Côte d’Ivoire is expected to raise the minimum cocoa purchase price for the new campaign that opens early next week. Sources close to the industry have told Bloomberg that the new price should oscillate between 750 and 800 CFA per kilogram, around 1.2 euros.
This trend, in comparison with the 700 CFA francs fixed during the campaign which is ending, is explained by a slight improvement of prices on the world market. But we are still far from the 1,100 CFA francs set during the 2016-2017 campaign, when prices had reached record levels before collapsing at the end of 2016.
The announcement of the opening of the campaign should be made concomitantly with neighboring Ghana with whom Abidjan intends to conduct a common cocoa policy. And with the upward revision of the price on the field, Côte d’Ivoire hopes to limit the gap usually observed with the purchase prices charged to its neighbor, a situation that fuels contraband. But also in a campaign context for local elections scheduled for October 13, this prize is also a nod to the Ivorian peasants, a coveted electorate of all time.
