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Wednesday, August 10, 2011

Cocoa affected by economic crisis - ICCO

Yinka Awosanya

The London-based International Cocoa Organisation (ICCO) has said that the economic crisis of 2008 and 2009 affected the cocoa industry.

ICCO in its annual report 2008/2009 made available to NaijaAgroNet revealed that Cocoa grinding within the year under review was affected by the global economic crisis, although the year was a good year for cocoa farmers and the cocoa exporting nations.

The annual report showed that despite the 6.6 per cent estimated global decline of cocoa grinding, Asia and Oceania had the hardest hit in cocoa grinding upon having a decline of 20 per cent in the two regions.

The effect of the crisis has a limited effect on chocolate production and consumption with price development remaining positive.

Confirming this, the chairman of ICCO, Dr. Victor Iyama, noted with the expiration of the current International Cocoa Agreement of 2001 in 2012, also gave high priority to the preparation of a future International Cocoa Agreement since signature and ratification of concerned nations takes time. Read more

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