Cote d’Ivoire President Alassane Ouattara is expected to announce an increase in the official cocoa farmgate price to 1,500 CFA francs ($2.47) per kg from the current 1,000 CFA, as reported by sources from five different export companies.

These sources, who preferred to remain anonymous due to the sensitivity of the matter, told Reuters that this decision was made during a government meeting on Saturday.

Initially, President Ouattara had approved a proposal for a price ranging between 1,100 and 1,200 CFA francs per kg. However, he later revised this decision, opting for a higher price.

The government and the Coffee and Cocoa Council (CCC), the cocoa regulator, were unavailable for comment on Sunday.

Despite a significant increase in global cocoa prices due to disease and adverse weather conditions leading to a market deficit, the official farmgate price in Ivory Coast, a major cocoa producer, has not reflected this surge.