Just a week ago, the first cargo ship left the port of San Pedro laden with cocoa. The chocolate industry can breathe easier again and things, at least related to cocoa, are returning to normal again. That’s good news for cocoa farmers. When the embargo was put in place, the beans already sold to traders simply ended up at the port. But traders quickly stopped purchasing beans from farmers who had few options but to store them at their farm. More enterprising farmers near the Ghanian border smuggled their crop to Ghana to get paid.
Ivorian Harvest Much Better Than Expected, So Far…
News of the decline of Ivorian cocoa production might be premature. I have reported earlier that a consensus estimate put Ivorian output for the current cocoa year at 1-1.15 million tons, quite a bit below the 1.4 million tons the country had achieved only a few years ago. But that consensus is no longer holding.
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