The world's leading cocoa grower, Ivory Coast, has raised export taxes on beans and other products to exploit high world prices.

The tax on cocoa beans has been raised by 22% to 220 CFA francs (�0.20) per kilogramme.

Cocoa prices reached a 15 year high in July, and observers said the Ivory Coast's government felt it was not receiving enough revenue from its main export.

The International Monetary Fund (IMF) earlier this month urged the West African country to increase its cocoa tax, levied at a flat rate, before this year's crop goes on the market on 1 October.

Cocoa futures prices have rallied in the past weeks, with traders predicting a shortfall in supply for a third consecutive year.

Bean counters

Ivory Coast last year fixed its cocoa tax at a level equivalent to less than 20% of the world price.

Despite the tax hike, the rise in cocoa prices means that the levy equates to only about 15% of the price beans will be sold for.

Exporters said the tax rise was "reasonable" and in line with expectations.

More cocoa

Ivory Coast, which produces 44% of the world's cocoa, expects a slightly higher harvest this year of between 920,000 and 1 million tonnes.

The higher prices mean farmers can afford to buy pesticides and spray their plantations, raising prospects for yields next year.

"The coming main crop is going to be longer and it will definitely be better," said Francois Ruf, cocoa economist at the Cirad agricultural research centre in Abidjan.

"The main factor has been progress in the use of fertilisers and pesticides."