Ivory Coast, the world’s leading cocoa exporter, is set to raise the official cocoa farmgate price to 1,500 CFA francs ($2.47) per kilogram starting from Tuesday, up from the current 1,000 CFA. President Allassane Ouattara initially approved a proposal for a price ranging from 1,100 to 1,200 CFA francs per kilogram but later urged for an even higher price.
Despite cocoa prices more than tripling over the past year due to disease and adverse weather impacting the global market, the official farmgate price in Ivory Coast has not yet reflected this increase. This disparity affects cocoa growers in the country, which is a major producer.
Notably, major corporations like Hershey, Nestle, Mondelez, and Barry Callebaut purchase cocoa from Ivory Coast. In 2022, Ivory Coast and Ghana boycotted industry meetings in Brussels due to a price dispute. The cocoa industry is vital for nearly six million people in Ivory Coast.