Ivory Coast and Ghana's move to combat farmer poverty with a living income premium for their cocoa sales is being undermined by chocolate makers, sources say
Ivory Coast and Ghana's move to combat farmer poverty with a living income premium for their cocoa sales is being undermined by chocolate makers scaling down purchases and negotiating discounts on other parts of the price, sources said.
That premium hit a record 250 pounds over the summer as industry stockpiled spot cocoa available for purchase without the LID, sources said. However, it has since fallen sharply. Hershey's and Mondelez also said they support the LID, while declining to comment on differentials. They said their cocoa purchases were based on commercial needs.
"If I picked up the phone today they'd dump me with cocoa, so it's hard to believe they're comfortable with their sales," said a Europe-based trade source.Some buyers are also slowing 2020/21 cocoa purchases because they are betting the LID will be scrapped after Ghana and Ivory Coast hold general elections towards the end of next year.
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