Africa produces most of the world’s cocoa, but much of the wealth generated from chocolate and other downstream industries is captured elsewhere. With an expanded New York programme now scheduled for October 24–27, Fuad Abubakar Mohammed is seeking to connect African cocoa producers and processors with global capital, commercial partners and the lucrative U.S. chocolate market.
By Ajong Mbapndah L
Africa grows most of the cocoa that feeds the global chocolate industry, yet much of the wealth generated after the beans leave the continent is captured elsewhere. For decades, the imbalance has been familiar: Africa produces, exports and carries much of the agricultural risk, while processing, manufacturing, branding and other higher-value activities remain concentrated outside the continent.
Fuad Abubakar Mohammed, Lead Convenor of the Africa Cocoa Finance & Investment Forum (ACFIF), believes that equation must change. The Forum, originally scheduled for September 22 on the sidelines of the United Nations General Assembly, will now take place on October 26 at 48 Wall Street in New York, following consultations with sponsors, partners and key stakeholders.
The adjustment reflects the demanding schedules of senior government officials, regulators, exporters and industry leaders during the cocoa season, as well as longer-than-anticipated U.S. visa processing timelines for some prospective African delegates. Côte d’Ivoire opened its 2026/27 cocoa season on September 1, while Ghana’s season was expected to open around September 18, placing additional demands on industry stakeholders.
Rather than simply shifting the date, Mohammed and his team have expanded the initiative into a three-part programme designed to connect investment with commercial opportunities and market access. The activities will begin with a U.S. Chocolate Market Exposure Programme on October 24–25, including the Pennsylvania Chocolate & Coffee Festival, where African delegates will gain firsthand exposure to American consumer preferences, brands and market trends.
The main Africa Cocoa Finance & Investment Forum will follow on October 26 at 48 Wall Street, bringing together policymakers, investors, financial institutions, development finance institutions and industry leaders for investment discussions and business-to-business meetings. A U.S.–Africa Cocoa Market Access Dialogue on October 27 will connect African exporters and processors with American buyers, chocolate companies, distributors and manufacturers.
The expanded programme reflects an ambition to move beyond discussions about Africa’s cocoa potential and establish practical connections between capital mobilisation, commercial partnerships and access to one of the world’s major chocolate markets.
For Mohammed, the opportunity goes far beyond producing more cocoa. Africa needs patient capital for processing, industrial chocolate manufacturing, commercial farming, irrigation, logistics, agri-tech and other industries capable of keeping more cocoa value, jobs and wealth on the continent. Cosmetics, nutraceuticals, cocoa by-products and climate finance are also emerging as potentially lucrative parts of a much broader cocoa economy.
The timing is critical. Climate pressures, ageing farms, farmer incomes and growing competition from producers outside Africa are challenging the continent’s traditional dominance. Mohammed argues that maintaining that leadership will require investment in productivity and resilience while simultaneously moving African economies further downstream.
In this interview with Pan African Visions, Fuad Abubakar Mohammed explains why ACFIF is taking Africa’s cocoa investment case to Wall Street, where he sees the strongest investment prospects, how global and diaspora capital can be mobilised, and why Africa’s next cocoa chapter must be about capturing far more value from the commodity it has supplied to the world for generations.
What is the Africa Cocoa Finance & Investment Forum, and what gap in Africa’s cocoa industry is it designed to address?
The Africa Cocoa Finance & Investment Forum (ACFIF) is a platform that connects policymakers, regulators, investors, financial institutions, development finance institutions and industry leaders to unlock capital and accelerate transformation across Africa’s cocoa economy.
It is designed to address a critical financing gap. Although Africa dominates global cocoa production and exports, investment remains concentrated in short-term trade finance for raw bean exports. The sector lacks medium- to long-term capital for processing, value addition, industrial manufacturing, irrigation, commercial farms, logistics, agri-tech, sustainability and downstream industries.
What should investors, policymakers and cocoa industry leaders expect from the October 26 forum at 48 Wall Street?
Participants should expect a highly focused investment and partnership forum. The programme will cover national priorities and investment incentives; price-risk management and market participation; capital mobilisation and investment partnerships; and bankable cocoa-sector opportunities requiring capital, technology and strategic collaboration. Most importantly, the discussion will move beyond diagnosing challenges to identifying investable opportunities and practical financing solutions.
Africa produces most of the world’s cocoa, yet captures a relatively small share of the value generated by the global chocolate industry. What needs to change?
Africa must move deliberately into the most profitable segments of the value chain. Cocoa remains one of the continent’s most valuable agricultural exports. In 2024, African cocoa exports were valued at approximately US$18.7 billion—around 16% of Africa’s agricultural export value, 22% of Sub-Saharan Africa’s agricultural exports, more than 60% of agricultural exports in several West African cocoa economies, and about 45% in parts of Central Africa.
