GHANA IS COMMITTED TO THE AFRICAN COCOA EXCHANGE – BRYAN ACHEAMPONG

Date: 03rd July 2023

The Minister of Food and Agriculture, Hon Bryan Acheampong says Ghana would provide every necessary support for the proposed commodities exchange for Cocoa trade in Africa. According to him, the initiative is a critical element for modernising the cocoa production value chain to create value towards the eradication of poverty among cocoa farmers and industry stakeholders.

The minister was speaking at the opening of a two-day workshop on a Feasibility Study on African Cocoa Exchange (AfCX), organised by the International Cocoa Organisation (ICCO) with support from the Cote Dívoire- Ghana Cocoa Initiative in Accra.

Over the two days, a team of experts from Ghana, the Ivory Coast, Nigeria and Cameroon will discuss and evaluate the report from phase 1 of a feasibility study of an African Cocoa Commodities market, the outcome of which is expected to be the blueprint for the AfCX. Once established, the AfCX will provide a single platform for buying and selling cocoa in Africa.

According to Mr. Acheampong an African Cocoa Exchange ties into the government’s agenda to ensure a decent living income for cocoa farmers and made a strong case for the establishment of its office in Ghana, saying policies and infrastructure make the country the preferred destination for its operation in Africa.

Highlighting some of the interventions by the Ghana government, Mr. Bryan Acheampong said some of the key priorities for the sector have been to tackle farmer poverty and protect the environment.

“We are leaving no stone unturned in the pursuit of a modernised agriculture sector – one that provides optimal benefits to farmers, sustains profitable and integrated value chains, as well as promotes environmental resilience and social inclusion.”

The Chief Executive of Ghana Cocoa Board, Hon. Joseph Boahen Aidoo underscored some of the expected outcomes from the workshop to enhance the African Cocoa Exchange agenda. “A viable African Cocoa Exchange must address the key issues of prices, quality control, fair trade and sustainability; promote exports, agro-industrialisation, market access for both beans and processed products, and access to finance for the cocoa sector.”

Hon Boahen Aidoo reminded the stakeholders that in the design of the three key components of a commodity exchange; spots, derivatives and trade finance, the guiding principle must take into consideration, the peculiar case of Africa regarding production and consumption levels.

This is against the backdrop of Africa consuming barely 10% of the world’s processed cocoa while being responsible for the production of about 75% of global cocoa beans.  production.

Executive Director of ICCO, Michel Arrion said ICCO is committed to ensuring decent income for farmers, hence the decision to establish an African Cocoa Exchange.

He affirmed the ICCO’s belief that an African Cocoa Exchange will revolutionise the dynamics of the cocoa trade, leading to the achievement of better pricing for farmers.