Ivory Coast's Cocoa Industry on Brink of Collapse as Government Launches Buyback Scheme
In a desperate bid to stave off a social crisis, the Ivory Coast government has launched a buyback scheme for cocoa beans, which have been piling up in cooperatives across the country. The move comes as exporters refuse to purchase beans due to plummeting global prices, leaving thousands of farmers struggling to make ends meet.Cocoa Stocks Pile Up Amid Logistics and Liquidity Crisis
The Coffee and Cocoa Council has launched its initiative to buy beans from producers, who are facing a perfect storm of problems. The logistics issue at the ports, where ships are not arriving on time to collect production, is compounded by a liquidity problem that has led to payment issues throughout the commercialization chain. This has resulted in a slowdown in sales, leaving farmers with no one to sell their produce to.
Exporters Refuse to Purchase Beans Amid Global Price Drop
The global cocoa market is experiencing a downturn, and exporters are hesitant to purchase beans at the current prices. This has left farmers in a precarious position, as they rely on cocoa as their primary source of income. The government's buyback scheme aims to alleviate this crisis by providing a safety net for producers.
Government's Buyback Scheme: A Lifeline for Cocoa Farmers
The initiative is seen as a lifeline for thousands of cocoa farmers who are struggling to make ends meet. Yves Brahima Koné, director general of the Coffee and Cocoa Council, emphasized that the government's primary concern is the welfare of its citizens. By launching this buyback scheme, the government aims to prevent a social crisis and ensure that producers receive fair compensation for their hard work.
The Ivory Coast government's decision to launch a buyback scheme for cocoa beans is a welcome relief for thousands of farmers who are on the brink of collapse. As the global cocoa market continues to fluctuate, it remains to be seen whether this initiative will provide a sustainable solution to the crisis. One thing is certain, however: the welfare of these hardworking producers must remain at the forefront of any decision-making process.
