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Ivory Coast: Brown gold in difficulty

12/02/2021
Categories: Raw materials

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The cocoa economy of Côte d'Ivoire has been at an impasse for several months. Brown gold, which represents nearly 15% of the country's GDP, is seeing its figures plummet.

The slump in the cocoa sector is growing and the situation is likely to get worse if nothing is done. Cocoa alone represents nearly 12 to 15% of the country's tax revenue. Côte d'Ivoire, the world's leading producer, will continue to see derisory gains (5 to 7%) on the international market.
The American Hershey recently bought more than 250,000 tons of beans on the International Exchange Futures (ICE) of the New York Stock Exchange. These large buyers of most of the production are still reluctant to respect the Decent Income Differential (Drd).
According to a World Bank report, 54.9% of Ivorian cocoa farmers and their families live below the poverty line, despite efforts by the Ivorian government to guarantee an acceptable price. “Chocolate consumers are in confinement. Chocolate production factories are no longer running at full capacity. As a result, they are not able to evacuate their stocks. Everything is blocked in Europe, the United States and Asia,” said the president of the Association of Producers and Professional Agricultural Organizations of Côte d'Ivoire (Apropaci), Obed Blondé Doua.

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