UPDATE 1-Ivory Coast raises cocoa farmgate price by 20% for 2024/25 main crop

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ABIDJAN, Sept 30 (Reuters) – Ivory Coast has raised the fixed farmgate price paid to cocoa farmers by 20% to 1,800 CFA francs ($3.09) per kg for the main crop of the new season, the West African country’s agriculture minister said on Monday.

The world’s top cocoa grower will begin its 2024/25 cocoa season on Oct. 1.

Agriculture minister Kobenan Kouassi Adjoumani said the 2023/24 season was marked by a 25% drop in cocoa production in West Africa, including Ivory Coast.

A similar price increase has been implemented in Ghana because the two largest cocoa producers coordinate farmgate prices and supplies to help sustain the sector and boost farmer incomes.

In early September, Ghana raised its farmgate price by nearly 45% to 48,000 cedis ($3,043.75) per metric ton.

The government has also increased the guaranteed minimum price for coffee farmers to 1,500 CFA francs ($2.57) per kg from 900 CFA francs last season to encourage production, the minister said. ($1 = 582.7500 CFA francs) ($1 = 15.7700 Ghanian cedi) (Reporting by by Ange Aboa Writing by Anait Miridzhanian Editing by David Goodman)

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