PH
Ivory Coast, the world’s top cocoa exporter, is expected to raise the official cocoa farmgate price to 1,500 CFA francs ($2.47) per kg on Tuesday from the current 1,000 CFA.
It comes after President Allassane Ouattara approved a proposal for a price of 1,100 to 1,200 CFA francs per kg on Saturday, only to reverse his decision and request an even higher price.
Cocoa prices have more than tripled in the last year as illness and bad weather drove the world market into a third consecutive deficit, but the official farmgate price that growers may charge for their beans in Ivory Coast, a leading producer, has yet to reflect this increase.
Major corporations such as Hershey (HSY.N), Nestle (NESN.S), Mondelez (MDLZ.O), and Barry Callebaut (BARN.S) purchase cocoa from Ivory Coast.
In 2022, Ivory Coast and Ghana boycotted industry meetings in Brussels due to a price disagreement.
In Ivory Coast, a West African country, the cocoa business supports about six million people.
