Ivory Coast Creditors of SAF-Cacao Praise Clean-up by Buyer SACC

Ivorian banks saddled with unpaid debts of around $250 million by the bankruptcy of former top exporter SAF-Cacao are pleased with progress after the acquisition of its assets by Societe Agricole du Cafe-Cacao (SACC), sources at the banks said, Reuters reported. SAF-Cacao, formerly the largest cocoa exporter in southwestern Ivory Coast, was liquidated in mid-2018 after defaulting on debt in the wake of a disastrous 2016/17 season, when world cocoa prices fell 40%. At the time SAF-Cacao owed around 150 billion CFA francs ($253 million) to a dozen banks, which have been closely monitoring Ivorian firm SACC since it acquired SAF-Cacao’s assets in early January. Read more