NewsWest AfricaCote d'Ivoire to set 2015 cocoa farmer price

Tue,21Nov2017

Posted on Thursday, 01 October 2015 09:36

Cote d'Ivoire to set 2015 cocoa farmer price

By Ange Aboa

File photo©ReutersTop cocoa grower Ivory Coast will announce a minimum farmer price of 1,000 CFA francs ($1.70) per kilogram at the opening of the 2015/16 marketing season on Thursday, an economic adviser to President Alassane Ouattara said.

"The price this year is 1,000 francs. The president wants to give a gift to the farmers who have built this country since its independence," the adviser told Reuters ahead of a cabinet meeting in the capital Yamoussoukro.

The president wants to give a gift to the farmers who have built this country since its independence

The new cocoa season was due to open with a ceremony led by President Ouattara on Thursday.

Ivory Coast sets a minimum guaranteed farmgate price based upon the average price received from forward sales of its anticipated cocoa crop.

The West African nation has benefited from rising cocoa prices that have bucked a downward trend in global commodities prices.

The farmgate price has risen in each season since Ivory Coast abandoned a system of spot buying and introduced the forward sales scheme during the 2011/12 season.

Finance ministry sources said about 1.3 million tonnes of the 2015/2016 harvest had already been sold by mid-July. 



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