The ascension to power of Alassane Ouattara in the Ivory Coast is imminent and he has large amounts of work to do to heal the nation reeling from a divisive presidential dispute that turned violent.
Bloomberg reports the cocoa industry, on which more than one-third of the West African nation's export commerce is based, is ready to roll again after the soft commodity found itself as a pawn among the power struggle between Alassane and Laurent Gbagbo, the incumbent president who refused to cede power after Alassane prevailed in the November 28 election. French and United Nations forces forced Gbagbo's hand by destroying heavy weaponry belonging to his loyalists earlier this week.
"The country is severely polarized," according to Anne Fruhauf, Africa analyst for Eurasia Group. "It looks like we're going to have a quite a rough few months of transition."
Ouattara attempted to force Gbagbo out of office in January by cutting cocoa export revenue directed to him. Gbagbo was believed to be on the brink of confiscating the stockpiled commodity.
On Wednesday afternoon, Gbagbo was still involved in negotiations for his surrender.
At 2 p.m. on Wednesday, cocoa futures were up 0.70 percent, a $21 climb to $3,014 per metric ton.
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