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Markets

Ivory Coast to raise cocoa farmgate price

ABIDJAN: Ivory Coast, the world's top cocoa grower, will raise the guaranteed price it pays farmers to 800 CFA francs ($

Jul 24 2019

ABIDJAN: Ivory Coast, the world's top cocoa grower, will raise the guaranteed price it pays farmers to 800 CFA francs ($1.36) per kg for the 2019/20 main crop, up from 750 CFA francs this season, two sources at the Coffee and Cocoa Council (CCC) said.

Ivory Coast has already sold 1.6 million tonnes of cocoa export contracts for the 2019/20 season, the sources said, or three-quarters of the total production expected for next season.

"We will have a guaranteed price of 800 CFA per kilo next season because the sales have been good so far," a CCC source, who asked not to be named, told Reuters.

The CCC will officially announce the farmgate price on Oct. 1.

Farmers have been dissatisfied with recent farmgate prices, pushing for a 1,000 CFA franc minimum. According to a World Bank report released in July, 55pc of Ivorian cocoa farmers are poor and live on less than 757 CFA francs a day.

"Yes, we could pay more but we prefer to keep a safety margin so we can face any event, especially a drop in the market," the other CCC source said.

Copyright Reuters, 2019