The cost of Fairtrade cocoa will rise in January, certification body Fairtrade Labelling Organizations International (FLO) has announced.

From 1 January, the “Fairtrade Minimum Price” – a floor which buyers must always pay – will rise to US$2,000 a metric tonne.

The New Year will also see cocoa farmers earn US$200 in a “Fairtrade Premium” for every metric tonne of the ingredient they sell – up from $150 a tonne. The “premium” is added to the market price to enable farmers to invest in their farms or social projects.

“Many cocoa farmers around the world don’t have enough money for their families’ basic needs – let alone to invest in new younger cocoa trees which can be their solution to a sustainable income from their cocoa farms for decades to come,” said Rob Cameron, the FLO’s chief executive. “With this higher Fairtrade income, cocoa farmers will get much needed funds to invest in farm improvements and their children’s education.”

Kuapa Kokoo, Ghana’s largest Fairtrade cocoa co-operative and owner of 45% of UK Fairtrade chocolate maker Divine Chocolate, welcomed the news.

“This is very good news for farmers,” said executive director Emmanuel Kwabena Arthur. “Now the farmers can do so many things with this money. They can be seen by doctors, invest in schools and help their communities. More farmers will have more benefits.”