ABIDJAN, Ivory Coast (AP) — Ivory Coast, the world’s top cocoa producer, said it will buy unsold cocoa stocks to keep exports flowing and ensure farmers are paid, as global prices have plunged in recent months.
Since October, falling global cocoa prices in the West African country have slowed exports, causing unsold stocks to build up.
Synapci, the Ivory Coast’s main cocoa farmers’ union, estimates that 700,000 tons of cocoa remain unsold and therefore unpaid. Some farmers, deprived of income for nearly two months, have been forced to sell their stock at a discount or destroy rotten cocoa, plunging them into severe hardship.
“We want to reassure them,” Agriculture Minister Kobenan Kouassi Adjoumani told reporters on Tuesday. “The situation is now under control, and collection operations will begin in the coming days,” he said.
Adjoumani said the government would purchase unsold cocoa stocks at the guaranteed seasonal price.
Cocoa is traded on a regulated, global market. In Ivory Coast — which produces between 2 million and 2.5 million metric tons of cocoa annually, almost half the world’s cocoa supply — the government usually sets cocoa prices at the start of each season, with prices reflecting market trends and global prices.
Unlike most African countries, Ivory Coast’s government controls cocoa sales through the Coffee and Cocoa Council to protect farmers from price swings. About 85% of the harvest is sold in advance at a fixed price, guaranteeing farmers a stable income.
In 2024 cocoa prices reached record highs. In October 2025, the council set the price at a record level — roughly $5,000 per metric ton — raising hopes ahead of the country’s presidential election. But global prices have since fallen to around $4,630 per metric ton. Multinational buyers have refused to purchase the remaining 15% of cocoa, leading the government to step in and buy the unsold stocks.
The government’s announcement failed to convince Moussa Koné, president of Synapci. “They are making nice promises, but what guarantees are they offering?” he said. “And what about those who have already had to throw away cocoa that rotted because of the blockade?”
The new purchase price for the mid-crop season, due to be announced on April 1, is expected to fall sharply.