Get the app today! Download iPhone App Download Android App

Ivory Coast To Hike Farmgate Cocoa Prices 21% This Season, Sources Say

Published on Sep 11 2020 10:29 AM in Supply Chain tagged: Trending Posts / cocoa / Prices / Ivory Coast / Coffee and Cocoa Council

Ivory Coast To Hike Farmgate Cocoa Prices 21% This Season, Sources Say

Ivory Coast plans to increase the fixed farmgate price paid to cocoa farmers by more than 21% to 1,000 CFA Francs (€1.51) per kilogram in the 2020/2021 season, sources from the country's Coffee and Cocoa Council (CCC) said.

In June 2019, Ivory Coast and Ghana established a price floor of $2,600 (€2188.16) per tonne and a Living Income Differential (LID) of $400 per tonne, in order to tackle poverty among farmers.

During a visit to Moronou region in the east of the country, President Alassane Ouattara, who is running for another term next October, announced that he had good news to announce to planters in October without giving more details.

Price Increase

CCC sources confirmed President Ouattara will announce the price increase himself on 1 October in Yamoussoukro.

Last month the world's two largest cocoa producers, Ivory Coast and Ghana, created a joint body to improve coordination in research, price setting and the fight against child labour.

Ghana is expected to announce an equivalent increase in farmgate prices.

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

Share on Facebook Share on Twitter Share on LinkedIn Share via Email