Ivory Coast, the world’s largest producer of cocoa, has set a new record high price for the crop at around 2.7 euros per kilo for the next growing season. This decision comes as a response to a long period of erratic weather in West Africa, which has led to a reduction in output and a significant increase in global wholesale prices.
The price of cocoa has nearly tripled from a year ago, reflecting the impact of the adverse weather conditions on production levels. This rise in price is expected to benefit Ivorian farmers, who rely on cocoa as a major source of income.
The Ivorian government’s decision to set a record high price for cocoa demonstrates their commitment to supporting the country’s vital agricultural sector. Cocoa is a key export commodity for Ivory Coast, and any fluctuations in its price can have a significant impact on the country’s economy.
As global demand for cocoa and chocolate products continues to rise, the Ivorian government’s efforts to stabilize and increase the price of cocoa are crucial in ensuring the sustainability of the industry. This move will not only benefit local farmers but also help to maintain Ivory Coast’s position as a leading producer of cocoa in the world.
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Video “Ivory Coast sets cacao price at record high • FRANCE 24 English” was uploaded on 10/03/2024 to Youtube Channel FRANCE 24 English