August 6, 2019 / 9:39 PM / 4 months ago

Ivory Coast president affirms commitment to $2,600/T cocoa floor price

ABIDJAN, Aug 6 (Reuters) - Ivory Coast and Ghana will not sell cocoa from the 2020-21 crop for less than $2,600 per tonne, Ivorian President Alassane Ouattara said on Tuesday, affirming his country’s resolve to stick to a deal with Ghana to coordinate prices.

The two West African neighbours joined forces in June to impose a floor price for cocoa of $2,600 per tonne and a live income differential (LID) of $400 per tonne.

“We will not sell the 2020-21 crop for below $2,600 per tonne,” Ouattara said in a televised address.

He also said he wanted the guaranteed price for farmers to return to 2015 levels of 1,000 CFA francs per kilogramme from the current level of 750 CFA francs.

“We will raise the cocoa price on Oct. 1,” he said, in reference to this farmgate price. (Reporting by Loucoumane Coulibaly; writing by Alessandra Prentice; Editing by Sonya Hepinstall)

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