Ivory Coast’s Coffee and Cocoa Council has seized 33 trucks transporting approximately 1,100 tonnes of smuggled cocoa beans across the border from Guinea, according to sources.
The rise in cocoa smuggling in the region follows poor harvests in both Ghana and Ivory Coast, the world’s largest and second-largest cocoa producers, according to Reuters.
The details of the seizure have been corroborated by a military source, two buyers, and three exporters, all of whom requested anonymity due to the sensitivity of the information.
This decline in production has led to a four-year supply deficit, causing global cocoa and chocolate prices to rise.
In response to these challenges, Ivory Coast has increased the fixed farmgate price for cocoa farmers by 20%, now set at 1,800 CFA francs ($3.09) per kilogram for the main crop of the new season, as announced by the country’s agriculture minister on Monday.
A similar price increase has been implemented in Ghana, reflecting coordinated efforts between the two largest cocoa producers to sustain the sector and boost farmer incomes.
In early September, Ghana raised its farmgate price by nearly 45%, now set at 48,000 cedis ($3,043.75) per metric ton.
This collaboration between Ivory Coast and Ghana aims to enhance profitability for cocoa farmers amidst ongoing challenges in production and market dynamics.
The world’s top cocoa producer, Ivory Coast, began its 2024/25 cocoa season on October 1. As of October 6, cocoa arrivals at ports totaled 13,000 tons, reflecting a significant 74% decline compared to the same period last year.
Ivory Coast’s Coffee and Cocoa Council announced last month that it successfully curbed bean hoarding in September by threatening sanctions against buyers and cooperatives.
