The World Bank’s private lending arm said it received assurances that Armajaro Trading Ltd., in which it previously held a stake, provided evidence it paid premiums for cocoa beans owed to farmers in top grower Ivory Coast.
Cocoa output in Nigeria, the world’s fourth-biggest producer, is expected to advance by 10 percent in 2013-14 as rising prices last year lead to the planting of more disease-resistant beans, an industry group said.
Ivory Coast’s central town of Bouake has become a transit hub for cocoa beans that are being smuggled to northern neighbor Burkina Faso as a one-month export ban slows down shipments from the country’s southern ports.
The Ghana Cocoa Board has granted Federated Commodities Ltd., a licensed buyer of the beans, a permit to start a cocoa traceability and certification program, the Daily Graphic reported, citing Managing Director Alhaji Abdul Razak Adamu.
Ghana’s cocoa farmers have started monitoring the lengthy border between the world’s top two cocoa producers as a ban on exports of beans from neighboring Ivory Coast raises concern over smuggling of the chocolate ingredient.