Ivory Coast has announced a significant decrease in the purchase price of cocoa for the current marketing campaign, setting it at 1,200 CFA francs per kilogram. This represents a staggering drop of over 57% compared to the previous main campaign, where prices peaked at a record 2,800 CFA francs per kilogram. The announcement was made by Agriculture Minister Bruno Nabagné Koné during a press conference in Abidjan, highlighting the severe economic conditions affecting cocoa production in the country.

During the press briefing, Minister Koné expressed the government's regret over the pricing decision, stating, "This decision was not made lightly. We would have preferred a better price." The minister elaborated that the adjustment was necessary due to international cocoa market prices, which have compelled Ivory Coast to readjust its purchasing rates for farmers. This change is likely to impact the livelihoods of many cocoa farmers, who may struggle to meet their financial needs with such reduced pricing.

As one of the world's largest cocoa producers, Ivory Coast plays a critical role in the global chocolate supply chain. The decision to cut prices may have widespread implications, affecting not only local farmers but also the overall economy of the country. With cocoa being a crucial export commodity, these developments could alter the landscape of the cocoa industry in Ivory Coast and lead to calls for increased support and better pricing mechanisms for farmers.