Ivory Coast suspends Hershey’s company for supporting cocoa farmers – Business News

Ivory Coast suspends Hershey’s company for supporting cocoa farmers – Business News

Ivory Coast and Hershey Company have resolved their differences over cocoa prices.

The West African country halted Hershey’s sustainability programs after the government committed to pay a premium to a Pennsylvania-based company to raise money to support farmers, according to a letter from the Ivorian Regulator for the company seen by Bloomberg Removed.

The governments of Ivory Coast and neighboring Ghana, producers of Hershey’s, Kisses, Reese’s and other chocolate treats, had charged $ 400 a tonne of premiums they have slapped on cocoa, hard-pressed cocoa to avoid aiming to raise income Farmers trying. Hershey reformed the markets in November when it bought unexpectedly large amounts of cocoa through futures contracts, roaming prices.

In a statement late Saturday, Hershey said it is paying a premium, known as the living income gap, and continues to do so.

It added, “Our sustainability programs complement and strengthen our shared efforts to positively impact cocoa-growing communities,” he said.

Ivory Coast – the world’s largest producer of chocolate ingredient – and Ghana suspended ethical cocoa programs by Hershey and other chocolate makers on 30 November. Ivory Coast called programs that allow traders to certify that cocoa beans have not been grown. In protected forests or using child labor, only very few farmers benefit.

In a letter seen by Bloomberg, the Ivorian regulator’s managing director, Yves Kön, said the suspension in his country would be lifted on December 4, following Hershey’s commitment to pay the premium in his country. The letter was confirmed by con and regulatory spokesmen.

Ghana has not yet taken a decision on the suspension, a spokesperson for the Ghana Cocoa Board said late Saturday.

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