Ghana has disclosed its plans to potentially launch and host the African Cocoa Exchange this year – 2023. The establishment of the African Cocoa Exchange by the COCOBOD in partnership with other cocoa-producing countries garnered support from the government, indicating a commitment to enhancing the cocoa industry’s profitability and sustainability in Africa.
According to government, Ghana’s leadership in advocating for the establishment of an African Cocoa Exchange reflects the country’s dedication to empowering cocoa producers and ensuring fairer pricing.
The Chief Executive Officer of the Ghana Cocoa Board, Mr. Joseph Boahen Aidoo, highlighted the importance of the Cocoa Exchange in granting Africa greater control over pricing. He noted that by having an international platform, such as the one being built by the International Cocoa and Coffee Organisation (ICCO), Africa will have more participation in setting prices.
He also emphasized the potential advantages of establishing regional markets where Africa may have a voice and influence pricing, such as Accra, Lagos, or Abuja. This move is expected to mark a significant step forward in ensuring fairer pricing for African cocoa producers.
MoFA Assures Its Support For The Establishment of African Cocoa Exchange In Ghana
Bryan Acheampong, the minister of food and agriculture, expressed his support for the establishment of the African Cocoa Exchange and welcomed it as the dawn of a new era for the cocoa industry on the continent.
Acheampong averred that the initiative is an opportunity to revolutionize the cocoa supply chain and create greater value for all stakeholders involved.
He pointed out that by providing a platform for financing and trading cocoa proceeds, the proposed exchange will contribute to reshaping the cocoa supply chain in Africa and delivering greater value to all stakeholders.
Currently, cocoa producers in Africa face challenges in bargaining for fair prices due to the domination of only two international markets, namely New York and London.
Due to the government’s indecisive measures about cocoa pricing in the nation and its threat to exchange Ghana’s main source of foreign revenue, cocoa, for galamsey, cocoa farmers are at odds with Nana Addo’s government.
The proposed Cocoa Exchange, he said, will serve as an international marketing platform for financing and trading cocoa proceeds, providing a means for African cocoa farmers to negotiate better pricing.
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