Ivory Coast sets new cocoa price ahead of upcoming elections

Update on Cocoa Pricing in Ivory Coast

The government of Ivory Coast has set a new farm gate price for cocoa at 2,800 CFA francs (4.26 euros) per kilogram for the upcoming main harvest. This adjustment marks a significant increase from the previous rate of 2,200 CFA francs established during the mid-harvest in April 2024.

The new pricing structure aims to support Ivorian cocoa producers by providing a stable income amidst global market fluctuations. The fixed purchase price is part of a governmental strategy to protect farmers from market volatility.

The announcement has been positively received by local producers, who anticipate improved financial stability. This change is expected to facilitate better living conditions and enhance opportunities for families reliant on cocoa production.

Cocoa plays a crucial role in the Ivorian economy, contributing to 40% of the global cocoa supply and 14% of the country's GDP. The sector generates employment for one million individuals and supports approximately five million people, highlighting its significance for national economic stability.

Based on reporting by Africanews.