Ivory Coast is concerned as cocoa bean price slumps
Cocoa prices have dropped to near their lowest in more than three years, threatening the pace of expansion in Africa’s fastest-growing economy
Abidjan — Ivory Coast, the world’s biggest cocoa producer, will revise its budget for 2017 after prices for the beans dropped by a third since the middle of last year, according to a government official. While the slump in cocoa prices weighs on income, the West African nation also has to provide for new expenditure, government spokesperson Bruno Kone said by phone. Ivory Coast’s "resources are largely sufficient to face these expenses despite a drop in cocoa prices", Kone said. "It’s a significant drop but won’t throw the country’s finances off balance. There’s nothing catastrophic." He did not elaborate. Cocoa prices have dropped to near their lowest in more than three years, threatening the pace of expansion in Africa’s fastest-growing economy. The government took on additional expenses in January by agreeing to pay bonuses of almost $20,000 to soldiers to quell a mutiny. The International Monetary Fund was due to visit the country later in March for a review of reforms under a $...
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