Ivory Coast Raises Cocoa Farmgate Price to $3,060 per Ton, Surpassing Ghana’s Rate of $3,039

Ivory Coast, the world's largest cocoa producer, raised its farmgate cocoa price by 20% to 1,800 CFA francs ($3.06) per kilogram for the 2024-25 season, surpassing Ghana's $3,039 per ton rate.

The price hike aims to curb smuggling to neighboring countries offering higher prices. Despite higher prices, illegal exports are expected to continue.

Global cocoa futures hit a high of $11,000 per ton earlier in 2024 due to poor harvests but have since fallen to around $7,700. Both Ivory Coast and Ghana's pricing systems prevent farmers from fully benefiting from global market surges.