The price of cocoa has surged to year high as a result of concerns about supply from the Ivory Coast.
The ban on cocoa exports from the Ivory Coast may be extended for another month, says elected president Alassane Ouattara speaking to the Financial Times.
Ouattara, who is still competing for power with standing president Laurent Gbagbo, has indicated he would be willing to extend the ban without any clear date for it to end.
While the ban was originally aimed at Gbagbo, it’s hurting the country’s farmers and those exporters who are having to hold cocoa at their depots. Now there are concerns cocoa is being smuggled over the country’s borders, adding to the chaotic situation. Burkina Faso appears the preferred smuggling point.
Cashew exports may also be banned in an attempt to control the country’s political situation.
Cocoa is at a 1-year high, but has yet to reach its 2010 highs: