https://en.sputniknews.africa/20241020/cote-divoire-gets-credit-boost-thanks-to-ongoing-global-cocoa-price-surge-1068779238.html
Cote d'Ivoire Gets Credit Boost Thanks to Ongoing Global Cocoa Price Surge
Cote d'Ivoire Gets Credit Boost Thanks to Ongoing Global Cocoa Price Surge
Sputnik Africa
Cote d'Ivoire is the world's largest producer of cocoa beans, accounting for about 45% of the global supply. The cocoa industry is crucial to the country's... 20.10.2024, Sputnik Africa
2024-10-20T11:10+0200
2024-10-20T11:10+0200
2024-10-21T13:38+0200
sub-saharan africa
cote d'ivoire (ivory coast)
cocoa
export
economy
economic growth
carbon credits
west africa
agriculture
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Cote d'Ivoire's economy is getting a sweet taste of success, thanks to booming cocoa prices. S&P Global Ratings has upgraded the West African nation's credit rating to BB, one step closer to the coveted investment-grade level. The outlook assigned by S&P is stable.The upgrade, which places Cote d'Ivoire on par with countries like the Dominican Republic and Brazil, reflects the country's strong economic growth and shrinking budget deficits. S&P attributed these improvements to robust export revenues, particularly from cocoa, a key ingredient in chocolate production.The surge in cocoa prices, combined with an anticipated 10% increase in the 2024-2025 harvest, has provided a much-needed boost to the economy of Cote d'Ivoire, the world's largest producer of cocoa.
https://en.sputniknews.africa/20240819/cocoa-prices-unlikely-to-fall-much-this-year-despite-higher-production-media-says-1067918011.html
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cote d'ivoire (ivory coast), cocoa, export, economy, economic growth, carbon credits, west africa, agriculture
cote d'ivoire (ivory coast), cocoa, export, economy, economic growth, carbon credits, west africa, agriculture
Cote d'Ivoire Gets Credit Boost Thanks to Ongoing Global Cocoa Price Surge
11:10 20.10.2024 (Updated: 13:38 21.10.2024) Muhammad Nooh Osman
Writer/Editor
Cote d'Ivoire is the world's largest producer of cocoa beans, accounting for about 45% of the global supply. The cocoa industry is crucial to the country's economy, contributing to 40% of its export income. It supports nearly one million producers, providing income to about one-fifth of the population.
Cote d'Ivoire's economy is getting a sweet taste of success, thanks to
booming cocoa prices. S&P Global Ratings has upgraded the West African nation's credit rating to BB, one step closer to the coveted investment-grade level. The outlook assigned by S&P is stable.
The upgrade, which places Cote d'Ivoire on par with countries like the Dominican Republic and Brazil, reflects the country's strong economic growth and shrinking budget deficits.
S&P attributed these improvements to robust export
revenues, particularly from cocoa, a key ingredient in chocolate production.
"We expect the budget deficit to reach 3% of GDP next year and the external deficit to narrow significantly due to higher cocoa prices and rising hydrocarbon and mining exports," S&P said in a statement.
The surge in cocoa prices, combined with an anticipated 10% increase in the 2024-2025 harvest, has provided a much-needed boost to the economy of Cote d'Ivoire, the
world's largest producer of cocoa.
