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Ivory Coast Seizes 100 Tons of Cocoa at the Border With Guinea
  + stars: | 2024-02-16 | by ( Feb. | At A.M. | ) www.usnews.com   time to read: +2 min
That compares with 1,000 CFA francs a kilogram in Ivory Coast, where the price is fixed and guaranteed throughout the year. Global cocoa prices have hit record highs in recent months amid worries about a bean deficit this season and with concerns growing for the next. Ivory Coast and neighbouring Ghana, the world's second biggest producer, have said smuggling hampers their effort to meet their yearly production target. "This year, despite the high price in both countries compared to Ivory Coast, there is less leakage... People are really finding it hard to get cocoa out of Ivory Coast," said Abel Gbale, a cocoa buyer in Danane, the country's last major town before the borders with Liberia and Guinea. Amadou Konate, a cocoa buyer based in Man, the main city in western Ivory Coast, said cocoa producers earn nothing from smuggling and the middlemen pocket all the money.
Persons: Ivory Coast's, Yves Brahima Kone, Kone, Abel Gbale, Amadou Konate, Ange Aboa, Anait Miridzhanian, Bate Felix, Frances Kerry Organizations: Ivory, Cocoa Council, CFA, Reuters Locations: ABIDJAN, Guinea, West African, Liberia, Ivory Coast's, Ivory Coast, Sipilou, Ghana, Danane
SummaryCompanies Torrential rains hit Ivory Coast cocoa farmsIvory Coast CCC cocoa regulator says output could declineBlack pod fungal disease spreading in farmsABOISSO, Ivory Coast, July 13 (Reuters) - Ivory Coast has stopped selling contracts for cocoa exports for the 2023-2024 season after heavy rains battered and flooded farms in the world's top cocoa-producing nation in recent weeks, the head of the country's cocoa sector regulator told Reuters. Ivory Coast is in the middle of its April to November rainy season. But Ivory Coast and other major cocoa producers Ghana, Nigeria and Cameroon that account for around 70% of global production, have witnessed heavy tropical downpours in recent weeks. On May 15, tropical rains fell continuously for eight hours with unprecedented intensity in the Aboisso region in southeastern Ivory Coast, farmers and residents told Reuters. Farmers, cocoa pod counters, and cocoa exporters based in Ivory Coast, also told Reuters that they expected a significant decline in output during the first part of the main harvest.
Persons: Yves Brahima Kone, Barry Callebaut, Kone, Jean Paul Kadjo, Soubre, Kouman Kouadio, Kouadio, CCC's Kone, Ange Aboa, Bate Felix, Elaine Hardcastle Organizations: Ivory Coast, Reuters, United Nations, Cocoa Council, Cargill, Hershey, Nestle, Plantations, Thomson Locations: Ivory, ABOISSO, Ivory Coast, United, Ghana, Nigeria, Cameroon, Aboisso, Farmers, Akressi, San Pedro, Tai
Nestle (NESN.S) and Hershey (HSY.N) said they paid the LID premium. But when the COVID pandemic cratered demand, global cocoa prices plunged before they built up a cushion. Ivory Coast and Ghana say companies should pay both premiums. Industry data from the International Cocoa Organisation (ICCO) shows cocoa output in Ivory Coast rose to record levels in the 2020/21 season. Of the roughly 2 million tonnes of cocoa Ivory Coast produces each year, between 20-30% is grown illegally in protected forests by an estimated 1.3 million people, many of them children.
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