Ivory Coast Accelerates Cocoa Mid-Crop Season to Tackle Surplus
Ivory Coast plans to advance its cocoa mid-crop season, enabling a reduction in prices paid to farmers. This initiative aims to manage the excess cocoa stock, worsened by falling global prices. The new mid-crop classification will see lowered payments to farmers, addressing unsold stock issues.
In a significant move, Ivory Coast is set to advance the start of its cocoa mid-crop season for the first time, according to sources from the government and regulatory bodies. The decision aims to address an overstock crisis precipitated by falling global cocoa prices.
By reclassifying cocoa produced next month as mid-crop, the country plans to reduce the payment to farmers, offering between 800 and 1,000 CFA francs per kilogram, drastically less than the main crop price of 2,800 CFA francs. This initiative is seen as critical in ensuring the competitiveness of Ivorian cocoa on the global market.
With unsold cocoa bags mounting both inland and at ports, the strategic adjustment in pricing is expected to boost sales, helping the world's largest cocoa producer stabilize its market position and manage the excess inventory effectively.
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