Cocoa Pricing Models Fail to Protect African Farmers

The Cocoa Farmers Alliance of Africa (COFAAA), represented by global president Adeola Adegok, has expressed serious concerns regarding the existing cocoa pricing models, which fail to protect farmers across Africa. Adegok stated that the current system is designed to stabilize cocoa prices in producing countries but instead allows prices to quickly adjust to match international market fluctuations, leaving farmers vulnerable to volatility.

Despite a historical cocoa price boom anticipated in 2024, with international prices potentially reaching $12,000 per metric ton, farmers in Côte d'Ivoire and Ghana are not fully benefiting due to semi-regulated market systems. COFAAA highlighted that the downturn in cocoa prices over the past year has dampened enthusiasm for the expected price surge.

The organization aims to establish a global member assembly to empower farmers and evaluate the current situation, ensuring that African cocoa farmers are not left behind in the global market. Adegok emphasized that African producers account for 70% of the world's cocoa, yet they capture less than $6.147 billion of the global chocolate market.