Time Has Come For Africa To Produce Its Own Chocolate - Adesina
The world’s chocolate industry is estimated to be worth about $100 billion.
75% of the main ingredient for making chocolate – cocoa – comes from Africa.
Yet, Africa produces little or no chocolate and therefore accounts for less than 5% of the $100 billion industry.
Now, the African Development Bank, AfDB wants this to stop.
AfDB said there is huge opportunity for Africa, the largest producer of cocoa in the world, to rake in economic value that the global market offers.
“Africa has been unable to extract a larger share of the global chocolate market value because it exports just raw cocoa beans.
“Africa is stuck at the bottom of the cocoa value chain, dominated, instead of dominating, despite being the leading producer!” lamented Akinwumi Adesina, President of the African Development Bank.
According to Adesina, “African farmers sweat, while other eat sweets.”
He noted that while the price of cocoa has hit an all-time low, profits of global manufacturers of chocolate have hit an all-time high.
The bank is therefore leading a call to action on Africa’s agro-industrialisation, which is key to transforming the cocoa value chain.
“Africa must not be locked at the bottom…it must rapidly add value to what it leads the world in producing”, Adesina said.
“It is time for Africa to move to the top of the global food value chains, through agro-industrialization and adding value to all of what it produce,” he added.
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