Through a televised address on Tuesday, the President of Ivory Coast, Alassane Ouattara affirmed his country’s support to stick to a deal with Ghana to coordinate the prices of cocoa. Starting from the 2020-2021 crops, cocoa will be sold at $2,600 per tonne.

The two West African neighbours joined forces in June to impose a floor price of $2,600 per tonne and a live income differential (LID) of $400 per tonne. Read more about the price agreement on Ventures Africa

“We will raise the cocoa price on Oct. 1. We will not sell the 2020-21 crop for below $2,600 per tonne,” Ouattara said in the televised address.

He also revealed that he wanted the guaranteed price for farmers to return to 2015 levels of 1,000 CFA francs per kilogramme from the current level of 750 CFA francs.

Read more on Reuters

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