The Ivory Coast is looking to solidify its position as the globe's top supplier of cocoa, according to a spokesman for the newly empowered president.
Bloomberg reports that following a four-month political crisis after a disputed presidential election in late November 2010, the West African nation plans to rebuild its cocoa industry. Alassane Ouattara is scheduled to be inaugurated on May 21 and he will appoint new government officials shortly thereafter.
"When you are the world's biggest producer of a commodity, your strategies should move the market," spokesman Patrick Achi told the news service. "Right now, you can't really tell that Ivory Coast is the world's top cocoa grower. We should really tackle this issue. We need to look at how we are going to be involved in the management of the sector."
The four-month power struggle saw 10-year incumbent Laurent Gbagbo refuse to cede power after Ouattara was internationally recognized the victor. Ouattara ceased exports of cocoa to cut funding to Gbagbo, who was captured last month by peacekeepers from the United Nations and France.
At 9:48 a.m. on Tuesday, cocoa futures slipped 1.06 percent, a $32 reduction to $2,974 per metric ton.
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