Ivory Coast, Ghana, Nigeria, and Cameroon announce suspension of cocoa exports to promote the development of the local processing industry.
The four Central and West African countries, whose combined production accounts for two-thirds of the world’s output, intend to unite within an alliance to further enhance their production. Cameroon, Ivory Coast, Ghana, and Nigeria plan to end exports of raw cocoa beans. They are establishing the Cocoa Value Alliance initiative, which will be formalized this week by a declaration in Abuja. This will take place during the Cocoa Valorization Summit, said Nigerian Industry Minister John Owan Enoh.
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Among the reasons for launching this initiative are the transformation of the cocoa industry, increasing farmers’ incomes, job creation, and raising planters’ revenues.
The initiative comes as cocoa produced in these countries is exported to other countries where it is processed and then sent back to the market for sale. This approach, combined with environmental requirements imposed by European countries on importers, causes price fluctuations to the detriment of producers and farmers. The alliance will allow the four countries to negotiate standards, set prices, and engage with global markets as a unified bloc, explained the Nigerian minister.
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The announced agreement will pool states, producers, and donors to monitor progress in local processing and farmers’ incomes. It will also address the European regulation on deforestation jointly to protect smallholders from compliance costs, reported Sputnik, a news agency established by the Russian government.
