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Ivory Coast President Set to Increase Cocoa Price by 50%



Cocoa Price

Ivory Coast President Alassane Ouattara is set to increase the price of Cocoa in his country by a staggering 50% according to sources at five different export companies.

According to Reuters, the president will increase the official cocoa price to 1,500 CFA francs ( 2.47) per Kg from its current 1,000 CFA as of Tuesday.

The sources who preferred to stay anonymous explained that their information came from decisions made in a government meeting on Saturday.

Earlier on, President Ouattara initially proposed an increase of cocoa prices to 1,100 to 1,200 CFA per kg but after much deliberation decided to settle for something even higher.

The Director of another international export company explained that the President judged the current situation of the international cocoa market before arriving at his conclusions.

He said the exceptional situation of the global cocoa market today deserved an exceptional reaction too.

The government and the country’s Cocoa regulator, the Coffee and Cocoa Council (CCC) could not be reached for further comments on the price increase.