The latest news, trends, analysis, interviews and podcasts from the global food and beverage industry

The Ivory Coast has increased the official cocoa farmgate price to CFA 1,500 (approx. $2.46) per kg, a 50% increase on the previous price of CFA 1,000 (approx. $1.64). The country’s Minister of Agriculture and Rural Development, Kobenan Kouassi Adjoumani, announced the increase yesterday (2 April 2024). This latest development comes amid reports of a ‘global chocolate crisis,’ with cocoa prices seeing an unprecedented surge over the last year. Several factors have led to cocoa bean shortages in West Africa – responsible for the majority of the world’s cocoa cultivation – including crop disease and adverse weather conditions, leading to a significant decrease in crop quality and production. Last month, it was reported that major cocoa plants in the Ivory Coast and Ghana had halted processing due to financial constraints in buying beans following the shortages, alongside chocolate manufacturers raising prices for consumers due to three consecutive years of low cocoa harvests in the two countries. While cocoa prices have tripled within the last 12 months, these record highs had not been reflected in the Ivory Coast’s official farmgate price that farmers can charge for their beans. Reuters reported that the Ivory Coast’s president, Alassane Ouattara, had previously validated a proposal for a price of between CFA 1,100 and 1,200 per kg – but had revised this and agreed on the higher price of 1,500 during a government meeting last Saturday. An anonymous source told Reuters that this was the “best possible price” that can currently be achieved for farmers due to difficulties in the Ivory Coast’s system of changing prices during the season. You might also like to read:

1. Opinion: Rising cocoa and sugar prices – cost of chocolate likely to increase ahead of Easter

2. Nestlé teams up with suppliers to support cocoa farming sustainability

3. EU set to ban products made with forced labour