International cocoa beans traders began to buy harvests from local producers and exclude local buyers as they can offer higher prices to growers
Local cocoa beans exporters from Ivory Coast begin to doubt their future. They’re unable to compete with international companies offering higher prices to growers, which basically exclude local buyers and exporters from the business.
Western chocolate producers such as Lindt, Hershey or Ferrero are willing to pay extra for cocoa beans with fair trade certification. Yet, these beans are mostly traded by mentioned international business companies such as Cargill, Olam or Barry Callebaut. Local producers from Ivory Coast are unable to compete with such rivals and may soon face bankruptcy.
On one side, the fact that cocoa beans producers get paid well for their harvest. Yet, on the other hand, the current situation might be unbearable for the future. Once growers become dependent on international companies, they become very vulnerable. According to Ivory Coast’s Coffee and Cocoa Council, the industry has already lost almost $500 million due to bankruptcy of local cocoa beans producers.