Yet the global cocoa trade exceeds US$88 billion, while the broader chocolate industry exceeds US$150 billion. Africa has powered the global chocolate industry for nearly a century. The next chapter must focus on processing, industrial chocolate, cocoa ingredients, cosmetics, nutraceuticals, specialty products and consumer brands rather than predominantly exporting raw beans.
Where do you see the most compelling investment opportunities across Africa’s cocoa value chain today?
The most compelling opportunities include cocoa processing and industrial chocolate manufacturing; commercial cocoa plantations; irrigation infrastructure; agri-tech and precision agriculture; logistics and warehousing; traceability and sustainability systems; cocoa by-products and waste utilisation; biochar production; sustainable aviation fuel feedstocks; cosmetics and personal-care ingredients; cocoa-based nutraceuticals and health products; and carbon- and climate-finance opportunities.Many of these sectors remain significantly underinvested relative to their potential.
Access to finance remains a major challenge for farmers, processors and local cocoa businesses. How can ACFIF help unlock more capital for the sector?
The challenge is often not a lack of liquidity in global markets, but a disconnect between investors and investable opportunities. ACFIF brings investors, commercial banks, development finance institutions, commodity-finance providers, private equity firms and project sponsors into the same room.
Its goal is to shift financing away from an overwhelming focus on short-term export trade finance and toward longer-term investment in processing, infrastructure, industrialisation and productivity enhancement.
What role can African banks, development finance institutions and global investors play in moving the continent from cocoa production toward greater processing and value addition?
Their role is critical. African banks can provide working capital, structured finance and local-currency solutions. Development finance institutions can de-risk projects and provide catalytic capital. Global investors can support processing facilities, industrial manufacturing, irrigation, logistics infrastructure and technology deployment.
Transformation will require patient capital and blended-finance structures that support long-term industrial development.
What makes cocoa a compelling investment opportunity for the African diaspora, and how can diaspora capital be mobilised more effectively?
Cocoa sits at the intersection of agriculture, manufacturing, exports, sustainability and consumer products. For diaspora investors seeking both commercial returns and developmental impact, few sectors offer the same combination of scale and opportunity.
Diaspora capital can be mobilised more effectively through stronger project preparation, greater transparency, investment-ready pipelines and platforms such as ACFIF that connect investors directly with project sponsors and policymakers.
Which African cocoa-producing countries or markets currently offer particularly attractive opportunities for investors?
Ghana, Côte d’Ivoire, Nigeria and Cameroon remain the dominant cocoa markets and continue to offer significant opportunities across processing, sustainability, logistics and value addition.
Investors should also pay close attention to Uganda, Tanzania, Madagascar, the Democratic Republic of the Congo, Guinea, Liberia and Sierra Leone. In many of these countries, cocoa is among the most valuable agricultural exports, yet investment remains far below potential, creating attractive opportunities for first movers.
Climate change, ageing farms, farmer incomes and sustainability requirements are reshaping the cocoa industry. How should Africa respond while remaining competitive?
Africa’s response must centre on productivity, resilience and modernisation. That means rehabilitating ageing farms; deploying improved planting materials and irrigation systems; adopting weather-informed farming and agri-tech; strengthening extension services; raising farmer incomes; and increasing sustainability investment.
Structural production declines in parts of West Africa are already encouraging investment interest in Ecuador, Peru, Brazil, Colombia and even Vietnam. Africa must therefore invest aggressively in productivity and competitiveness to maintain its leadership position.
What concrete deals, partnerships or investment commitments would you like to see emerge from ACFIF New York 2026?
We would like to see new processing and value-addition investments; capital mobilisation for commercial cocoa plantations and irrigation; partnerships in climate-smart agriculture; investment in cocoa by-products and industrial applications; technology and agri-tech partnerships; trade- and commodity-finance initiatives; new public-private partnerships; and greater participation by diaspora and institutional investors. Success will be measured by the partnerships formed and capital flows generated after the Forum.
For global investors looking at Africa’s cocoa sector, what is your strongest case for putting capital into the continent’s cocoa value chain now?
The investment case is compelling. Africa produces the majority of the world’s cocoa and generates approximately US$18.7 billion in exports from a commodity chain supporting global trade flows of about US$88 billion and a broader chocolate market exceeding US$150 billion. Yet value addition remains significantly underdeveloped.
At the same time, supply shortages, sustainability pressures, rising cocoa prices and growing interest in alternatives such as lab-grown chocolate are forcing the industry to rethink future supply models.
For global investors, this creates a rare opportunity to invest in processing, industrial chocolate, logistics, sustainability, agri-tech, nutraceuticals, cosmetics and next-generation cocoa applications.
*Culled from September Edition of PAV Magazine . The original interview was tweaked to reflect changes in dates. For more information , contact fuad.mohammed@cocoamarketing.com
