Ivory Coast's Cashew Processors Driven into Bankruptcy by Asian Competition

Ivory Coast cashew processors are being driven towards bankruptcy by Asian exporters who buy up all the local supply, thwarting a government plan to invigorate the sector, Reuters reported. Five Ivorian processing companies have gone bankrupt and closed their factories in the last two years, while four others are in difficulty and have considerably reduced their activities, according to interviews with company leaders. Ivorian cashew processors have previously said they needed more government support and protection from competition coming from deeper-pocketed Asian buyers, who pay higher prices to control the supply of raw cashew nuts. Ivory Coast, the world's top cocoa producer, produces about 1 million tonnes of cashews a year and aims to process half of that locally by 2025. Currently, only about 100,000 tonnes of cashews are processed within the country annually, and less than 25,000 tonnes by Ivorian-owned firms. Read more.