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Ivory Coast will buy unsold cocoa stocks as prices plunge
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FILE - Cocoa pods hang on a tree in Divo, West-Central Ivory Coast, Nov. 19, 2023. - photo by AP Photo/Sophie Garcia, File
ABIDJAN, Ivory Coast (AP) — Ivory Coast, the world’s top cocoa producer, said it will buy unsold cocoa stocks to keep exports flowing and ensure farmers are paid, as global prices have plunged in recent months. Since October, falling global cocoa prices in the West African country have slowed exports, causing unsold stocks to build up. Synapci, the Ivory Coast's main cocoa farmers’ union, estimates that 700,000 tons of cocoa remain unsold and therefore unpaid.