Cote d’Ivoire’s cocoa regulator expects exporters to honour contracts
The CCC said it was responding to international media reports, including ConfectioneryNews, that cocoa exporters in the world’s top producing country were close to defaulting on their contracts due to a lack of beans from the October-to-March main harvest.
Exporters informed the CCC that arrivals at its main ports stood at 34,000 tonnes for the week to 12 February, versus 66,000 tonnes during the same period last season.
Reasons for the shortage have been caused by climate change, swollen root virus (a disease that affects cocoa pods in West Africa), dock worker strikes at the main Ivorian port of San Pedro last year - and a shortage of fertilizer due to the ongoing war in Ukraine.
The regulator told local media outlets that although some domestic exporters were behind on purchases and at risk of default due to bean shortages, current rainfall levels should reverse the trend by the month-end.
“The CCC wishes to reassure and inform all stakeholders in the cocoa value chain of the cocoa sector that everything is being done to facilitate the supply of beans,” it said in a statement.
It added that measures would be taken to limit extra purchases and stock-building while other exporters struggle to meet their requirements.
According to financialpost.com, rainfall was below-average in most of Cote d’Ivoire’s cocoa-growing regions last week. Several farmers said more downpours would be needed before the end of this month or early March to help the upcoming mid-crop reach its maximum potential.