ABIDJAN: Ivory Coast has raised the fixed farmgate price paid to cocoa farmers to 1,000 West African francs per kilogramme for the main crop of the 2023/2024 season, up from 900 francs per kilo last season, the agriculture minister says.
The farmgate price for coffee was raised 20% to 900 francs per kilo, the minister, Kobenan Kouassi Adjoumani, told a press conference.
Ivory Coast, the world’s top cocoa producer, is expecting about a 20% drop in cocoa production this season due to poor weather conditions.
Cocoa futures have hit 46-year highs in recent weeks due to concerns over a supply squeeze in West Africa. Neighbouring Ghana has also hiked its cocoa price by more than 60%. — Reuters