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ABIDJAN, April 30 (Reuters) – Ivory Coast’s cocoa output within the 2020/21 season is predicted to rise barely to about 2.225 million tonnes from 2.2 million tonnes the earlier season, the pinnacle of the cocoa sector regulator mentioned on Friday.
“For this season, the harvest is forecast at 2.225 million tonnes,” Yves Brahima Kone, the pinnacle of the Espresso and Cocoa Council (CCC), advised a information convention in Abidjan.
The regulator was assembly Ivory Coast cocoa exporters over talks to reimburse premium prices which have hit exporters.
The world’s two high cocoa producers Ivory Coast and Ghana launched a $400 per tonne premium this season, referred to as a residing revenue differential (LID), to extend farmers’ wages.
However the measure hit exporters arduous and, coupled with a further premium on Ivorian origin cocoa, it drove up costs for Ivorian cocoa simply because the pandemic dented world demand.
Exporters have been asking for 13 CFA francs ($0.0242) per kg as a reimbursement however the CCC mentioned it was unable to pay that a lot this season.
“Sure, the exporters are claiming 13 FCFA per kg however we will solely pay 5 FCFA,” Kone mentioned, including that the CCC would work with exporters to offer the remainder of the cost subsequent cocoa season.
($1 = 538.2500 CFA francs)
(Reporting by Ange Aboa; Writing by Bate Felix; Enhancing by David Clarke)
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