ABUJA, June 26 – The Cocoa and Coffee Farmers Alliance Association of Africa (COCEFAAA) is calling for African cocoa producing countries to form a united producers’ bloc and adopt a minimum cocoa price of at least $6,000 per metric tonne to strengthen farmers’ bargaining power and reduce reliance on foreign commodity exchanges.
In a statement, COCEFAAA Global President, Comrade Adeola Adegoke, said the move would help African producers take greater control of cocoa pricing instead of depending on commodity exchanges in London and New York, which continue to influence global prices.
Adegoke welcomed the successful conclusion of the 7th Steering Committee meeting of the Côte d’Ivoire and Ghana Cocoa Initiative in Abidjan, describing it as a sign that producing countries are working more closely together.
He noted that Côte d’Ivoire and Ghana account for about 60% of global cocoa production and said their partnership has shown that coordinated action can influence decisions across the industry.
According to Adegoke, the initiative should be expanded to include other cocoa producing countries such as Nigeria, Cameroon, Togo, Sierra Leone and Liberia.
He also raised concerns about sharp price swings in the global cocoa market, noting that cocoa prices climbed above $11,000 per tonne before falling again, creating uncertainty for producing countries.
Although Africa produces most of the world’s cocoa, Adegoke said the continent receives only about 6% of the estimated $165 billion global chocolate value chain. He said a stronger continental alliance would give African producers a bigger role in setting prices and securing better returns for farmers.
