COFAAA Advocates for Uniform Cocoa Pricing in Africa

The President of the Cocoa Farmers Alliance of Africa (COFAAA), Adeola Adegok, has urged for a uniform cocoa pricing model across the African market to combat ongoing losses faced by cocoa farmers. In an open letter, Adegok highlighted that despite a historical price rally expected in 2024, farmers are experiencing a decline in income due to a downturn in cocoa prices over the past year.

He criticized the existing price framework, stating it does not provide the intended benefits to farmers and fails to stabilize prices amid market fluctuations. Adegok emphasized the need for a comprehensive rethink of the cocoa pricing structure, as African cocoa producers earn less than six percent of the $147 billion global chocolate market.

He also pointed out the structural challenges faced by farmers, including low income, child labor risks, and inadequate access to education and healthcare. Adegok called for the establishment of a global member assembly to empower discussions on cocoa pricing and farmer welfare, with participation from 20 farmers per country across several African nations.