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Chocolate's Dark Secret: Wealthy Companies, Impoverished Farmers
Chocolate's Dark Secret: Wealthy Companies, Impoverished Farmers
Sputnik Africa
The global chocolate industry generates billions a year, relying heavily on Africa, which produces 70% of the world's cocoa beans. However, Africa captures... 12.07.2024, Sputnik Africa
2024-07-12T20:01+0200
2024-07-12T20:01+0200
2024-07-15T12:25+0200
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Chocolate's Dark Secret: Wealthy Companies, Impoverished Farmers
Sputnik Africa
The global chocolate industry generates billions yearly, relying heavily on Africa, which produces 70% of the world's cocoa beans. However, Africa captures only a tiny share of the market, dominated by Western chocolatiers that benefit from price volatility and arbitrage, undermining the livelihoods of African cocoa farmers.
Cocoa exports are a major foreign exchange source for Côte d'Ivoire and Ghana, the top cocoa producers. However, farmers in these countries are at the mercy of "chocolate companies making billion-dollar profit," Issifu Issaka, Cocoa Farmer, founder and president of the Sefwi Bekwai Cocoa Farmers Association in Ghana’s Western North Region, discloses to Sputnik Africa.The episode also featured valuable insights from:Fuad Mohammed Abubakar, Head of Ghana Cocoa Marketing Company, UK. He discussed the global cocoa market, drawing attention to the effects of high cocoa prices on chocolate production and the vital need for sustainable and fair practices for farmers.To find out what else our guests had to say, tune in to the African Currents podcast, brought to you by Sputnik Africa.In addition to the website, you can also catch our episodes on Telegram.► You can also listen to our podcast on Apple Podcasts, Spotify, Deezer, Pocket Casts, Afripods, Podcast Addict.► Check out all the episodes of African Currents.
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Chocolate's Dark Secret: Wealthy Companies, Impoverished Farmers
20:01 12.07.2024 (Updated: 12:25 15.07.2024) The global chocolate industry generates billions a year, relying heavily on Africa, which produces 70% of the world's cocoa beans. However, Africa captures only a tiny share of the market, dominated by Western chocolatiers that benefit from price volatility and arbitrage, undermining the livelihoods of African cocoa farmers.
Cocoa exports are a major foreign exchange source for Côte d'Ivoire and Ghana, the top cocoa producers. However, farmers in these countries are at the mercy of "chocolate companies making billion-dollar profit," Issifu Issaka, Cocoa Farmer, founder and president of the Sefwi Bekwai Cocoa Farmers Association in Ghana’s Western North Region, discloses to Sputnik Africa.
"The cocoa value chain is giving out $170 to $180 billion revenue gains. And out of this, just 6 percent goes to production; 93 percent finds itself into the processing and chocolate manufacturing and retailers. So 93 percent goes to these manufacturers. Prices of chocolate are going high. And still these companies will continue to make their profit and will leave the farmer in poverty," Issaka notes.
The episode also featured valuable insights from:
Fuad Mohammed Abubakar, Head of Ghana Cocoa Marketing Company, UK. He discussed the global cocoa market, drawing attention to the effects of high cocoa prices on chocolate production and the vital need for sustainable and fair practices for farmers.
To find out what else our guests had to say, tune in to the African Currents podcast, brought to you by Sputnik Africa.
In addition to the website, you can also catch our episodes on
Telegram.► Check out all the episodes of African Currents. 
