https://en.sputniknews.africa/20240331/cote-divoire-to-hike-cocoa-selling-price-by-half-reports-say-1065856822.html
Cote d'Ivoire to Hike Cocoa Selling Price by Half, Reports Say
Cote d'Ivoire to Hike Cocoa Selling Price by Half, Reports Say
Sputnik Africa
The price of cocoa beans, which has been rising steadily for the past two years, reached unprecedented highs in March, surpassing the $10,000 per tonne mark... 31.03.2024, Sputnik Africa
2024-03-31T17:45+0200
2024-03-31T17:45+0200
2024-03-31T17:54+0200
sub-saharan africa
cote d'ivoire (ivory coast)
west africa
ghana
cocoa
economy
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Ivorian President Alassane Ouattara will raise the official price of cocoa from the current 1,000 CFA francs ($1.65) to 1,500 CFA francs ($2.47) per kilogram on Tuesday, sources in the export companies told the media.The president had approved a price proposal of 1,100-1,200 CFA francs per kilogram earlier in the day but later changed his mind and asked for an even higher price, the sources added.The president's decision comes amid a historic spike in cocoa bean prices due to low crop yields in West Africa, where about 70% of the world's cocoa is grown.The low harvests are caused by the El Niño weather phenomenon, an excess of average sea surface temperature in the Pacific Ocean that affects global climatic conditions, causing higher temperatures and heavy rains in the region.The International Cocoa Organization cited "unseasonal heavy rains" as the main reason for the deterioration in cocoa supplies late last year, noting that these heavy rains led to the spread of a fungal infection called "black pod disease."In particular, according to the organization, there has been a shortage of supply from key producers in Côte d'Ivoire and Ghana, which has led to a 28% and 35% drop, respectively, in arrivals at these countries' ports compared to the previous season.
https://en.sputniknews.africa/20240331/what-caused-price-of-cocoa-beans-to-rise-and-what-can-it-lead-to-1065850356.html
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cote d'ivoire (ivory coast), west africa, ghana, cocoa, economy, trade
cote d'ivoire (ivory coast), west africa, ghana, cocoa, economy, trade
Cote d'Ivoire to Hike Cocoa Selling Price by Half, Reports Say
17:45 31.03.2024 (Updated: 17:54 31.03.2024) The price of cocoa beans, which has been rising steadily for the past two years, reached unprecedented highs in March, surpassing the $10,000 per tonne mark for the first time in history and increasing 2.4 times since the beginning of the year.
Ivorian President Alassane Ouattara will raise the official price of cocoa from the current 1,000 CFA francs ($1.65) to 1,500 CFA francs ($2.47) per kilogram on Tuesday, sources in the export companies told the media.
The president had approved a price proposal of 1,100-1,200 CFA francs per kilogram earlier in the day but later changed his mind and asked for an even higher price, the sources added.
The president's decision comes amid
a historic spike in cocoa bean prices due to low crop yields in West Africa, where about 70% of the world's cocoa is grown.
The low harvests are caused by the El Niño weather phenomenon, an excess of average sea surface temperature in the Pacific Ocean that affects global climatic conditions, causing higher temperatures and heavy rains in the region.
The International Cocoa Organization cited "unseasonal heavy rains" as the main reason for the deterioration in cocoa supplies late last year, noting that these heavy rains led to the spread of a fungal infection called "black pod disease."
In particular, according to the organization, there
has been a shortage of supply from key producers in Côte d'Ivoire and Ghana, which has led to a 28% and 35% drop, respectively, in arrivals at these countries' ports compared to the previous season.
