Former President John Agyekum Kufuor has called for major reforms in Africa’s cocoa sector, stressing that cocoa should be treated as a strategic economic resource just like gold or oil because of its importance to jobs, livelihoods, and foreign exchange earnings.
He made the remarks at the maiden Africa Cocoa Finance & Investment Forum (ACFIF 2026), held at the London Stock Exchange.
The event brought together investors, policymakers, financiers, and industry leaders to discuss investment, market reforms, and long-term growth in Africa’s cocoa industry.
In his keynote address, former President Kufuor said Africa produces about 70% of the world’s cocoa beans but earns less than 2% of the global chocolate market value.
He described this as a major imbalance that must be corrected through industrialisation, value addition, and stronger investment in the sector.
“Africa produces approximately 70 per cent of the world’s cocoa beans, yet captures less than two per cent of the global chocolate market. This structural imbalance must be urgently addressed through deliberate capital mobilisation, industrialisation, and value addition,” Former President Kufuor stated.
Drawing from Ghana’s experience, he highlighted cocoa sector reforms implemented between 2001 and 2004, which helped increase cocoa production and improve farmers’ incomes.
He also warned that climate change poses a serious threat to cocoa production through rising temperatures, soil degradation, and increased pest outbreaks.
At the forum, the Chief Executive of the International Cocoa Organisation (ICCO), Michel Arrion, also backed calls for the creation of an African Cocoa Exchange.
He argued that Africa must gain more control over cocoa pricing instead of depending on international exchanges in London and New York.
“Africa produces more than 70 per cent of the world’s cocoa, yet remains a price taker, with global prices largely determined in London and New York,” Mr Arrion said.
He added that recent cocoa price volatility has exposed weaknesses in the global cocoa market, including speculative trading and limited protection for producers and traders.
Organisers of the forum described the discussions as productive and encouraging, noting strong interest from investors and stakeholders across the 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,” Mr Onyinah said.
The organisers also announced plans for future ACFIF meetings, including events at the New York Stock Exchange in September 2026, Amsterdam Cocoa Week in February 2027, and special editions in Abidjan and Abuja in 2027 to bring investment discussions closer to cocoa-producing communities.
