Ivory Coast's Bold Move: Advancing Mid-Crop Cocoa Season

Ivory Coast is accelerating its cocoa mid-crop season for the first time, reducing the price paid to farmers. This move aims to address excess cocoa stocks caused by falling global prices, making Ivorian cocoa uncompetitive. The new price range is 800-1,000 CFA francs per kg.

Ivory Coast is set to start its cocoa mid-crop season early for the first time, a strategic decision to combat excess stock issues. The move involves sharply cutting the set price paid to farmers, a step aimed at boosting sales.

This initiative comes as the country, the world's largest cocoa producer, grapples with surpluses resulting from a global price slump. The decline has rendered Ivorian cocoa unaffordable, causing a backlog of cocoa beans both inland and at ports, officials disclosed.

Starting next month, cocoa will be classified as mid-crop rather than main crop. The set price for farmers will drop significantly to between 800 and 1,000 CFA francs per kg, compared to the main crop's 2,800 CFA francs.

(With inputs from agencies.)