Ghana, other African cocoa producers to establish Cocoa Exchange for pricing of the commodity

Ghana is leading the agenda for African Cocoa Producers to establish a Cocoa Exchange on the African continent.

The Cocoa Exchange will help the continent to have some control over the pricing of the commodity.

It will function as an international marketing platform for financing and trading cocoa proceeds.

Presently, there are only two international markets – New York and London – which makes it difficult for cocoa farmers in Africa to bargain for better pricing.

Speaking after opening the stakeholders’ workshop on the feasibility studies for the African Cocoa Exchange, the Chief Executive of Ghana Cocoa Board, Joseph Boahen Aidoo, said the move is the best way for Africa to control pricing,

He added that this will give some confidence to producers over the pricing of cocoa in the world market since Africa is the largest producer.

“This is an International platform that the International Cocoa and Coffee Organisation (ICCO) is building that will allow us to also have more people go onto the market to reset prices.”

”If you have, let’s say, Accra or Lagos or Abuja market, definitely we can have some say in the markets and that can be a good step for us to begin determining to price,” he pointed out.

The Minister of Food and Agriculture, Bryan Acheampong, lauded the initiative and indicated the government’s support.

He, therefore, described the establishment of the exchange as a new dawn in Africa’s cocoa industry.

“This is the beginning of a new chapter in Africa’s cocoa-producing history. We have the opportunity to change the course and revolutionaries the cocoa supply chain for delivery of greater value for all actors” he noted.

All things being equal, the African Cocoa Exchange will be established this year with Ghana making a move to host the platform.