Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Ivory Coast to Implement Cocoa Reforms Before End of Year

Nov. 8 (Bloomberg) -- Ivory Coast, the world’s biggest cocoa producer, will implement reforms including a plan to change how farmers are paid for the chocolate ingredient, before the end of the year, said Finance Minister Charles Koffi Diby.

The industry reforms will allow Ivory Coast to reach the so-called completion point in the International Monetary Fund and World Bank’s Heavily Indebted Poor Countries’ debt-relief program, Diby told reporters today in Abidjan, the commercial capital.

Ivory Coast’s government approved the changes Nov. 2 in an attempt to give the West African nation more control over the world market. Farmers will be given a guaranteed minimum price for their beans, equal to as much as 60 percent of international prices, said government spokesman Bruno Kone.

The Washington-based IMF, which made reforming the cocoa industry one of the stipulations to attaining debt relief, is “studying” the planned changes, said Wayne Camard, the fund’s representative.

“In this reform, there’s nothing prejudicial for the cocoa producers,” he said. Ivory Coast qualified for $3 billion in debt relief under the IMF’s program in March 2009, according to the lender’s website.

To contact the reporters on this story: Baudelaire Mieu in Abidjan via Accra at bmieu@bloomberg.net; Olivier Monnier in Abidjan via Accra at omonnier@bloomberg.net

To contact the editor responsible for this story: Emily Bowers at ebowers1@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.