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Ivory Coast, the world’s largest exporter of cocoa, increased the official cocoa farmgate price to 1,500 CFA francs (USD 2.47) per kg from the current 1,000 CFA. The increase has taken effect from 2nd April
Ivory Coast, the world’s largest exporter of cocoa, increased the official cocoa farmgate price to 1,500 CFA francs (US$2.47) per kg from the current 1,000 CFA. The increase has taken effect since yesterday (2nd April).
Ivorian President Allassane Ouattara recently validated a proposal for a price of between 1,100 and 1,200 CFA francs per kg before reversing his decision and asking that the price be even higher. 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 farmers can charge only the farmgate price set by the government. Ivory Coast is the largest producer of cocoa in the world. Together with countries like Ivory Coast, accounts for the lion’s share of global cocoa production. Major companies like Hershey (HSY.N), Nestle (NESN.S), Mondelez (MDLZ.O), and Barry Callebaut (BARN.S), buy cocoa from Ivory Coast.
Read Also:
https://trendsnafrica.com/ghanas-cedi-at-risk-driven-by-cocoa-crisis/
In 2022, Ivory Coast and Ghana boycotted industry meetings in Brussels over a price dispute. Nearly six million people rely on the cocoa industry in the West African nation of Ivory Coast.
