Last Updated on September 30, 2020 by Nick Baskett
The Ivory Coast Coffee and Cocoa Council (CCC) announced that the country will be building two new factories in the next two years to increase its cocoa processing and storage capacity by 14%.
The two new factories will be located in Abidjan and San Pedro. With the Ivory Coast neighbouring Ghana producing more than 60% of the world’s cocoa, the new plants aim to add an extra 100,000 tonnes to the 710,000 tonnes of cocoa processing capacity.
Côte d’Ivoire and Ghana agreed last year to sell cocoa at a premium to ease farmer poverty.
The factories will add 300,000 tonnes of storage which allow suppliers to hold back beans from the market to buoy prices and help maintain that premium for farmers.
The new factories will be built from a 216 billion CFA Francs ($389 million) Chinese investment.
China Light Industry Design Engineering Company will build the factories and, in return, 40% of output will go to China.