Ivorian Cocoa Regulator Mulls Buying Beans as Defaults Loom

Ivory Coast’s government has allowed the cocoa industry regulator to buy about 200,000 tons of beans from farmers in the top grower as falling international prices have left local exporters saddled with losses.

Le Conseil du Cafe-Cacao on Dec. 11 met with representatives of a dozen firms likely to default on their forward purchases, according to people familiar with the matter. The government authorized the CCC to purchase the entire volume meant for these exporters, the people added, asking not to be identified because the discussion is private.