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The new price of 2,800 CFA francs represents a significant increase from the 2,200 CFA francs set for the mid-harvest in April, underscoring the dramatic surge in global cocoa markets throughout 2024.
President Alassane Ouattara has announced a record-high farm gate price for cocoa, setting the cost at 2,800 CFA francs (4.26 euros) per kilogram for the upcoming main harvest. The increase significantly comes ahead of the presidential election on October 25 in which Mr. Ouattara is a candidate, seeking a fourth term.
In Ivory Coast, the world’s leading cocoa producer, the government sets a guaranteed purchase price for farmers, a system that insulates them from market volatility. The new price of 2,800 CFA francs represents a significant increase from the 2,200 CFA francs set for the mid-harvest in April, underscoring the dramatic surge in global cocoa markets throughout 2024.
The announcement was met with enthusiasm from Ivorian producers, who have long grappled with lower returns. The price hike comes at a critical time, with a presidential election scheduled for October 25 in which Ouattara is a candidate, seeking a fourth term.
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https://trendsnafrica.com/ivory-coast-hikes-cocoa-prices-to-record-high-actors-still-not-happy/
Cocoa is a cornerstone of the Ivorian economy, accounting for 40% of global production and 14% of the nation’s GDP. The crop provides one million jobs and supports an estimated five million people, making its economic health a central issue for the country’s stability and prosperity.
