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According to some media reports Ivory Coast, the world’s largest producer of Cocoa, is facing bean shortages so much so the west African country may default on its contractual obligation with buyers. Exporters of Cocoa in the country need close to 150,000 tonnes to honour their commitments, which may be far-fetched in the given situation
According to some media reports Ivory Coast, the world’s largest producer of Cocoa, is facing bean shortages so much so the west African country may default on its contractual obligation with buyers. Exporters of Cocoa in the country need close to 150,000 tonnes to honour their commitments, which may be far-fetched in the given situation.
Sources from the upstream industry of cocoa, mostly the chocolate industry, said that the shortage might lead to disruptions in production and a cost push on the final product. It was also reported that the cocoa regulator in the country had recently convened a meeting of the domestic traders and exporting cooperatives to sort out the matter. The Cocoa and Coffee Council discussed various options including pushing back the loading period for the contracts of struggling exporters to June. This would enable exporters to buy beans during the mid-crop harvest.
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https://trendsnafrica.com/ghana-ivory-coast-stayed-away-from-meeting-of-world-cocoa-federation/
https://trendsnafrica.com/ivory-coast-raises-civilian-salaries-amidst-trade-union-protests/
Amongst the reasons pointed out for the shortage of beans is the change in rain patterns due to climate change. There were predictions last November that there could be climatic variations that could affect cocoa production. Cocoa is the mainstay of Ivory Coast, which employs nearly 600,000 farmers, supporting nearly a quarter of the country’s population, According to the Coffee-Cocoa Council, nearly one-quarter of the population in Ivory Coast is dependent on Cocoa for their livelihood. The precious crop accounts for 15% of the nation’s GDP.
