Despite Ivory Coast providing 40 per cent of global cocoa supply, consumers there have never had much interest in chocolate. Lona Ouali is hoping to change that
Chocolate is still a minority item at his factory. More than 85 per cent of its 80,000-tonne annual output is exported to Europe as semi-finished products such as cocoa butter or cocoa cake, which are then turned into consumer products at European factories. Of his annual revenue of about $330-million, only about $43-million is from chocolate.
By his estimate, cocoa-producing countries are retaining only about 6 per cent of the US$140-billion revenue that is generated annually by the global chocolate industry. In the cocoa sector, only about one-third of Ivory Coast’s cocoa beans are ground into semi-finished products such as cocoa paste before they are exported. Again the government is offering tax cuts and other incentives to boost that number, aiming to process 100 per cent of its beans at home. Several new processing plants are scheduled to open this year.
It won’t be easy. His factory faces a host of obstacles. Key ingredients such as sugar are more expensive here than in Europe. Milk has to be imported from France. Roads in rural districts are so bad that it can sometimes take five days for truckloads of cocoa beans to arrive at the factory.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Destination Canada marketing increasingly to focus on roads between West Coast and AlbertaMove dovetails with Destination British Columbia's previously stated priority
Read more »
American Airlines, JetBlue seek to keep some ties despite losing antitrust caseThe Justice Department said if the airlines get their wish, travelers would miss out on the benefits of restoring competition between the carriers
Read more »
Despite rain Cameron Bluffs Wildfire holding at 208 hectaresOn Saturday crews on the ground were reporting that the cooler day had significantly affected the behavior of the fire.
Read more »
Bitcoin: HODLers unperturbed despite market volatilityFrom an on-chain perspective, Bitcoin holders are unfazed by the market shake-up. Will they be resilient till respite?
Read more »
BC Ferries sees record traffic despite 'high level' of sailing cancellationsBC Ferries says it transported a record number of vehicles in its 2023 fiscal year despite a 'high level' of sailing cancellations.
Read more »
Lea Michele Performing With The Cast Of ‘Funny Girl’ At Tony Awards Despite Ineligibility StatusLea Michele has enjoyed monumental success since formally joining the cast of the Broadway hit Funny Girl in September 2022. But while she's earned praise for deftly portraying the coveted role of the beloved character Fanny Brice, there's a simple reason why she's not eligible for a Tony Award. According to the Tony Awards' rules and regulations under eligibility…
Read more »