World: Cocoa price begins to hit historical highs

Published 2024년 11월 1일

Tridge summary

The governments of Côte d'Ivoire and Ghana, the world's largest cocoa producers, have increased the purchase price from farmers to new historic highs due to a global drop in production, the biggest in the last 60 years, caused by climate change in West Africa. The price of cocoa has risen sharply throughout 2023, surpassing $10,000 per ton on the New York futures market, and is expected to stabilize at 7800 due to improved production expectations for the 2024-25 harvest. Large chocolate manufacturers are trying to avoid passing on the increase in costs to prices by using less cocoa in manufacturing and increasing the proportion of other ingredients.

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Original content

In the new agricultural campaign that is now beginning, the governments of Côte d'Ivoire and Ghana, the world's largest cocoa producers, have decided to once again raise the purchase price from farmers to new historic highs. The rise in prices is due to the global drop in production, “the biggest in the last 60 years”, according to the International Cocoa Organization (ICCO), a result of climate change in West Africa. In October, in an unprecedented decision, the Government of Côte d'Ivoire, the world's largest cocoa producer, decided to increase the purchase price from farmers by 20%, rising to 1800 CFA francs (about 191 meticais) per kilo, thus beating , once again, the all-time high. The increase is even more significant if we consider that, at the end of 2023, the price was “only” one thousand CFA francs (106 meticais) per kilo. Remember that in Côte d'Ivoire, the purchase price is fixed in advance by the State at the beginning of each agricultural season. Therefore, the price ...

Source: Diarioeconomico