Ivory Coast raises cocoa price by 11%

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

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