Ivory Coast considers cocoa price cut after Ghana

Agricultural Policy Update: Cocoa Pricing in Ivory Coast

Ivory Coast is considering a reduction in the price paid to cocoa farmers, similar to recent measures taken by Ghana. This information was obtained from government sources. Last week, Ghana announced a price cut of nearly 30% for cocoa farmers, reducing the payment to 41,000 cedis (approximately $3,700) per tonne. This adjustment aims to stabilize the sector, which has been affected by declining global cocoa prices.

An inter-ministerial committee in Ivory Coast has convened to address this issue. The farmgate price is established at the beginning of the harvest season. However, due to the decrease in prices, the national agency responsible for purchasing cocoa beans is facing challenges with delayed payments to farmers and unsold stock.

Ivory Coast and Ghana collectively contribute to approximately 60% of the global cocoa production.

Based on reporting by Africanews.