The globe's top grower of cocoa beans is aspiring to capture half the world market for the soft commodity, the nation's leader told Bloomberg.
Torn by a civil war for four months after a disputed presidential election, the Ivory Coast presently generates roughly one-third of the world's output of cocoa. Alassane Ouattara, Ivory Coast president, also noted additional changes are coming.
Cocoa industry reforms "will be implemented in the next month or two," Ouattara told Bloomberg during an interview in New York on Saturday. "We will liberalize the whole chain" and also draw investment to ensure the processing of cocoa in the Ivory Coast.
But the West African nation is in the crosshairs of neighboring Ghana, whose leadership announced earlier this month it would like to unseat the Ivory Coast as the globe's top producer of the soft commodity. To further that end, the nation's leadership distributed cocoa tree seedlings earlier this month.
Leaders of the Ghanaian municipality of Mampong-Akuapem have issued a request to President John Evans Atta Mills to recognize the municipality's contributions to the cocoa industry by declaring it "Cocoa City," according to The Chronicle.
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