Ivory Coast: Cocoa industry in limbo as prices fall

Ivory Coast Cocoa Production Challenges

Ivory Coast, recognized as the leading global cocoa producer, is currently experiencing significant challenges in its cocoa industry. As of October last year, the country has faced declining cocoa prices on the international market, resulting in reduced export activity and an accumulation of stock.

The fluctuation in cocoa prices has had a severe impact on local producers. Marty Somda, director of the Cabend cooperative, highlights the financial difficulties faced by farmers, with many unable to afford essential services such as healthcare. The disparity between the government-set cocoa prices and the actual market value has exacerbated these issues.

Cocoa prices for growers are determined biannually by the government; however, these prices may not align with global market trends. Since mid-last year, prices have decreased to approximately $5000 per tonne, compelling some growers to sell at lower rates due to financial necessity.

The Coffee and Cocoa Council, represented by Director Yves Brahima Kone, has provided assurances to producers. The council forecasts that all cocoa produced in the Ivory Coast will be purchased, aiming to stabilize the industry and support farmers.

Given that one in five individuals in the Ivory Coast relies on cocoa production for their livelihood, addressing these economic challenges is crucial for the community's well-being.

Based on reporting by Africanews.