Government says falling international prices and a global oversupply have forced a sharp cut, raising concerns for millions who depend on cocoa for their livelihoods….
The government of Côte d’Ivoire, the world’s largest cocoa producer, has announced a dramatic reduction in the price paid to cocoa farmers, cutting the rate by nearly 60 percent in response to a downturn in global market prices.
The announcement was made on Wednesday by Agriculture Minister Bruno Koné, who said the adjustment was unavoidable as international cocoa prices continue to decline amid an oversupply in the market.
Under the new pricing structure, cocoa growers will now receive 1,200 CFA francs per kilogram, down sharply from the 2,800 CFA francs per kilogram set in October last year.
According to the minister, the decision reflects the changing dynamics of the global cocoa trade.
“The price of cocoa on the international market is forcing us to make an adjustment,” Koné said while addressing stakeholders in the sector.
In Ivory Coast, the government determines the official farmgate price for cocoa twice each year. However, this latest announcement came about a month earlier than usual, underscoring the urgency created by the current market conditions.
The cocoa sector remains a pillar of the Ivorian economy, contributing roughly 14 percent of the country’s gross domestic product. An estimated five million people including farmers, laborers, traders, and transporters rely directly or indirectly on the crop for their livelihoods.
The steep price cut marks a sharp reversal from the optimism seen just months ago.
In October, authorities announced the record-high price of 2,800 CFA francs per kilogram, a move that came shortly before a presidential election that saw incumbent leader Alassane Ouattara secure another term in office.
At the time, global cocoa prices were soaring following supply shortages and adverse weather conditions affecting harvests across West Africa.
But the market has since shifted.
After peaking in 2024 and beginning to soften in 2025, cocoa prices have fallen significantly in 2026, leaving Ivorian cocoa priced well above prevailing international rates. Officials say the adjustment was necessary to prevent the country’s cocoa from becoming uncompetitive in global markets.
Despite acknowledging the disappointment the move could bring to farmers, the government insists the decision reflects unavoidable global realities.
“We would all have liked a better price,” Koné said, noting that producers themselves have witnessed the downward trend in international cocoa prices.
For many growers across the country’s cocoa-producing regions, however, the sharp drop in income could prove challenging as they navigate an increasingly volatile global market.
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