2024 Author: Jasmine Walkman | [email protected]. Last modified: 2023-12-16 08:29
In the last week, cocoa prices have reached their highest levels in 5 years. The reason is riots in the country, which is the largest producer of cocoa in the world - Côte d'Ivoire.
Negotiations have been going on between the army commanders and the rebels in the country since the beginning of April this year, but to this day they have not reached a solution, Bloomberg reports.
This led to a jump in prices cocoa by 4.4% on the stock exchanges in London. The troops are stationed off the coast of Côte d'Ivoire and have issued an ultimatum to end the riot by Sunday.
However, there are still attacks in both the capital, Abidjan, and the second largest city, Bouake.
Gradual increase in prices has been observed since the beginning of the year, and the trend continues, experts say.
Locals are very worried about their livelihoods, as people are earning a lot of money working on cocoa plantations and are now hampered by hostilities.
Cocoa delivery has risen since July last year by 1.8% or 1,597 pounds per metric ton. Since April, however, rates have jumped to 7.4 on world markets.
The rebels are demanding compensation and compensation from the authorities for last year's unpaid salaries.
The collapse in cocoa prices has led to a financial crisis in the country and a large number of government employees have not received any salaries. This led to riots and obstacles to local business.
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