The purchase price of cocoa from planters in Ivory Coast, the world's largest producer, has been set at 2,800 CFA francs (4.26 euros) per kilo for the main harvest, a record amount given the high global prices, Ivorian President Alassane Ouattara announced on Wednesday.

Ivory Coast, where a presidential election will be held on October 25 in which Mr. Ouattara is a candidate, seeking a fourth term, sells its cocoa beans in advance and the purchase price is set by the State.

It is therefore less sensitive to market fluctuations - both upwards and downwards - than in other countries, such as Cameroon, a more modest producer, where the system is liberalized.

In April in Ivory Coast, the price was set at 2,200 CFA francs (3.35 euros) per kilo for the mid-harvest, after a record rise in world prices in 2024.

"I am announcing that for the 2025-2026 marketing year, the guaranteed farm gate price for well-dried and well-sorted cocoa is set at 2,800 CFA francs," or 4.26 euros, Alassane Ouattara declared in Abidjan, during a ceremony dedicated to this announcement at the Parc des Expositions.

Furthermore, the price of "coffee is 1,700 francs per kilogram," or 2.59 euros, he added.

"We are very happy, producers have been suffering for years," Edmond M'Bra, a producer in the center of the country, told AFP.

"We can send our children to school and sleep peacefully," said Berlem Oumarou, a producer in the south.

In London, a tonne of cocoa for delivery in December was worth 4,872 pounds on Friday, and 6,921 dollars in New York.

Ivorian cocoa represents approximately 40% of global production (more than 2 million tonnes) and 14% of the gross domestic product (GDP) of this West African country.

This crop accounts for 1 million jobs and supports 5 million people, according to the government.