Xavier Radio Ug News 24 7
Ivory Coast will announce the fixed price cocoa farmers will get for the mid-crop by the month’s end, the agriculture minister said, earlier than usual as the country comes under pressure to slash farmer prices amid a world market price slump.
The world’s top cocoa grower usually announces the mid-crop price in late March or early April, not in late February.
“In a few days, before the end of the month, there will be announcements made by the government,” Bruno Nabagne Kone told reporters on the sidelines of the annual Paris agricultural show on Monday.
“(The announcements) will be about a number of things, including price,” he said, referring to the upcoming mid-crop, which runs from April to September.
After nearly tripling to record highs in late 2024, world cocoa price futures have plunged more than 70% amid tumbling demand from chocolate makers and abundant crops the world over.
Ivorian government sources told Reuters last week the country is considering cutting its fixed farmer price to align with Ghana, which earlier this month slashed its farmer prices by around a third.
Government spokesman Amadou Coulibaly, speaking to reporters alongside Nabagne Kone, said the Ivory Coast will be able to better deal with world price fluctuations going forward, as it has, for the first time, developed the capacity to store cocoa while also increasing its local processing capacity.
In late January, the Ivory Coast pledged to buy 100,000 metric tons of cocoa that had been piling up inland and at ports after sales to international traders all but ground to a halt amid high farmer prices and plunging world prices.
“We had first of all to ease the pressure on the producers,” said Coulibaly.
Ivory Coast set its farmer price at about $5 000 a metric ton last October, while world futures prices are currently trading at around $3 100 per ton.
www.sabcnews.com, https://www.sabcnews.com/sabcnews/ivory-coast-to-announce-cocoa-mid-crop-price-by-month-end/
