President Ouattara increases cocoa farm gate price in Ivory Coast
The world’s leading cocoa producer, Ivory Coast, has raised its cocoa farmgate price to a record $4.50 equivalent to 2,800 CFA francs per kilogram, a move that could significantly boost farmer incomes and influence the political climate ahead of the country’s October 25 presidential election.
This is according to a report by africa.businessinsider.com
President Alassane Ouattara, who is seeking a fourth term, announced the increase from $3.40 earlier this year, marking a substantial rise in response to surging global cocoa prices in 2024.
For Ivory Coast, cocoa is not just a commodity, it is the backbone of the economy.
The sector contributes about 14% of the country’s GDP, accounts for 40% of global supply, and supports approximately five million people, either directly or indirectly.
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The timing of the price hike has drawn attention from analysts, who see it as both an economic relief measure and a strategic political gesture ahead of the polls.
The decision is also expected to send ripples across West Africa’s cocoa belt, particularly in Ghana and Nigeria, where governments often adjust prices in response to Ivorian policy shifts.
However, the Ghana Cocoa Board (COCOBOD) may face pressure to raise its own farmgate prices to prevent cross-border smuggling and maintain farmer loyalty.
With global demand soaring and climate pressures threatening future yields, the latest Ivorian cocoa price signals a new era in which African producers could wield greater influence in setting the terms of trade for one of the world’s most valuable commodities.
SP/MA
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