© Reuters. FILE PHOTO: A worker sews cocoa sacks to be loaded into a truck heading for the port of San Pedro at a cocoa cooperative in Duekoue
By Ange Aboa
ABIDJAN (Reuters) – Ivory Coast is set to lift a suspension of Hershey's US-operated cocoa sustainability programs on its territory, which it imposed earlier this week. This is evident from a letter addressed to the chocolate maker and seen by Reuters.
On Monday, ICE and Ghanaian cocoa regulators suspended the rules, accusing Hershey of sourcing large quantities of physical cocoa on the ICE (NYSE 🙂 futures exchange to avoid paying a farmer poverty alleviation premium known as LID ( Living Income Differential). .
Hershey, maker of such popular candies as Hershey candy bars, Hershey's Kisses and Kit Kat, said it was and will continue to be fully involved in LID.
The Ivorian regulator, the Coffee and Cocoa Council (CCC), has since held a video meeting with representatives from Hershey promising to lift the suspension, according to the December 4th letter from the CCC to Hershey.
The step "follows your final commitment to pay the LID," the letter states.
A CCC spokesman verified its authenticity.
Hershey did not immediately respond to a request for comment.
It wasn't clear whether Ghana's cocoa industry regulator, Cocobod, would follow suit. A request for comment was not immediately responded to.
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