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Ivory Coast raise cocoa farmgate price by 50%

Ivory Coast’s president, Alasaane Ouattara, will increase the official cocoa farmgate price to 1,500 CFA francs, an equivalent of $2.47 per kg from Tuesday, April 2, 2024.

According to sources known to Accra-based media house, Asaase Radio, the increment was informed by a decision taken at a crucial government meeting on Saturday, March 30, 2024.

According to their sources, earlier on Saturday, President Ouattara had agreed to a proposal for an increment between 1,100 and 1,200 CFA per kg before rescinding that decision, and directing that the price should even be higher.

The government and the cocoa regulator the Coffee and Cocoa Council (CCC) could not be reached for comment on Sunday.

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.

“There were several proposals on the table and as a last resort, the president wanted the highest possible price for the producers so he decided 1,500 CFA per kg instead of 1,200 CFA, which had been validated previously,” the director of a European export company told Reuters.

“Ultimately in the current context, this is the best possible price that the CCC can pay because the sales system in Ivory Coast is such that it is difficult to change prices during the season,” the person told Asaase Radio.

The director of another international export company told Asaase Radio that: “The president judged the world market situation to be exceptional and wanted an exceptional reaction too.”

 

Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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