Ivory Coast plans to boost support for small cocoa exporters to help them more than double their annual purchasing volumes, according to two government sources on Friday.
Struggling to secure financing from local banks, these exporters face stiff competition from well-funded international players.
As the world’s top cocoa producer, Ivory Coast averaged 2.2 million tons of beans yearly, with major multinationals buying about 80% of the cocoa.
Starting in October, the government will offer small exporters 10 billion CFA francs ($16.75 million) annually for four years, aiming to increase their purchase volumes to 500,000 metric tons.
Previously, the government granted about 3 billion CFA francs per year, enabling exporters to buy 150,000 to 200,000 tons each season.
Officials stress that more substantial support is needed to enhance competitiveness.
