Small Ivorian Cocoa Exporters Seek Relief on Commitments

More small cocoa exporters in Ivory Coast were unable to fulfill their international contracts at the end of last year, and sources at the country’s cocoa board told Reuters that this group asked to postpone 70 percent of October-to-December commitments due to a lack of financing, Reuters reported. Each year, the cocoa board of top grower Ivory Coast (CCC) sells forward most of its expected harvest, a portion of which is allocated to small exporters. In October through December, small exporters were allocated contracts amounting to 180,000 tonnes of cocoa. That means those exporters have to buy that amount for sales to other countries. But small exporters increasingly lack the cash necessary to buy cocoa, sources at the CCC said, as local banks are reluctant to lend to them following the July collapse of SAF-Cacao, the country’s biggest exporter. Read more