The GEPEX group of exporters that accounts for about 55 percent of Ivory Coast's cocoa exports has agreed to end its boycott of auctions, three industry sources told Reuters on Thursday. The group, which includes Nestle, Cargill , Barry Callebaut, Olam and ADM Cocoa, will take part in auctions starting from Friday, the sources told Reuters, asking not to be named.
Many main exporters in the world's top grower had boycotted the auctions for forward sales of next season's crop, arguing that reforms, aimed at guaranteeing farmers about 50 to 60 percent of the market price, were unclear and unworkable. "We will take part in the auction but that doesn't mean we are in agreement on everything," the head of an international export firm told Reuters.
"We are continuing our discussions with the government and the CGFCC (regulator) to find an overall agreement on the taxes. There are still lots of little points of disagreement," he added. Last week, a separate group of exporters, which included majors such as Armajaro and Noble and accounts for about 40 percent of Ivory Coast's exports, reached an agreement with the government and ended its boycott of the auctions.
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