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Ivory Coast Coffee and Cocoa Council Begins New Reforms
Posted On 06 Jul 2020
By Richard Adorsu-
Cocoa Farmer in Ivory Coast
Photo Credit: Nasdaq
NEW AFRICA BUSINESS NEWS (NABN) Accra, Ghana- Ivory Coast’s Coffee and Cocoa Council (CCC) is introducing reforms aimed at boosting domestic exporters, by reducing fees they pay when acquiring beans, CCC and industry sources said.
The new measures also limit stockpiling of beans by multinational traders that domestic exporters say drive up prices and prevent them from fulfilling export contracts.
The new reforms are recommended in an audit ordered by the CCC. The audit found domestic exporters have been paying certain fees to the CCC, including for storage and security, both when purchasing excess beans from multinationals and when exporting.
The double payment, which added 40.6 CFA francs ($0.0711) per kilo to export costs, was due to an error in the CCC’s system for calculating fees, the audit said.
The audit also recommended that the CCC reduce the amount of beans that exporters can stockpile to 2% more than the volumes they have export contracts for, rather than the current 10%. The measure could make additional beans available to domestic exporters
In addition, the audit recommended that cooperatives be required to sell their cocoa stocks within 21 days in order to curb price speculation.
Two sources at the CCC and four industry sources said the CCC had already started to implement some of the reforms and planned to have them all in place by the start of the 2020/21 growing season in October.
One domestic exporter said the moves were a welcome step to redress some of the imbalances with larger traders.
The CCC and GEPEX, which represents the multinational companies, did not immediately respond to requests for comment. One source from a multinational company said the decision to limit traders’ stocks would “slow us down, but it is a decision we respect’.
For New Africa Business News Richard Adorsu Reports, Africa Correspondent
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Thank you for reporting. Coffee and Cocoa investments in Ivory Coast is good for our Continent. Fred. Luanda Angola.
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Beautiful job government of Ivory Coast. Yes can be done. Khartoum in Sudan. Ahmed
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Our central government is doing all to help our Farmers in growing best Cocoa. Thank you for report on this important issue. Daouda, Cote d’ivoire!
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We have the best cocoa in whole world. Is time for Africa after growing all these great cocoa beans and continue growing all these great cocoa is time to produce the finish products. Instead of selling it cheap to them. Bongani in PRETORIA SOUTH AFRICA.
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totally agree time for us in the continent to the finishing job. YES THE CHOCOLATE. Adilah, Namibia Windhoek!
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Thank you for all your reporting. Regular reader. Great reporting. Dola Lagos Nigeria.
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