Cocoa Farmers Earn More in KitKat Program, But Fall Far Short of Living Income [BNN Bloomberg (Canada)]
NESTLE S.A S/ADR (NSRGY)
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Source: BNN Bloomberg
The Swiss food giant has enrolled 11,000 farming households in top grower Ivory Coast in a program that pays a bonus of up to €500 ($535) a year to families which fulfill obligations such as putting their children in school and adopting high-quality pruning. While it covers just a fraction of Ivorian farms, Nestle plans to roll it out further, including in neighboring Ghana. Yet those in the program still earn almost $3,000 a year below the amount of just over $7,500 that's needed to live a decent life — a gap highlighting a systemic challenge for the cocoa industry. A legacy of low farmer pay has hindered West African growers from investing in plantations. That's making it harder to cope with extreme weather and crop disease, risking supply crunches like the one that has sent prices soaring to a record high this year. Companies like Nestle, which is one of the world's top cocoa buyers, are facing more scrutiny to improve supply chains, including through better pay for farmers. B
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