Ivory Coast cuts cocoa farmgate price by nearly 60% amid global market slump 

IVORY COAST – Ivory Coast, the world’s leading cocoa producer, has reduced the price paid to cocoa farmers by nearly 60 percent as the government moves to address a sharp decline in global cocoa prices and a growing sales slowdown in the sector. 

The new farmgate price has been set at 1,200 CFA francs per kilogram (US$2), according to Agriculture Minister Bruno Koné. The price adjustment comes months after authorities set a record farmgate price of 2,800 CFA francs per kilogram in October 2025. 

“The price of cocoa on the international market is forcing us to make an adjustment,” Koné said while announcing the revised rate. 

The Ivorian government sets the price paid to cocoa farmers twice a year, but the latest announcement was made about a month earlier than usual as authorities respond to market pressures.  

Cocoa plays a critical role in the country’s economy, contributing around 14 percent of national gross domestic product and supporting the livelihoods of about five million people. 

Global cocoa prices surged dramatically in 2024, reaching about US$12,000 per tonne before declining through 2025 and falling sharply this year.  

The price currently stands at about $2,900 per tonne on international markets, leaving the previous Ivorian farmgate price significantly higher than prevailing global levels. 

“We would all have liked a better price, but you have all followed the trend in the international price,” Koné said. 

The mismatch between domestic producer prices and global market prices had slowed export activity in recent months. Exporters delayed purchases while some international buyers offered lower prices for faster payment terms, creating a backlog of unsold cocoa in the country. 

To support farmers facing the impact of the slowdown, the country’s cocoa regulator, the Coffee and Cocoa Council, announced earlier this year that it would purchase tens of thousands of tonnes of cocoa at the previous record price. Koné said in an interview with Radio France Internationale that about 64,000 tonnes had been purchased so far. 

Export figures also indicate a slowdown in shipments. According to government officials and sources at the Coffee and Cocoa Council, raw cocoa bean exports from Ivory Coast reached 1.011 million metric tonnes by February 20.  

The volume was slightly below the 1.040 million metric tonnes recorded during the same period last year. 

The price reduction follows a similar move by Ghana, which recently lowered its cocoa producer price to GH¢41,392 per tonne, or GH¢2,587 per bag, for the remainder of the 2025–2026 crop season. 

Ivory Coast and Ghana together account for roughly half of global cocoa production. 

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