

Hershey is investing $500 million as part of their Cocoa For Good strategy, along with additional funds for specific programs.

Which communities will benefit from this agreement?

Cocoa farming communities in Côte d'Ivoire will benefit from improved resources, farming practices, and sustainability initiatives.

How does Hershey ensure the sustainability of cocoa farming?

By promoting professional farming practices, community investments, and environmental preservation efforts, Hershey ensures long-term sustainability.

What educational initiatives is Hershey supporting?

Hershey is funding the construction of primary schools in farming communities to promote educational access and support children's well-being.

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