Ivory Coast Moves to Buy Entire Cocoa Stockpile as Prices Hit Two-Year Low

Ivory Coast, the world’s largest cocoa producer, has announced it will purchase the entire stockpile of cocoa beans held by local cooperatives, stepping in to protect farmers as global prices fall to their lowest level in two years.

The decision comes amid growing concern across the sector, with slowing exports leaving large volumes of unsold cocoa piling up. Cocoa accounts for roughly 14 percent of Ivory Coast’s GDP, and nearly one in five Ivorians depends on the industry for their livelihood.

Speaking on Tuesday, Agriculture Minister Kobenan Kouassi Adjoumani said the government’s intervention was designed to stabilize the market and ensure producers continue to receive income despite declining international demand.

“The chosen strategy is simple and effective,” Adjoumani said. “The government will primarily rely on credible, solid and structured national operators, who will conduct purchasing and collection operations in collaboration with their traditional partners, including shredders, multinationals, and international exporters.”

Cocoa prices have fallen by nearly five dollars per kilo in recent months, following a sharp surge in late 2024 that prompted major manufacturers to reduce chocolate usage. As a result, exports to key markets in Europe and Asia have slowed significantly.

Ivory Coast’s move is seen as a rare but decisive state intervention in global commodity markets. Analysts say the policy could help cushion rural communities from economic shock while giving exporters time to adjust to weaker demand.

For farmers like Sylvain N’goran, who has cultivated cocoa for 17 years in the central region of Bocanda, the government’s decision offers relief in uncertain times.

“When prices fall, we feel it immediately,” he said. “If the state buys our beans, at least we know our work is not wasted.”

The intervention also highlights the vulnerability of Africa’s agricultural economies to global market swings, even in sectors where the continent dominates production. While Ivory Coast grows over 40 percent of the world’s cocoa, pricing power still largely sits with international buyers and processing firms.

For now, the government hopes that absorbing surplus supply will prevent further price collapse and restore confidence across the value chain.