Small Ivory Coast cocoa firms say EU deforestation rules might bankrupt them
The proposed law, which aims to end the estimated 10% of global deforestation fuelled by EU consumption, requires companies importing goods such as cocoa, soy, beef and coffee to prove their supply chains do not contribute to the destruction of the world's forests, or face hefty fines.
In order to meet the regulations, Ivory Coast has opted for a digitalised sales and purchasing system to facilitate verification.
However, cooperatives and small local exporters are concerned they will not be able to compete with Western multinational companies, which have better financial and human resources to handle the additional cost and workload.
Two sources at Ivory Coast's Coffee and Cocoa Council regulator said around 900,000 out of 1-million cocoa farmers had already received their digital ID cards, which will also serve as bank cards.
Under the new system, farmers will be paid via mobile money operators by exporters after buyers or cooperatives deliver their beans to ports - effectively cutting out the usual cash payments to middlemen.
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