Ivory Coast to Increase Cocoa Farmers' Pay
- Minimum price to be set between 750 CFA francs and 800 francs
- Increase to follow recovery in global cocoa futures prices
Photographer: SIA KAMBOU/AFP/Getty Images
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Ivory Coast is set to raise the minimum pay for cocoa farmers for the first time in two years after a recovery in global prices, according to three people familiar with the matter.
The world’s top cocoa grower will increase the so-called farmgate price to between 750 CFA francs ($1.34) and 800 francs per kilogram for the bigger of the two annual harvests that begins next week, said the people, who asked not to be identified because they’re not authorized to speak publicly about the matter. Minimum pay was 700 francs per kilogram for last main crop.