“This is a record price,” Ouattara declared, emphasising the government’s commitment to ensuring that “those who work hard in our fields benefit from the fruits of their labor.”
For farmers across the West African nation, the announcement represents both relief and renewed optimism.
Edmond M’Bra, a cocoa farmer from central Ivory Coast, expressed gratitude: “We are very happy; producers have been suffering for years.”
Another farmer, Berlem Oumarou, from the southern region, highlighted the impact on rural livelihoods, saying, “We can send our children to school and sleep peacefully.”
Cocoa is not just a commodity for the Ivory Coast; it is the lifeblood of its economy. The sector contributes 14% of the country’s GDP, accounts for 40% of global supply, and supports approximately five million people, either directly or indirectly.
Around one million jobs depend on the crop, making stability in the sector crucial for the country’s broader economic and political landscape.
The timing of the price hike has drawn attention from analysts who see it as both an economic relief measure and a strategic political gesture ahead of the polls.
Still, many view it as a long-overdue correction for farmers who have endured years of low earnings despite record profits for global chocolate manufacturers.
Regional ripple effect
The decision is also expected to send ripples across West Africa’s cocoa belt, particularly in Ghana and Nigeria, where governments often adjust prices in response to Ivorian policy shifts.
With global demand soaring and climate pressures threatening future yields, the latest Ivorian cocoa price signals a new era where African producers could wield greater influence in setting the terms of trade for one of the world’s most valuable commodities.
As global cocoa prices continue to soar amid climate-related supply constraints, Ivory Coast’s latest move underscores the growing importance of ensuring African producers reap more equitable rewards from the crops that power global industries.
