The Ivorian government has raised the mid-season farmgate price for cocoa beans to 2,200 CFA francs (3.63 U.S. dollars) per kilogram. The price hike took effect as the mid-season began on Wednesday, aiming to help farmers benefit from rising global cocoa prices.
Cote d’Ivoire, the world’s largest cocoa producer, has two annual harvests. The main season runs from October to March, while the mid-season lasts from April to September. Typically, mid-season prices are lower due to drier conditions that cause cocoa beans to shrink, reducing their value.
In October, the government set the main season price at 1,800 CFA francs (2.97 dollars) per kilogram. However, with international prices surging, officials increased the mid-season rate to improve farmer earnings. Minister of Agriculture, Rural Development, and Food Production, Kobenan Kouassi Adjoumani, announced the adjustment, emphasizing the government’s commitment to supporting cocoa producers.
Over the past year, the farmgate price has steadily increased. It rose from 1,000 CFA francs (1.65 dollars) per kilogram in October 2023 to 1,500 CFA francs (2.47 dollars) in April 2024, before reaching 1,800 CFA francs (2.97 dollars) in October 2024. These changes aim to stabilize cocoa farmers’ incomes and protect them from economic uncertainty.
To further shield producers from price fluctuations, Cote d’Ivoire has adopted an advance sales system. This policy ensures a fixed farmgate price throughout the season, providing farmers with predictable earnings and reducing financial risks.
Cote d’Ivoire accounts for nearly 45/percent of the world’s cocoa production, yielding over 2 million tons annually. The cocoa industry is vital to the national economy, contributing about 15/percent of GDP and nearly 40/percent of export revenue. As global demand for cocoa grows, the latest price adjustment is expected to strengthen the sector and improve farmers’ financial stability.