Ivory Coast sets new cocoa price ahead of upcoming elections

President Alassane Ouattara has announced a record-high farm gate price for cocoa, setting the cost at 2,800 CFA francs (4.26 euros) per kilogram for the upcoming main harvest, ahead of presidential election on October 25 in which Mr. Ouattara is a candidate, seeking a fourth term.

In Ivory Coast, the world's leading cocoa producer, the government sets a guaranteed purchase price for farmers, a system that insulates them from market volatility.

The new price of 2,800 CFA francs represents a significant increase from the 2,200 CFA francs set for the mid-harvest in April, underscoring the dramatic surge in global cocoa markets throughout 2024.

"We can sleep peacefully," say farmers

The announcement was met with enthusiasm from Ivorian producers, who have long grappled with lower returns.

"We are very happy; producers have been suffering for years," stated Edmond M'Bra, a producer from the central region.

Another farmer, Berlem Oumarou from the south, remarked that the new price means "we can send our children to school and sleep peacefully," highlighting the direct impact on livelihoods.

A vital crop for the national economy

The price hike comes at a critical time, with a presidential election scheduled for October 25 in which Mr. Ouattara is a candidate, seeking a fourth term.

Cocoa is a cornerstone of the Ivorian economy, accounting for 40% of global production and 14% of the nation's GDP.

The crop provides one million jobs and supports an estimated five million people, making its economic health a central issue for the country's stability and prosperity.