On Monday, the Ivorian Agriculture Minister announced that the farmgate price for cocoa—the main crop—will now be set at 1,800 CFA francs (about $3.09) per kilogram, up from 1,000 CFA francs.

However, this increase has not satisfied the local association of coffee and cocoa producers. They have been urging President Alassane Ouattara's government to honor its promise to set the purchase price for coffee and cocoa at 60% of the CIF price. (CIF stands for Cost, Insurance, and Freight, which is the cost of goods delivered to the border of the importing country.)

Minister Kobenan Kouassi Adjoumani noted that the 2023/24 season saw a 25% decline in cocoa production in West Africa. This production drop contributed to a significant surge in cocoa prices on the futures exchange, with prices reaching an all-time high of over US$10,000 per ton in the first quarter of this year.

Ivorian producers maintain that if the 60% CIF rule were enforced, the farmgate price should be at least 5,000 CFA francs per kilogram. It is important to remember that Côte d'Ivoire is the world's largest cocoa producer.