It is done. Côte d’Ivoire announced yesterday by its president, Alassane Ouattara, that its cocoa production had crossed the 2 million tonne mark. This bar, which was targeted by the country several years ago, reinforces the undemocratic dominance of the Eburnian nation over the world production of brown gold.

However, it intervenes at an inappropriate moment. Indeed, cocoa prices had fallen because of the forecast of the surplus of the raw material announced by various players in the sector. If they have recently started a fragile recovery, it is certain that the Ivorian performances are not likely to favor the continuation of the upward movement.

The International Cocoa Organization (ICCO) is forecasting a global surplus of 371,000 tonnes this year, Reuters said.

For his part, Alassane Ouattara welcomes the performance of the agricultural sector and their contribution to the economy of the country: “From 2012 to 2016, we recorded economic growth of 9% on average thanks to our agriculture, “he said.

The leader also said that Ghana, the world’s second largest cocoa producer, has seen its production reach 1 million tons. The two nations are currently engaged in discussions to harmonize the production and marketing of their brown gold, thus enhancing their influence in the markets of New York and London where the commodity is traded.

source: agenceecofin.com

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