The Ivorian government, on Wednesday, adopted an ordinance reducing the rate of the Single Exit Duty (DUS in French) applicable to products from cocoa processing companies, of which Cote d’Ivoire is the world’s largest producer.
“The Council adopted an ordinance reducing the rate of the Single Exit Duty applicable to the products of cocoa processing companies, as well as its bill of ratification,” government spokesman Sidi Toure said, at the end of a Council of Ministers.
This ordinance, he added, aims to provide details on the text previously adopted on the same subject, in particular the conditions and beneficiaries of the abatements.
In addition, “the benefit of reduced rates is subject to the prior signing of an agreement between the State and producing companies, to ensure the economic efficiency of this order,” he went on to say.
The implementation of this text is expected to accelerate the attainment of a certain processing rate for cocoa beans by 50 percent. According to Mr. Sidi Toure, the transformation trend is already well underway, with “prospects for appreciation in 2018-2019.”
“We are around 30 percent processing rate (cocoa beans) which is a significant advance, and we expect for 2020 to go further,” he said, noting that it is a “regularization text” that should be referred to the National Assembly.
AP/ls/fss/abj/APA