According to reports, the country’s regulatory body Conseil du Café-Cacao (CCC), is considering increasing its farmgate price to 11.11% from 1,800 FCFA per kilogram for the 2024-2025 main crop season to 2,000 FCFA ($3.18) from 1 April in time for the mid-crop season.
Anthony Aidoo
Still, reports from the country claim farmers are pushing for an increase of 2,500 to 3,000 FCFA per kilogram to compete with other countries, including Ghana, Cameroon, and Nigeria.
Koné accused of 'embezzlement'
The pricing question comes after Yves Brahima Koné, Director General of the Coffee-Cocoa Council, was accused of "embezzlement" by Bilé Bilé, the president of the National Coordination of the Agricultural World of Cote d'Ivoire (CNMA-CI).
According to apanews.net, the CNMA-CI council filed a complaint against Koné in the Ivorian courts earlier this year. The complaint includes four charges and requires an audit of the funds allocated to producers.
“The CNMA-CI complaint has denounced poor management of the Rural Investment Fund (FIMR), which was set up since the creation of the sector. This fund, taken from the coffee-cocoa pair, aims to finance, among other things, bush bagging, phytosanitary products, and the maintenance of village roads.”
The CCC has so far failed to respond to a request for comment from cocoaradar.com.
Cote d’Ivoire is the world’s leading cocoa producer. Still, unfavourable weather has hit production, pushing cocoa prices above the guaranteed price for exporters and grinders that the CCC sets.
In another setback for the CCC, according to a report on the business website brecorder.com, cocoa traders are seeking to reallocate fixed-price contracts with their main clients, including Barry Callebaut and Olam, as a surge in bean prices has left them at risk of selling at a loss, their trade association said.
“An official from the domestic trade association GNI said Barry Callebaut was refusing to pay more than the CCC price, meaning the traders could not afford to fulfill contracts to supply it with 45,000 metric tons of cocoa,” according to the report.
The traders said they had no choice but to overpay to secure cocoa beans in the current climate of skyrocketing prices, a supply deficit, and strong demand from the market.
Neither the regulator CCC, Barry Callebaut nor Olam has commented on these developments.
Cocoa prices rise
Cocoa prices have increased +5% (vs w-1), following a 10% drop at the beginning of this month.
A market analyst told cocoaradar.com: “The industry mainly worries about weakened demand, limited cash flow, and improved weather conditions. Despite these concerns, low global cocoa inventories continue to pose a significant challenge for supply stocks.”
In its Market Report for January 2024, the ICCO said despite the challenges facing the cocoa market, global cocoa production is anticipated to increase more than during the previous season, while demand is expected to reduce.
The Report asked the question: “While the mid-crop in Cote d’Ivoire is envisaged to be lower than expected, will the mid-crop output from other countries offset this loss?”
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