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Food & Beverage

Ivory Coast Impasse May Not Reduce Supply

January 27, 2011
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Bloomberg reports that a political impasse in Ivory Coast, the producer of about a third of the global cocoa crop, may not last long enough to cause significant chocolate shortages, according to Caobisco, a European trade group for the industry. Alassane Quattara, the internationally recognized winner of the country’s Nov. 28 election, wants cocoa and coffee exporters to halt shipments for a month to starve his rival, Laurent Gbagbo, of funds. Any ban on Ivory Coast exports would take months to have an effect on supply. Cocoa climbed to the highest price in almost a year in New York yesterday after Ouattara ordered a suspension of shipments to cut off funds to incumbent President Gbagbo, who refuses to step down. Brussels-based Caobisco, whose members include Nestle SA and Mars Inc., is in a fact-finding phase to study the calls made to stop exporting cocoa from Ivory Coast.

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