June 22, 2018 / 4:39 PM / 10 months ago

Ivory Coast aims to grind 1 million tonnes of cocoa beans by 2022

YAMOUSSOUKRO, IVORY COAST, June 22 (Reuters) - Top cocoa producer Ivory Coast could grind 50 percent of its current output locally by 2022, boosted by fiscal measures and incentives given to companies in the sector, the deputy head of the Coffee Cocoa Council (CCC) marketing board said on Friday.

"Yes, it is possible to hit 1 million tonnes by 2020-2022 because of the fiscal advantages the government has given to companies to help them invest massively, and that is what is happening," CCC deputy head Yao N'goran told Reuters.

Ivory Coast has an installed grinding capacity of 712,000 tonnes. Increasing that capacity and new grinding units will enable it to reach the target within the next four years, N'goran said.

The government signed a convention with multinational companies in the sector including Cargill, Olan and Barry Callebaut in 2017, in which the companies agreed to increase their bean grinding by 7.5 percent each, so as to benefit from the government incentives. (Reporting by Ange Aboa Writing by Bate Felix; Editing by Elaine Hardcastle )

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