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To mitigate the negative impacts of price volatility in the cocoa sector, several key steps are necessary:
1. Diversify livelihood sources to reduce dependency on cocoa and ensure food security and nutrition[4].
2. Utilize cocoa as a primary value chain to help lift people out of poverty while preserving forests and engaging in reforestation efforts[4].
3. Implement price risk management strategies and enhance the capacity of cocoa farmers and traders to use them, as demonstrated by a project in Cameroon, Nigeria, Sierra Leone and Togo[1].
4. Create an enabling environment that fosters business growth and allows the private sector to thrive in the agricultural sector[4].
By taking these measures, African countries can better manage the challenges posed by cocoa price fluctuations and unlock the full potential of their agricultural resources.
Citations:
[1] https://www.common-fund.org/completed-project-capacity-building-price-risk-management-strategy-cocoa-smallholder-farmers-africa
[2] https://www.sustainabilitybynumbers.com/p/cocoa-prices
[3] https://www.thesmartcube.com/resources/blog/cocoa-crunch-surge-cocoa-prices-business-impact/
[4] https://forestsnews.cifor.org/88251/as-cocoa-prices-soar-why-are-the-benefits-so-unbalanced
[5] https://foodindustryexecutive.com/2024/06/crunch-time-for-cocoa-the-recent-surge-in-cocoa-prices-and-what-it-means-for-businesses/
[6] https://www.icco.org/capacity-building-on-price-risk-management-strategy-for-cocoa-smallholder-farmers-in-africa-2/
[7] https://www.cnbcafrica.com/2024/cocoa-prices-are-soaring-to-record-levels-what-it-means-for-consumers-and-why-the-worst-is-still-yet-to-come/
[8] https://www.foodsecurityportal.org/tools/COVID-19-food-trade-policy-tracker
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