Ivory Coast Advances Cocoa Mid-Crop Season to Tackle Stockpile Crisis

Ivory Coast will start its cocoa mid-crop season earlier than ever before to reduce prices paid to farmers, aiming to boost sales amid a stockpile crisis caused by global price slumps. This strategy seeks to alleviate unsold cocoa bean accumulations both inland and at the country's ports.

In an unprecedented move, the Ivory Coast plans to initiate its cocoa mid-crop season ahead of schedule, aiming to reduce the financial strain on its cocoa industry. According to sources, this decision will allow for a significant reduction in the prices paid to farmers, down to between 800 and 1,000 CFA francs per kilogram.

This strategic adjustment comes as the world's largest cocoa producer attempts to manage a burgeoning crisis of surplus stock, which has been exacerbated by a recent decline in global cocoa prices. The downturn has rendered Ivorian cocoa relatively expensive, leading to substantial accumulations of unsold cocoa beans both inland and at ports.

By classifying next month's yield as mid-crop rather than main crop, the government hopes to stimulate sales and address supply chain backlogs. The changes reflect efforts to stabilize the local cocoa industry by aligning production costs with the international market climate.

(With inputs from agencies.)