Jump to navigation

Côte d'Ivoire

Ministers hike cocoa bean prices by 50% to drive production

Heavy rains have cut back African production as world chocolate prices soar

Côte d'Ivoire has boosted cocoa prices by 50%, a move seen by the market as an attempt to encourage farmers to raise production hit by crop disease and poor weather. Lower harvests from Africa's top producers have pushed prices to record levels for beans and chocolate.

On 31 March, Kobenan Kouassi Adjoumani, the National Minister of State, Agriculture and Rural Development and Food Production, announced that the farm price would rise from CFA Fr1,000 ($1.64) per kilo to CFA Fr1,500 (AC Vol 64 No 23, https://www.africa-confidential.com/article/id/14709/Putting_a_LID_on_cocoa).

Cote d'Ivoire had twice its usual levels of rainfall last July prompting cocoa shipments to its ports to fall by 28.5% year-on-year in the first quarter of the 2023/2024 season.

The heavy rainfall also helped spread a rotting disease among cacao trees. The costs of falling production have been passed on to consumers in the form of higher chocolate prices.

Cote d'Ivoire accounted for about 40% of cocoa bean production last year, and remains the world's largest producer of cocoa beans. But heavier rains and crop disease in Ghana, Côte d'Ivoire and Cameroon have allowed South American producers such as Ecuador to close the gap on Africa's producers.

The International Cocoa Organisation reported a 35% fall in bean arrivals at ports in Ghana over the past year, it should barely reach 500,000 tonnes by the end of the current season. Meanwhile, cocoa production in Ecuador, the world's third-largest producer, is rising steadily and could reach 460,000 tonnes this year – close to Ghana's outurn.

Related Articles

Putting a LID on cocoa

Civil society groups are demanding that European Union lawmakers include a guarantee of minimum prices for cocoa producers in the latest agreement between the EU, Ghana, Côte...

Hot chocolate

A scalding splash has landed on the next round of talks with the International Monetary Fund and World Bank, due early next month. As he prepares to bid for a multi-billion dollar ...

Ivorian justice questioned

Crimes committed before the civil war of 2011 should be treated differently from those committed by both sides during the conflict, Côte d'Ivoire's President Alassane Dramane Ouatt...

Ouattara and son

The outgoing President has moved quickly to name his preferred heir, hoping to steal a march on his rivals and cement his legacy

The crucial first stage of the race to succeed President Alassane Ouattara ended quickly when Prime Minister Amadou Gon Coulibaly was hastily named as the candidate of the ruling R...

And then, there were two

Incumbent President Laurent Gbagbo and challenger Alassane Dramane Ouattara will vie for the top job in a second round of voting at the end of this month

Ivorians will have to wait nearly another month, until 28 November, to know the outcome of the presidential election. The first round of voting on 31 October was close and none of ...