Ivory Coast president nationalizes coffee and cocoa industry

[Jetboogieman]

(CNN) -- Ivory Coast President Laurent Gbagbo, who is fighting to keep a political title the United Nations says isn't his, on Monday nationalized the nation's two main cash crops, coffee and cocoa, according to state-run television.

In a statement read on air, the government announced that "the purchase of coffee and cocoa from producers and producer groups is done exclusively by the state on the entire national territory."

"The export of products of the coffee-cocoa sector is carried out by the state, by any legal person mandated by the state or holder of an exporter license," the government announced. "Approved exporters get their cocoa beans and green coffee from the state or any legal person mandated by the state."

The Ivory Coast is the world's largest supplier of cocoa beans.

Gbagbo, the incumbent, has refused to give up power since an electoral commission declared challenger Alassane Ouattara the winner of the November presidential election. Gbagbo's refusal to step down has sparked violent clashes between supporters of the two rivals, resulting in the deaths of 365 people since December.

Ouattara's "New Forces" loyalists claimed on the group's website to have taken the west Ivory Coast city of Toulepleu after intense fighting with Gbagbo forces on Sunday.

Gbagbo's ability to maintain control over the nation's coffee and cocoa industry could be key to his staying in power. Coffee and cocoa experts have provided the embattled leader with a lucrative revenue source to pay loyal civil servants and military officers.

Ivory Coast president nationalizes coffee and cocoa industry - CNN.com

What an idiot.

Nationalization episodes like this in Africa never have a positive outcome for the country... their economy is going to collapse, the country that was not exactly well off to begin with will get even poorer and more desperate and an even larger catastrophe will take place.

I knew the African Union would do nothing, all their talk of armed intervention...

Not that I thought it was nessecarily a good idea, but we'll have to see how things go, things there are getting more aggravated by the day.

 

[DiAnna]

This guy is such a corrupt thug. He's nationalizing the industry to get money to keep up his fight to steal the presidency, since the rest of his country's assets have been turned over to the real president, the guy who actually won the election.

 

[Jetboogieman]

This guy is such a corrupt thug. He's nationalizing the industry to get money to keep up his fight to steal the presidency, since the rest of his country's assets have been turned over to the real president, the guy who actually won the election.

It's also a trick to get people on side.

A classic one that Mugabe tried and it ruined what was once the breadbasket of Africa.