Ivory Coast has set a record farm gate price for cocoa at 2,800 CFA francs (€4.26) per kilogram for the upcoming main harvest, President Alassane Ouattara announced ahead of the October 25 presidential election, where he is seeking a fourth term.
As the world’s leading cocoa producer, Ivory Coast fixes guaranteed purchase prices to shield farmers from market volatility.
The new rate marks a sharp rise from the 2,200 CFA francs set in April, reflecting surging global cocoa prices.
The announcement was welcomed by farmers, who said the increase would ease financial pressures.
“We are very happy; producers have been suffering for years,” said Edmond M’Bra from the central region.
“Another farmer, Berlem Oumarou, noted the new price means “we can send our children to school and sleep peacefully.”
Cocoa remains the backbone of the Ivorian economy, contributing 14% of GDP, providing one million jobs, and supporting about five million people.
With Ivory Coast responsible for 40% of global production, the crop’s performance is critical both to the country’s economy and political stability.
