Saturday, 24 November 2012 04:15
ABIDJAN: The world's cocoa sector must avoid provoking a long-term glut of beans that could harm farmers' incomes as it works to head off a looming structural supply shortfall, the head of the International Cocoa Organisation (ICCO) said.
Cocoa trading companies, chocolate makers, producer countries and other actors met in top grower Ivory Coast this week to discuss ways of making the cocoa sector sustainable.
"We are not necessarily in favour of a massive increase in production for the simple reason that we must avoid a glut on the market that could lead to a drop in prices," the ICCO's Executive Director Jean-Marc Anga told Reuters on Friday following the meeting.
The ICCO is the global organisation of cocoa producing and consuming countries.
The ICCO and the cocoa industry foresee annual shortfalls approaching 1 million tonnes of beans within a decade if current trends of stagnating production and growing demand linked to consumer growth ...