Ivory Coast Considers Cocoa Price Cut Amid Global Market Slump

Ivory Coast is weighing a decision to reduce the price it pays cocoa farmers, aligning this move with Ghana's recent price cut, facing a serious crisis as major cocoa producers. This development arises amidst plunging market prices, a crisis yet unreported before, according to government sources.

With farmgate prices at stake, Ivory Coast considers measures as market volatility, marked by a 50% cocoa price drop, tightens the government's room to manoeuvre. Despite Ghana's drastic 28.6% reduction, discussions within Ivory Coast remain ongoing, with inter-ministerial meetings set to finalise decisions.

The two nations, representing 60% of global cocoa output through the Ivory Coast–Ghana Cocoa Initiative, are taking cautious steps to prevent irreversible economic damage. Coordination efforts and pricing strategies continue as both markets reel under massive financial pressure with expectations for a forthcoming announcement.