The Cocoa Farmers Alliance Association of Africa (COFAAA) has voiced significant concerns that existing cocoa pricing models are inadequately protecting farmers across the continent. COFAAA Global President, Adeola Adegoke, stated that these systems, intended to stabilize prices, have instead become susceptible to international market fluctuations, leaving farmers exposed to volatility.

This vulnerability was evident even during the 2024 cocoa price surge, which saw international prices peak around $12,000 per metric tonne. Many farmers, particularly in Côte d’Ivoire and Ghana, did not fully realize the benefits of this boom due to the semi-regulated and fully regulated market structures in place.

The recent downturn in cocoa prices has further impacted all African origin countries, diminishing the optimism generated by the 2024 price surge. Adegoke highlighted that despite a continuous rise in global chocolate consumption, African cocoa farmers continue to grapple with low incomes, the risk of child labor, limited access to education, inadequate healthcare, and security threats, including illegal mining. These persistent challenges threaten the long-term viability of the cocoa sector.

To address these critical issues, COFAAA has established the Global Members Assembly and Empowerment Forum. This initiative aims to assess the current situation, formulate a unified continental stance on cocoa pricing, and explore avenues for providing farmers with essential inputs and safety nets.

Adegoke emphasized the stark disparity between Africa's contribution to the global cocoa supply and its share of the market's value. Africa produces 70% of the world's cocoa, with Côte d’Ivoire and Ghana alone contributing 60%. However, the continent captures less than 6% of the $147 billion global chocolate market.

The forum is designed to ensure that African cocoa farmers are not marginalized by global market developments and to foster practical solutions that can mitigate the impact of falling cocoa prices. The initiative will convene representatives from cocoa-producing nations across Africa, focusing on unity, empowerment, and sustainable growth for the continent's vital cocoa sector.