Former Ghanaian President John Agyekum Kufuor, alongside the International Cocoa Organisation (ICCO), has called for a fundamental structural transformation of Africa’s cocoa economy. This urgent appeal was made at the inaugural Africa Cocoa Finance & Investment Forum (ACFIF 2026), held at the London Stock Exchange, emphasizing the need for strategic investment and value addition to boost foreign exchange earnings, employment, and livelihoods across the continent.
Context: Africa’s Dominance, Limited Returns
Africa currently produces approximately 70 percent of the world’s cocoa beans. Despite this significant contribution, the continent captures less than two percent of the global chocolate market’s value. This stark imbalance highlights a critical dependency where African nations are primarily exporters of raw materials, with limited participation in the higher-value processing and manufacturing stages.
The ACFIF 2026 brought together a diverse group of global stakeholders, including investors, policymakers, financiers, and industry leaders. The forum’s primary objective was to chart a new course for the African cocoa sector, focusing on attracting strategic capital, reforming market structures, and fostering long-term value creation.
Kufuor Advocates for Cocoa as Strategic Infrastructure
Delivering a keynote address, H.E. John Agyekum Kufuor stressed that cocoa should be recognized and treated as strategic economic infrastructure, akin to vital resources like gold or oil. He argued that such a reclassification would unlock the necessary investment and policy focus required for its transformation.
Drawing on his experience during Ghana’s cocoa sector reforms between 2001 and 2004, Kufuor highlighted successful strategies that led to increased output and improved farmer incomes. These reforms underscored the potential for deliberate policy interventions and capital mobilization to enhance the sector’s performance.
Climate Change Threatens Sustainability
However, Kufuor also issued a stark warning regarding the escalating threat of climate change to cocoa production. Rising temperatures, soil degradation, and increased pest outbreaks are identified as significant challenges that could undermine the sustainability of the crop if not addressed proactively.
ICCO Champions African Cocoa Exchange
Supporting the call for greater control over the cocoa market, the Chief Executive of the International Cocoa Organisation (ICCO), Mr. Michel Arrion, expressed strong endorsement for the establishment of an African Cocoa Exchange. Arrion argued that Africa must reclaim its price-setting power, which is currently dominated by offshore futures exchanges in markets like London and New York.
“Africa produces more than 70 percent of the world’s cocoa, yet remains a price taker, with global prices largely determined in London and New York,” Mr. Arrion stated. He pointed out that recent price volatility has exposed deep-seated weaknesses in the global market, including speculative trading and inadequate risk management tools for African producers and traders, jeopardizing the very foundation of cocoa cultivation on the continent.
Momentum and a Global Roadmap
The convenors of ACFIF 2026, Onyinah Karikari (Executive Director of Cocoa Trade & Invest Africa) and Fuad Mohammed Abubakar (Managing Director of Cocoa Marketing Company (UK) Limited), described the forum’s discussions as impactful and forward-looking. They noted a significant surge in interest from investors and stakeholders across the entire cocoa value chain.
“Today’s conversations must continue. A strong pipeline of investment-ready opportunities exists, and we encourage participants to deepen engagement through the designated meeting rooms, online platforms, and follow-up discussions,” said Mr. Onyinah.
Looking Ahead: Continuous Engagement
Building on the success of its inaugural event, ACFIF announced a series of future global convenings. These will include a meeting at the New York Stock Exchange in September 2026, a strategic partnership with Chocoa during Amsterdam Cocoa Week in February 2027, and an ‘ACFIF Origin Edition’ in Abidjan and Abuja in the second quarter of 2027. These events aim to bridge the gap between capital markets and cocoa-producing regions, bringing the investment dialogue directly to the heart of cocoa communities and fostering tangible progress in the sector’s strategic transformation.
Leave a Reply