Analyst: 'No buyers for Ivory Coast cocoa'


Ivory Coast's disputed President Laurent Gbagbo has ordered the government to take control of all cocoa purchases and exports.

Mr Gbagbo is likely to try to export the cocoa in order generate some income, commodities analyst Kona Haque from financial service company Macquarie said.

But Ms Haque told the BBC World Service that she "cannot imagine where he will find big markets", as sanctions against Mr Gbagbo would not allow buyers in the EU or US to buy Ivorian cocoa.

The price of cocoa has been trading at the highest level for years, "expressing the fact that traders are worried", the analyst said.

The Ivorian industry accounts for 40% of global supplies.

Ms Haque told the BBC that the crisis in Ivory Coast could lead to a global cocoa shortage "if the crop stored in warehouses does not get out of the country".

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