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Ivory Coast Raises Cocoa Price By 50% As World Market Price Reaches Record High
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- Опубликовано: 14 авг 2024
- Ivory Coast Raises Cocoa Price By 50% As World Market Price Reaches Record High - There is no denying that cocoa, the key ingredient in our favourite chocolate and many beverages, is an incredibly important global commodity. West Africa dominates cocoa production, with Ivory Coast and Ghana being the world's leading producers. These countries cultivate a massive portion of the world's cocoa supply, making chocolate, a timeless and beloved treat, possible across the globe. However, all is not well in the cocoa world lately, as Ivory Coast, the world's leading producer of cocoa, has announced that it is raising prices for this precious global commodity by 50% in line with global market price hikes. Why is Ivory Coast deciding to raise the price of its cocoa? What factors have led to the global increase in cocoa prices? What effects will continuous increases in the price of cocoa have on consumers of chocolate? And can leading cocoa producers live Ivory Coast and Ghana take advantage of these price hikes? In today's video, we will offer deep insights into these questions and many more. Before we dive into our topic today, if you haven't already, please consider subscribing to our channels and ringing the bell to be notified about all our exciting future videos.
According to sources at five different export companies, Ivory Coast's President Alassane Ouattara will raise the official cocoa farmgate price to 1,500 CFA francs or $2.47 per kilogram, up from the current price of 1,000 CFA francs or $1.65 from Tuesday, April 2nd, 2024. The sources, who sought anonymity due to the sensitive nature of the matter, said they were referring to a decision made at a cabinet meeting on Saturday, March 30th, 2024. These sources claim that earlier that day, Ouattara had approved a proposal for a price ranging from 1,100 to 1,200 CFA francs per kilogram before changing his mind and requesting an even higher price. Because he judged the world market situation to be exceptional and wanted an exceptional reaction also. “There were several proposals on the table and as a last resort, the president wanted the highest possible price for the producers so he decided 1,500 CFA per kg instead of 1,200 CFA, which had been validated previously,” the director of a European export company told media outlets.
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These African cocoa-producing nations should each create a Sovereign wealth fund; each nation putting up a stake of $10-$50Million for their nation's fund. Then, create a chocolate "OPEC" for the world or just African nations to determine and "SET" global chocolate prices and markets. Make the product just like any other commodity, like pork bellies or coffee. As a matter of fact since most chocolate producing countries produce coffee as well this organization could set market prices for both. As the organization grows, it could help stimulate growth in the industry by investing in the companies that help market chocolate all over the world. Which, would help enrich them, in turn.
Hello say it louder
WHY have they not abandoned selling the cocoa and making the chocolate themselves is beyond me--at this point, you literally hijack the business of those making the chocolate
but these leaders are lacking in vision. its shameful
Won't work. They don't have the infrastructure to take over the market. They don't even have enough freezers to store the Chocolate
@@randyeduo that would require sufficient milk and sugar + other ingredients. Cocoa is only the source of two of the ingredients of the end product.
@@randyeduo Because it does not make sense. Do you want all variations of chocolate products to be produced where the cocoa is produced? That’s absurd.
Deserving even more 🙏🏿
Great news .. about time! Africa rising!
As for me getting stopped eating chocolate a few months back, this doesn't affect me at all.
MAKE AFRICA GREAT.,!
looks like i wont be buying anymore chocolate. haha. once you lose a customer, you lose them for life. enjoy bankruptcy.
@@BobRooney290 Who care about you Bob Rooney 290 hmm.
Nationalize the cocoa bean and add it's value to your currency..... The OPEC for cocoa and coffee, and tea sounds like a very good idea and ensuring a stipend for the people of Ivory coast / Africa to benefit financially from the global trade....
1 $ per kilo is still very low
The video said It was raised from 1$ to 2.5$... t
@@spuknicjones9531 ok good. But still low. The post-colonial chocolate factories must face a lower return on their products now. I’d say a kilo of good quality cacau beans should cost 10-20$ from the farms.
@@spuknicjones9531is that the going rate around the world?
Good move Ivory Coast. This helps your brother cocoa growers in the Pacific as well.
As long as farmers in ivory coast and Ghana benefit directly to the price hikes then it's good because they have been exploited by the industry for a very long time indeed.
Good move, the rest of the world been getting rich, grab your piece of the pie! ❤❤❤AFRICA❤❤
Glorious News! About time for fair market prices
Good!👏🏽👏🏽👏🏽👏🏽👏🏽
I love my cocoa n coffee, the increase needs to go to farmers
Yes
Mon pays ❤let’s goo Africa United
Mon ami(e)❤
Well done .
In Indonesia 🇮🇩 already $5 per kilo ❤😂🎉😅😊
I know right? I thought 50% what kinda joke is that? This man has no idea how much people love chocolate?
Good it's about time. Whosoever wants it will pay the full price or grow their own.
Good for the Farmers. Fammers are the ones Most of the Time NOT being Heard.
These manufacturers must be made to also provide jobs for locals by opening factories and do some of the processing locally before it is shipped abroad.
Nice, your product your price
It may be a record high but it is still a very low one
Tell companies to open up factories in Ghana if they need a discount, or started creating your own chocolate products to take their market share.
Go a step further, process the cocoa and get better benefit
The Government in Ghana is not helping us the cocoa farmers at all.
Why not?
Cocoa currently sells in Cameroon for more than 5000 frs per kg. This is because the market has been liberalised.
Good I need to cut back on chocolate anyway
I think Every Coast is about to ganhe dollar reserves to create evorian currency to be stabilized after Senegal clashed with France. All ecowas members must be ready to create them own currency because France going to be dismantled in Africa,its sad but it necessary for Africa development...
🙌🏾👏🏾👏🏾👏🏾🥰
Very good. Stop being a doormat. It’s still not enough. Should be according to the real world market.
Hahahahah they are not playing, they want their money they been under priced for years now time to catch up
The Price should be trippled for colonizer countries.
I commend puppets for trying to break the strings from their master. But get out of the way and let the young people take the wheel. It is time!
they lack vision, they can put these chocolate makers out of business by gradually making the chocolate themselves and eventually stop the selling of the cocoa, period
the lack of vision is a gad dam shame
It's funny that they can't make chocolate themselfs
Why would France willingly stop milking them for money
It's about time...but have a back bone...don't buckle, we're the only source
I wish that were true but I'm very certain this was April Fool 😂
Awesome!❤
THE UNIVERSE HAVE SPOKEN...CHARGE MORE PASS THE WORD @The New Africa Channel
Ghanas cocoa is of far better than quality than Ivory Coast......................
Stop division!!!!! It’s African Cocoa
How explain to us ?
@@1001Balance Ghana is Still a better country that governs itself and has a bigger GDP than IC, a slave country working for the FRENCH government.