“Industry and producers need to come together and say that cocoa needs to be de-commoditized. Minimum pricing for physical cocoa should be nothing less than $4,000 to $5,000. […] The fundamental thing is the economic sustainability of the farmer,”
Fuad Abubakar Mohammed told
As for another way to improve cocoa farmers’ economic condition, another Sputnik Africa’s interlocutor – a cocoa farmer, networking coordinator for Cocoa Farmers Cooperative Association of Ghana, Issifu Issaka, welcomed the Cote d’Ivoire-Ghana cocoa initiative.
In 2018, the presidents of the two countries, which jointly about 60% of global cocoa production, established a cocoa cartel to raise cocoa prices with a view to help increase payments to farmers.
It is also planned to create Africa regional standards, Africa commodity exchange, which will allow to determine the price of cocoa within the continent’s market “not at the New York exchange or the London exchange where cocoa is not produced but they have the powers to determine the price of cocoa,” Issaka added.
In addition, he noted that climate change has a major negative impact on cocoa farming, therefore “farmers should receive climate change adaptation practices.”