Ivory Coast’s government has promised to buy excess cocoa stocks from farmers to prevent disruptions, following threats of strikes due to falling prices and oversupply. As reported by local authorities, the country will continue purchasing 100,000 metric tons of cocoa at a guaranteed price of 2,800 CFA francs ($5.00) per kilogram.

This move aims to stabilize the market and support farmers facing financial pressure due to the slump in global cocoa prices. However, discussions about potentially cutting the mid-crop farmgate price have sparked resistance from cooperatives.

The situation is critical, with unsold cocoa stocks piling up in warehouses and ports, affecting farmers’ livelihoods and the country’s economy. Ivory Coast’s decision could impact global markets and West African economies, given its position as the world’s top cocoa producer.