Ivory Coast, the world’s largest cocoa exporter, is set to raise the official cocoa farmgate price to 1,500 CFA francs ($2.47) per kilogram starting Tuesday, up from the current rate of 1,000 CFA francs.
This decision follows President Allassane Ouattara initially approving a proposal for a price range between 1,100 and 1,200 CFA francs per kilogram, before later advocating for an even higher price.
Cocoa prices have more than tripled over the last year as disease and adverse weather pushed the global market to a third successive deficit, but the official farmgate price that growers can charge for their beans in Ivory Coast, a top producer, has yet to reflect this.
Major companies like Hershey, Nestle, Mondelez, and Barry Callebaut purchase cocoa from Ivory Coast, a leading producer.
Ivory Coast and Ghana boycotted industry meetings in Brussels in 2022 amid a price dispute.
Nearly six million people rely on the cocoa industry in the West African nation of Ivory Coast.
Melissa Enoch
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