Bloomberg reports Mamadou Sangafowa of the Ivory Coast told reporters on Monday that the drive of the reimbursement plan is one reform to address smuggling operations between Ivory Coast and Ghana, which recently announced plans to challenge its neighbor as the top producer of cocoa. Bean processing also is likely to increase in the nation from 35 percent to 50 percent, he said.
"At least 50 percent of the price will go to the farmers," the minister told reporters in the commercial capital of Abidjan.
At 2 p.m. on Monday, cocoa futures slipped 0.35 percent, a $10 loss to $2,863 per metric ton.
The West African nation is recovering from a civil war that stemmed from a disputed presidential election in November 2010, when 10-year incumbent Laurent Gbagbo refused to cede power after opponent Alassane Ouattara was declared the victor. Gbagbo ultimately was forcibly removed by peacekeepers from the U.N. and France and he faces political corruption charges and crimes of violence counts are believed to be pending.
Agence France-Presse reports the Ivory Coast under Gbagbo helped fund the election campaign of Jacques Chirac of France in 2002, according to a former aide to Gbagbo.
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