Former President John Agyekum Kufuor and the International Cocoa Organisation (ICCO) are pushing for fundamental changes in Africa's cocoa industry. They believe cocoa must be treated like gold or oil, as a crucial economic asset. This call for transformation came at the Africa Cocoa Finance & Investment Forum (ACFIF 2026) held in London.
Africa produces about 70 per cent of the world’s cocoa. However, it earns less than 2 per cent of the global chocolate market's value. This significant gap means African nations are not getting enough benefit from their own crops. Former President Kufuor highlighted this imbalance at ACFIF 2026. He argued that Africa needs to attract more investment and process more cocoa locally. This approach would create more wealth and jobs within the continent.
This development is crucial for Ghana's economy. Cocoa is a major export for Ghana, bringing in vital foreign currency. Past reforms in Ghana, such as those between 2001 and 2004 under Kufuor's presidency, led to higher cocoa output and better incomes for farmers. The current push aims to build on these successes. However, climate change poses a serious threat. Rising temperatures and soil issues could harm future cocoa harvests. The forum also discussed the need for farmers to have more control over cocoa prices. Currently, global prices are set in markets far from Africa.
Michel Arrion, the Chief Executive of the ICCO, stated that Africa should create its own Cocoa Exchange. This would allow African countries to set their own prices. He pointed out that recent price swings in cocoa markets show weaknesses. These weaknesses affect producers and traders, jeopardising cocoa farming long-term. Africa's dominance in production, but lack of price control, is a persistent issue. The ACFIF 2026 aimed to bring together global investors and policymakers to address these challenges.
The upcoming events show a continued focus on boosting Africa's cocoa sector. ACFIF will hold more meetings at the New York Stock Exchange in September 2026 and in Europe in February 2027. There are also plans for an ACFIF Origin Edition in Abidjan and Abuja in 2027. These events aim to connect investors with cocoa-producing regions directly. The goal is to unlock investment and promote greater value capture for African nations. This strategic shift could reshape the global cocoa industry.