Côte d’Ivoire holds the title of the world’s largest cocoa producer, a vital resource for the nation. Approximately 25% of the country’s workforce is dependent on this sector. Given the significance of cocoa prices, which fluctuate based on international market rates in London and New York, the Ivorian government plays a crucial role in determining local prices. This intervention helps protect farmers from drastic losses when global prices drop.
In December 2024, cocoa prices peaked, only to plummet by about 50% to $6,000 per ton. For President Alassane Ouattara, these fluctuations present an opportunity to communicate positively with voters. On October 1, during a gathering that resembled a political rally, Ouattara announced a significant price increase for cocoa, boosting it to 2,800 CFA francs per kilogram. This event took place at the Abidjan exhibition park, attended by farmers and economic stakeholders.
Cocoa Price Increase Details
The newly announced guaranteed price marks a 55% rise compared to the previous year. Specifically, it represents an increase of 600 CFA francs from the price set in April and 1,000 CFA francs from last year’s campaign. Such moves are not uncommon before presidential elections in Côte d’Ivoire.
Political Implications of Price Increase
As the upcoming elections approach, the Minister of Agriculture hinted at the political motivations behind the price rise, urging cocoa producers to express their gratitude toward President Ouattara. Furthermore, representatives from the cocoa farmers’ organization pledged a donation of 20 million CFA francs to support Ouattara’s electoral campaign.
- 2025-2026 Cocoa Price: 2,800 CFA francs per kilogram
- Price Increase: 600 CFA francs (April price) and 1,000 CFA francs (last year’s price)
- Yearly Increase Percentage: 55%
Historical Context of Price Increases
This strategy is not new for Ouattara, who has increased cocoa prices ahead of elections in both 2015 and 2020, with earlier percentages noted at 18% and 21%, respectively. Political opponents often label these increases as electoral bribes. The cocoa-producing regions are typically strongholds of opposition parties, making such announcements strategically significant.
Despite potential voter discontent, raising cocoa prices may influence opinions favorably towards Ouattara as he navigates a complex political landscape leading up to the elections. Historical context reveals that while previous price hikes do not assure votes, they provide a beneficial platform from which to address farmers, essential for the country’s economy.
