Ivory Coast cocoa farmers and exporters believe the lower-than-expected price the world's top exporter fixed for their beans this season could fuel smuggling to its neighbours, where the crop can fetch higher prices.
The West African nation raised the fixed farmgate price buyers must pay its cocoa farmers on Saturday by 11% to 1,000 CFA francs per kg for the main crop of the season, up from 900 CFA francs/kg last season.
Cocoa futures have hit 46-year highs in recent weeks due to concerns over a supply squeeze in West Africa. Neighbour Ghana, the world's second biggest cocoa producer, CCC CEO Yves Brahima Kone has promised to intensify the fight against the smuggling of Ivorian beans to neighbouring states this season.
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