Ivory Coast, recognized as the world’s leading cocoa exporter, is poised to raise the official cocoa farmgate price to 1,500 CFA francs ($2.47) per kilogram, effective from Tuesday, up from the existing rate of 1,000 CFA. This decision follows President Allassane Ouattara’s endorsement on Saturday of a proposed price range of 1,100 to 1,200 CFA francs per kilogram, which was subsequently revised upwards after initial consideration.The surge in cocoa prices, which have more than tripled in the past year due to disease outbreaks and adverse weather conditions, has led to a sustained deficit in the global market. However, Ivory Coast, a leading cocoa producer, has yet to adjust its official farmgate price to reflect these market dynamics.Notable industry players including Hershey (HSY.N), Nestle (NESN.S), Mondelez (MDLZ.O), and Barry Callebaut (BARN.S) are prominent purchasers of Ivorian cocoa. In 2022, Ivory Coast and Ghana jointly abstained from participating in industry deliberations in Brussels, citing a disagreement over pricing.The cocoa sector in Ivory Coast, a pivotal industry supporting the livelihoods of nearly six million people, underscores the critical socio-economic significance of cocoa production in the West African nation.