President Alassane Ouattara of Ivory Coast has made headlines by announcing a record-high farm gate price for cocoa, setting it at 2,800 CFA francs (approximately 4.26 euros) per kilogram for the upcoming main harvest. This increase comes ahead of the presidential election scheduled for October 25, in which Ouattara is competing for a fourth term in office.
As the world’s leading cocoa producer, Ivory Coast employs a system that guarantees a purchase price for cocoa farmers, insulating them from fluctuations in market prices. The new price of 2,800 CFA francs marks a substantial rise from the previous rate of 2,200 CFA francs established during the mid-harvest period in April. This adjustment reflects a significant surge in global cocoa markets throughout 2024.
The announcement was met with widespread enthusiasm among cocoa producers, who have faced challenges in recent years due to lower returns. Edmond M’Bra, a farmer from the central region, expressed his relief, stating, “We are very happy; producers have been suffering for years.” Another farmer, Berlem Oumarou from the southern region, highlighted the implications of this price increase on daily life, saying, “We can send our children to school and sleep peacefully,” underscoring the direct impact on the livelihoods of many families.
With the upcoming election in mind, the timing of the price hike is particularly significant. Cocoa is not just a cash crop; it is a linchpin of the Ivorian economy, accounting for 40% of global production and contributing 14% to the nation’s GDP. The sector provides one million jobs and supports an estimated five million people, placing its economic viability at the forefront of national stability and prosperity.
In summary, this price increase is expected to provide much-needed relief for cocoa farmers while also highlighting the central role that cocoa plays in Ivory Coast’s economy as the nation heads toward a pivotal electoral moment.
