Business News of Monday, 16 September 2024
Source: www.france24.com
Ivory Coast, the world's leading cocoa producer, is grappling with significant issues including illegal cocoa smuggling, deforestation, and traceability problems.
Farmers, dissatisfied with state-set prices, sell cocoa to traffickers who resell it in neighboring Guinea and Liberia for higher profits, leading to a €400 million loss for the Ivorian government.
Cocoa farming also drives massive deforestation, with 90% of forests lost in 60 years.
The EU plans to ban imports of untraceable cocoa by year-end, pushing farmers into Liberia where unchecked cocoa farming threatens 250,000 hectares of virgin forest.
This exacerbates traceability challenges as deforested cocoa beans are sold back to Ivory Coast.