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Ivory Coast to boost local firms’ share in cocoa exports

Ivory Coast to boost local firms’ share in cocoa exports

ANGE ABOA IVORY Coast will soon require 20% of cocoa purchases by multinational companies to be fulfilled by local firms in order to reduce foreign influence on the world's largest cocoa-exporting economy, four sources have told Reuters. President Alassane Ouattara is today expected to sign an order to enforce a 2012 law under which Ivorian cocoa exporters are meant to handle at least 20% of national cocoa output. The policy has gone largely unenforced until now. Every year the six major international players have used their greater financial muscle to buy and export all of the cocoa available, while local…
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Ivory Coast cocoa exporters curb exposure and inventories amid glut

Ivory Coast cocoa exporters curb exposure and inventories amid glut

ANGE ABOA COCAO exporters in the world’s top grower Ivory Coast are switching to cheaper contracts for later delivery and buying less to cut inventories amid a glut, blaming a scheme to charge a $400-per-tonne cocoa premium to curb farmer poverty. Exporters said that the introduction this season of the Living Income Differential (LID) premium - paid by exporters to the government to support farmers - together with a bumper crop while global demand is falling, had left them with tonnes of unsold stocks and forced them to limit risks. “You have to adapt or lose a lot of money…
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