Ivory Coast Dramatically Increases Cocoa Farmgate Price to Reflect Global Market Changes

Ivory Coast president to raise cocoa farmgate price by 50% to 1,500 CFA francs ($2.47) per kg from April 2, 2024
Decision made at crucial government meeting on March 30, 2024 after earlier agreement to raise price to 1,100-1,200 CFA per kg
Price increase aims to reflect more than tripling of global cocoa prices over past year due to disease and weather issues
Ivory Coast is a top cocoa producer but farmgate price has not kept pace with global market changes
Export company directors say exceptional world market conditions drove president's decision for an exceptional domestic price increase