Ivory Coast's Cocoa Commitment: Security for Farmers Amid Price Slump

Ivory Coast has assured it will continue purchasing 100,000 tons of cocoa at a guaranteed price, easing tensions among farmers as global prices slump. The assurance stabilizes fears of program suspension, with discussions on adjusting mid-crop prices ongoing amid cooperative resistance.

In a bid to ease tensions among cocoa farmers, the Ivory Coast has pledged to persist with its program of purchasing a residual stock of 100,000 metric tons of cocoa at a guaranteed price. The head of the cocoa producers' organization announced this commitment on Tuesday, after concerns arose over a potential halt in the program due to the early start of the mid-crop harvest.

Siaka Diakite, president of the Agricultural Interprofessional Organization for Cocoa, reassured farmers and cooperative leaders that all inventoried stock would be fully bought at a price of 2,800 CFA francs ($5.00). This follows anxiety among farmers about possible price cuts to the farmgate rate during the mid-crop season, with talks indicating a reduction to between 800 and 1,000 CFA francs per kilogram.

Farmers and cooperatives, especially in regions like Duekoue and San Pedro, have threatened industrial action over such changes. Diakite has also criticized CCC administrative bottlenecks, which have delayed cocoa deliveries to Abidjan following obstructed validations of bills of lading.