By Ayomide Otitoju
The government of Côte d’Ivoire, the world’s largest cocoa producer, on Wednesday announced a sharp reduction in the price paid to cocoa farmers, cutting it by nearly 60 percent in response to a downturn in global demand and an oversupply in the market.
Agriculture Minister Bruno Kone said the new farmgate price would be set at 1,200 CFA francs per kilogram (about $2 or €1.82), citing falling international cocoa prices as the key reason for the adjustment.
“The price of cocoa on the international market is forcing us to make an adjustment,” Kone said.
The Ivorian government typically sets the price paid to cocoa producers twice each year. However, the latest announcement was made about a month earlier than usual.
Cocoa production plays a vital role in the West African country’s economy, accounting for about 14 percent of its gross domestic product, with an estimated five million people relying on the sector for their livelihoods.
In October, shortly before a presidential election won by Alassane Ouattara, the government raised the farmgate price to a record 2,800 CFA francs per kilogram.
However, after global cocoa prices surged in 2024 and began declining in 2025, they have dropped sharply this year, leaving Ivorian cocoa priced significantly higher than prevailing world market rates.
“We would all have liked a better price, but you have all followed the trend in the international price,” Kone said.
