It was founded in 2018 by its two eponymous member countries, Côte d'Ivoire and Ghana, to jointly influence global cocoa prices and the chocolate market.

[4] The Ivorian and Ghanian governments threatened to halt buyers' sustainability programs within their respective borders if the companies did not pay the premium.

The first and incumbent executive secretary is Alex Assanvo, previously the Director of Corporate Affairs for Europe and Africa at Mars Inc.[8] On 18 April 2024, the permanent headquarters of the CIGCI was inaugurated by Ghanian president Nana Akufo-Addo in Accra.

At the inauguration ceremony, Assanvo commented that the CIGCI "reaffirmed the vision to put the producer back at the centre of the cocoa value chain" and was "another example of how the two countries [Côte d'Ivoire and Ghana], through their respective heads of state, could overcome challenges.

Doing so could quickly overwhelm their budgets.The Economist further argues that the inflated prices could cause oversupply in the long term, as farmers may be enticed to switch to or grow more cocoa.

Other experts highlighted the possibility that chocolate manufacturers may reduce their funding for sustainability programs to offset the costs added by CIGCI premiums.