There could be a lack of beans for the top chocolate producer in the world.
According to Reuters, Ivory Coast cocoa exporters urgently needed up to 150,000 tonnes of cocoa to fulfil their commitments and were on the verge of defaulting on their contracts.
Reuters noted a meeting that was held Friday by the Cocoa regulator, citing sources such as the local traders’ association GNI and the organization that represents exporting cooperatives.
The Cocoa and Coffee Council purportedly suggested delaying the loading period for the contracts of struggling exporters until June among other options. in order for them to be able to purchase beans during the mid-crop harvest.
The Anouanze cooperative, which aids farmers in getting their produce to markets, issued a warning in November. claiming that the altered rain patterns caused by the climate catastrophe were affecting their small-scale cocoa producers.
According to the Coffee-Cocoa Council, cocoa farming supports roughly a quarter of the population in Ivory Coast, employing close to 600,000 farmers.
15% of the country’s GDP is derived from the production of cocoa.
