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Ivory Coast, Ghana cancel cocoa sustainability schemes run by Hershey

Ivory Coast, Ghana cancel cocoa sustainability schemes run by Hershey

ANGE ABOA and MAYTAAL ANGEL IVORY Coast and Ghana are cancelling all cocoa sustainability schemes that U.S.-based Hershey runs in their countries, accusing the chocolate maker of trying to avoid paying a cocoa premium aimed at combating farmer poverty. In a letter addressed to Hershey and seen by Reuters, the Ivorian and Ghanaian cocoa regulators accuse Hershey of sourcing unusually large volumes of physical cocoa on the ICE futures exchange in order to avoid the premium, known as a living income differential (LID). The letter, which also accuses Fuji Oil Holdings' Blommer subsidiary of aiding Hershey, was verified as authentic…
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