Cocoa shipments resume as tyrant falls
UN and French-backed troops loyal to President-elect Alassane Ouattar in Ivory Coast have seized strongman Laurent Gbagbo, ending European sanctions against cocoa shipments.
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Cocoa exports will resume almost immediately from Ivory Coast after the downfall of its strongman Laurent Gbagbo.
UN and French-backed troops loyal to President-elect Alassane Ouattar seized the tyrant from his residence after days of heavy fighting.
The Ivory Coast fought a two-year civil war after Gbagbo seized power in 2000. Although the conflict officially ended in 2002, an election wasn’t held until late last year. Gbagbo refused to accept the result and remained in power as the sharply divided collapsed into chaos, with thousands killed in the ensuing conflict.
Ouattar, backed by the UN, successfully called for sanctions against the country’s main crop, cocoa, of which Ivory Coast is the world’s largest supplier. Cocoa is the main ingredient in chocolate.
The European Union has lifted sanctions, allowing shippers to enter the country's two major ports, Abidjan and the top cocoa-exporting terminal San Pedro, in response to a request from Ouattara.
Danish shipping group Moller-Maersk said it hoped to restart exports this week. Large supplies of cocoa have been stockpiled pending an end to the conflict and sanctions.
Gerd Wildgrube, head of import traffic from Africa into Germany at shipping compoany CMA CGM, said its first chartered vessel would leave Abidjan on May 14 and arrive in Hamburg May 27.
US Secretary of State Hillary Clinton welcomed the capture of Gbagbo and said it sent a strong signal to the world's dictators that they can't ignore the will of their people. She said the US looked forward to working with Ouattara "as he implements his plan for reconciliation, economic development and recovery."
Cocoa futures in both the US and the UK traded largely unchanged at around $US3100, or £1900 after dropping sharply last week. Traders said a return to normal was still some way off and prices would remain volatile until then.
Nevil Gibson
Tue, 12 Apr 2011
Tue, 12 Apr 2011
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Cocoa shipments resume as tyrant falls
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