Côte d’Ivoire, the world’s largest cocoa producer, has set the purchase price for cocoa at a record 1,800 CFA francs (€2.7) per kilo, following a year of soaring global prices. While some producers welcomed the increase, others expressed reservations.
Agriculture Minister Kobenan Kouassi Adjoumani announced the 20% hike during a ceremony in Abidjan. This new price comes after the mid-crop purchase price was set at 1,500 CFA francs (€2.2) in April—a historic figure at the time. In 2023, the price was just 1,000 CFA francs (€1.5) per kilo.
Côte d’Ivoire’s cocoa beans are sold in advance, with prices determined by the state, which insulates the country from the extreme fluctuations experienced by markets in places like Cameroon, where the cocoa system is liberalized. The Ivorian cocoa sector contributes significantly to the economy, accounting for 45% of global production (over 2 million tonnes) and contributing 14% of the country’s GDP.
In neighboring Ghana, the world’s second-largest cocoa producer, authorities recently set prices at a similar level of around 1,800 CFA francs, marking a 45% increase for the 2024/2025 season, partly to address smuggling concerns.
Global cocoa prices have surged, surpassing $10,000 per tonne in New York earlier this year. Prices in London for September 2024 delivery rose approximately 170% year-over-year, largely due to unfavorable weather conditions in both Côte d’Ivoire and Ghana that have impacted harvests.
However, some farmers voiced disappointment. “The price hasn’t met our expectations—we were hoping for 2,000 CFA francs (€3)—because life is expensive today,” said Kouadio Gadou N’Da, a producer from Yamoussoukro. Thibeaut Yoro, general secretary of Côte d’Ivoire’s agricultural union, acknowledged mixed feelings about the new price, emphasizing that “it’s not just a matter of figures” but also about improving working conditions. He called for better infrastructure to facilitate transportation and sale of cocoa, as well as enhanced social protections for farmers.
In a positive development, Minister Adjoumani announced that cocoa and coffee producers will benefit from free universal health coverage, funded by the Coffee-Cocoa Council, which regulates both sectors. He also revealed an increase in the purchase price of coffee, now set at 1,500 CFA francs (€2.2), up from 900 CFA francs (€1.3) last year.
Cocoa production in Côte d’Ivoire supports approximately 1 million jobs and impacts the livelihoods of 5 million people, according to government estimates.
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