Ivory Coast has raised the fixed farmgate price paid to cocoa farmers by 20% the country’s agricultural minister said on Monday.
The farmgate price will increase to 1,800 CFA francs ($3.09) per kilogram for the main crop of the 2024/25 season.
The world’s top grower began its new season on 1 October.
Ivory Coast’s Coffee and Cocoa Council (CCC) recently issued sanction threats which significantly curbed bean hoarding ahead of the new season.
This increased the amount of cocoa beans arriving at Ivory Coast ports.
Agriculture minister Kobenan Kouassi Adjoumani said the 2023/24 season was marked by a 25% drop in cocoa production in West Africa, including Ivory Coast.
A similar price increase has been implemented in Ghana because the two largest cocoa producers coordinate farmgate prices and supplies to help sustain the sector and boost farmer incomes.
In early September, Ghana raised its farmgate price by nearly 45% to 48,000 cedis ($3,043.75) per metric tonne.
The government has also increased the guaranteed minimum price for coffee farmers to 1,500 CFA francs ($2.57) per kilogram from 900 CFA francs las season to encourage production, the minister said.
Read More: Cocoa-Hoarding in Ivory Coast Curtailed By Sanction Threats
