Ivory Coast Says Cocoa Piling Up at Ports Due to Late Rainsby
Ivory Coast’s cocoa regulator said late rains and inadequate port equipment are responsible for the piling up of cocoa at the West African nation’s harbors.
Authorities have approved administrative and fiscal measures to accelerate the boarding of bags while large vessels are currently loading cocoa at the country’s second-biggest port in San Pedro, the industry regulator known as Le Conseil du Cafe-Cacao, or CCC, said in a statement on its website on Monday.
The world’s biggest cocoa producer has experienced shipment backlogs since December after some smaller exporters stopped purchasing and their larger peers started to run out of space, leaving an estimated 125,000 tons of beans without a buyer, people familiar with the matter said last month.
Reports that the regulator experienced financial difficulties were “lies” while the farmgate price of 1,100 CFA franc ($1.79) per kilogram will be respected, the CCC said in its statement.