Bloomberg News

Ivory Coast Plans to Impose a Cocoa-Purchase Limit on Exporters

October 17, 2011

Oct. 17 (Bloomberg) -- Ivory Coast, the world’s biggest cocoa producer, plans to impose a purchase limit on exporters as part of industry reforms designed to boost output, according to a draft government plan.

“To avoid any dominant market position abuses a purchase limit will be imposed on authorized exporters,” a group set up by the agriculture ministry said in the plan, which was obtained by Bloomberg. The plan didn’t give further details and is yet to be publicly released. No one answered calls made to the Abidjan- based ministry today.

The West African nation’s reforms also plan to set up a pre-selling system with 70 percent to 80 percent of the annual output sold before the start of each season, the document showed. As much as 70 percent of the sales will be undertaken by exporters and the remainder by a state-controlled industry manager that will be established, according to the document.

--Editors: Emily Bowers, Antony Sguazzin.

To contact the reporter on this story: Olivier Monnier in Abidjan via Accra at ebowers1@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net.


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