Africa is gradually reclaiming its rightful place in the vibrant cocoa industry, where it once thrived with pride, grace, and grandeur. This industry played a pivotal role in the development of many African nations, particularly those in West Africa.
Cocoa was introduced to Africa in 1822, brought from Brazil to the island of São Tomé. Following successful cultivation, it spread to nearby areas, including Fernand Po, now known as Bioko.
In the 20th century, Africa flourished in cocoa production as plantations expanded significantly. The cocoa industry grew, especially in West Africa, establishing the continent as a leading producer by the late century. However, challenges such as low yields due to ageing plantations and poor farming practices hampered growth at times.
These challenges nearly caused Africa to miss out on the lucrative chocolate industry. According to Grand View Research, the global chocolate market was valued at around USD 119.39 billion in 2023 and is expected to grow at a rate of 4.1% from 2024 to 2030, reaching an impressive USD 156.7 billion by 2030.
It is encouraging to witness Côte d’Ivoire’s success in the cocoa market. S&P Global reports that the country’s economy has been upgraded to BB, a result of steady reforms aimed at stabilising its economy. This improvement aligns with Côte d’Ivoire’s dedication to its principal crop, cocoa, which has maintained strong prices due to high demand.
S&P Global Inc. (SPGI), a financial intelligence provider, offers credit ratings that classify markets as investment grade (AAA to BBB-) or speculative (BB+ to D). Côte d’Ivoire, the world’s largest producer of cocoa—the main ingredient in chocolate—produced 2.2 million tonnes in 2022, accounting for one-third of global production. Despite fluctuating prices and rising demand, the country remains a powerhouse. According to Bloomberg, Côte d’Ivoire is expected to increase cocoa production by 10% in 2024–2025.
Africa’s role in the global chocolate industry is set to expand as worldwide demand for chocolate continues to rise. The continent, led by nations like Côte d’Ivoire, is well-positioned to reclaim its status as a cocoa giant. By promoting fair trade, improving agricultural techniques, and investing in sustainable practices, Africa can enhance the lives of millions and make a substantial contribution to the global chocolate industry.
