According to a report by the News agency Reuters, Ivory Coast cocoa exporters were close to defaulting on their contracts and urgently needed up to 150,000 tons to honour their commitments.
Citing sources including from the domestic traders’ lobby GNI and the group which represents exporting cooperatives, Reuters mentioned a meeting that was hosted on Friday, 10 February 2023 by the Cocoa regulator.
The Cocoa and Coffee Council purportedly suggested, among other things, delaying the loading time until June for the contracts of struggling exporters. so that they may purchase beans during the mid-crop harvest.
The Anouanze cooperative, which aids farmers in getting their produce to markets, issued a warning in November claiming that the altered rain patterns caused by the climate catastrophe were affecting their small-scale cocoa producers.
According to the Coffee-Cocoa Council, cocoa farming supports roughly a quarter of the population in Ivory Coast, employing close to 600,000 farmers.Cocoa production accounts for 15% of the nation’s GDP.
Cocoa production accounts for 15% of the nation’s GDP.
Ref: africanews
