African countries will regulate the global cocoa market
The cocoa summit "From Bean to Brand" ended in Abuja, where Nigeria, Ghana, Côte d'Ivoire and Cameroon signed the Abuja Declaration creating a Cocoa Value Addition Alliance.
From now on, the four countries that produce about two-thirds of the world's cocoa beans will negotiate, set standards, and interact with global markets as one bloc.
According to Nigeria’s Federal Ministry of Industry, Trade and Investment, the members of the new Alliance seek to develop local processing of beans rather than raw exports. For this aim, a new 70,000-ton cocoa processing plant will be commissioned in Nigeria in 2027.
MODERN GHANA
