Dear chocolate getting expensive: Ivory Coast to raise cocoa farmgate price by 50pc

Cocoa prices have more than tripled over the last year as disease and adverse weather pushed the global market to a third successive deficitABIDJAN – Ivory Coast's President Alassane Ouattara will increase the official cocoa farmgate price to 1,500 CFA francs per kg from Tuesday from the current 1,000 CFA, sources at five different export companies told Reuters.

Earlier in the day, Ouattara had validated a proposal for a price of between 1,100 and 1,200 CFA francs per kg before reversing his decision and asking that the price be even higher, the sources said. "There were several proposals on the table and as a last resort the president wanted the highest possible price for the producers so he decided 1,500 CFA per kg instead of 1,200 CFA, which had been validated previously," the director of a European export company told Reuters.

Last week, the CNBC had reported that consumers could start to see the effect of surging cocoa prices as the world faces the worst supply deficit in decades, with farmers in West Africa struggling against bad weather, disease and failing trees.

پاکستان تازہ ترین خبریں, پاکستان عنوانات

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