Home Africa Ivory Coast: Price Of Cocoa To Increase At The Farmgate By 50%

Ivory Coast: Price Of Cocoa To Increase At The Farmgate By 50%

by admin
0 comment

According to sources from five separate export companies, President Alassane Ouattara of Ivory Coast will raise the official cocoa farmgate price from the current 1,000 CFA francs ($2.47) per kg on Tuesday.
The sources said they were referencing a decision made at a government meeting on Saturday, but they asked to remain anonymous due to the delicate nature of the subject.
According to the sources, Ouattara had earlier in the day approved a price proposal of 1,100–1,200 CFA francs per kilogram before changing his mind and demanding a higher price.
On Sunday, it was impossible to get in touch with the government or the Coffee and Cocoa Council (CCC), which oversees the cocoa industry.

The official farmgate price that growers in Ivory Coast, a key producer, can charge for their beans has not yet reflected the more than threefold increase in cocoa prices over the past year as disease and unfavorable weather sent the world market to a third consecutive deficit.
The director of a European export company told Reuters, “There were various ideas on the table, and as a last resort, the president wanted the maximum price for the producers, so he decided 1,500 CFA per kilogram instead of 1,200 CFA, which had been verified previously.”
“In the end, given the existing situation, this is the best price the CCC can afford because it is difficult to alter the Ivory Coast sales system during the season,” the person added.
The director of another international export company said, “The president judged the world market situation to be exceptional and wanted an exceptional reaction too.”

(Reuters)

You may also like

©2024. Stallion Times Media Services Ltd. All Rights Reserved.