Ivorian cocoa industry leaders have met European officials to demand recognition of their traceability system and an increase in the subsidy for sustainable cocoa. If it's not granted, they are threatening to continue blocking forward sales.
Faced with a tax adjustment of over CFA Francs 100bn, the US group, the largest exporter of Ivorian cocoa beans, is trying to negotiate with the Ivorian authorities through the US Chamber of Commerce in Ivory Coast.
Local cocoa exporters are experiencing significant supply issues and may not manage to honour the contracts that expire when the main 2022-2023 harvest ends this month. Citing lack of action from the cocoa regulatory board, they are asking the president to step in.
Loïc Folloroux, the son of Ivory Coast first lady Dominique Ouattara and owner of Africa Sourcing, has been an effective advocate and a major beneficiary of regulations favouring local players in the country's vital cocoa trade.
After the recent liquidation of GNI, Loix Folloroux, Dominique Ouattara’s son, has established a new entity designed to capture a percentage of Ivory Coast’s cocoa wealth.