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Ivory Coast Cuts Cocoa Producer Price by Nearly 60 Percent Amid Market Decline
Ivory Coast’s cocoa price cut to 1,200 CFA francs follows a global market drop from $12,000 to $2,900 per tonne, affecting five million people in the sector.
- On Wednesday, Ivory Coast cut the price paid to cocoa growers by nearly 60 percent to 1,200 CFA francs a kilo, Agriculture Minister Bruno Kone announced.
- After soaring to $12,000 per tonne, global cocoa market prices collapsed to $2,900 this year, leaving Ivorian domestic prices far above international levels.
- President Alassane Ouattara previously set a record price of 2,800 CFA francs a kilo in October, and the Coffee Cocoa Council bought 64,000 tonnes last week at that price.
- The move came a month earlier than normal, following Ghana's mid-February cut, as exporters delayed purchases and buyers offered lower prices in recent months, officials said.
- The cocoa sector accounts for 14 percent of the economy, and trade unionist Yao Yao warned that some farmers still haven't received payments, highlighting hardship for around five million people dependent on it.
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Ivory Coast cuts cocoa producer price by nearly 60 percent: govt
Ivory Coast, the world's leading cocoa producer, on Wednesday cut the price paid to its growers by nearly 60 percent, the government said, to try to address a sales slump affecting the sector.
·Cherokee County, United States
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The price of cocoa from Ivorian planters was lowered on 4 March by the Ivorian government to 1,200 CFA francs per kilo in an attempt to respond to the fall in world prices and the overstocking crisis.
Coverage Details
Total News Sources21
Leaning Left4Leaning Right2Center3Last UpdatedBias Distribution45% Left
Bias Distribution
- 45% of the sources lean Left
45% Left
L 45%
C 33%
R 22%
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