An export tax on cocoa from the Ivory Coast won't be higher than 22% of the international price, according to a document from the finance ministry. The International Monetary Fund and World Bank demanded the rate to comply with its debt-relief program for Heavily Indebted Poor Countries.
Hopes that the political standoff in the Ivory Coast will end soon has prompted cocoa prices to drop 20%, reversing a rally since December. The end of the crisis would mean the end of an export ban in the country, which normally supplies a third of the world's cocoa.
Some residents in Urbana, Ill. are raising chickens in their backyards not only for the fresh eggs, but because it is fun, one local woman says. An American Poultry Association official says city dwellers also see it as a way to "reconnect with the land."
The sixth International Cocoa Agreement was agreed upon by seven cocoa-exporting countries and 18 importing countries this month, and calls for transparency in the cocoa market through data collection. There are reports that farmers in the Ivory Coast, the world's top cocoa producer, have proposed halting cocoa bean sales to drive up falling prices.