About 50,000 tons of Ivorian cocoa smuggled to Guinea in Oct-Dec

ABIDJAN, Jan 2 (Reuters) – Cocoa smuggling from Ivory Coast to Guinea is taking on worrying proportions, exporters told Reuters, estimating that some 50,000 metric tons – worth about $573 million at current global prices – were illegally transported between October and December.

A more than doubling of cocoa prices last year has given an extra incentive to smugglers. Sources told Reuters that Ivorian cocoa smuggled across the border was worth 5,000 CFA francs ($7.95) per kilogram, while Ivory Coast’s fixed price paid to cocoa farmers was set at 1,800 CFA francs per kg in September.

Once in Guinea, Ivorian cocoa is exported to Asian countries such as Indonesia and Malaysia, exporters say.

“Because of corruption, cocoa smuggling is accelerating and we risk not having the volumes we need to fulfil our contracts,” said the director of a European export company based in Ivory Coast’s commercial capital Abidjan.

“Our suppliers prefer smuggling, which is much more profitable, and I understand them,” said the head of another Abidjan-based export company.

Exporters based in Ivory Coast said that around 8,500 tons of Ivorian cocoa crossed the border on Dec. 24.

Cocoa prices hit a record $12,931 per metric ton in New York in December on forecasts for poor crops for a fourth successive season from top producers Ivory Coast and Ghana.

The Ivorian government announced further steps in October aimed at deterring smugglers, including forfeiting the proceeds of any offences, withdrawing passports and suspending driving licences.

A source at sector regulator the Coffee and Cocoa Council (CCC) said the country was looking at further ways to tackle smuggling.

($1 = 629.0000 CFA francs) (Reporting by Ange Aboa. Writing by Anait Miridzhanian. Editing by Mark Potter)

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