The government of Ivory Coast is considering major reforms to its cocoa marketing system as the country grapples with excess supply and falling global prices.
Ivory Coast is the world’s largest cocoa producer, and the crop is a cornerstone of the national economy, providing income for millions of farmers and generating significant export revenue.
Under the current system, authorities set a guaranteed farm gate price for cocoa at the start of each growing season to protect farmers from price fluctuations on international markets.
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However a recent drop in global cocoa prices following record highs has left large volumes of unsold beans accumulating in warehouses and ports.
Officials are now studying ways to make the system more flexible while still ensuring stable incomes for farmers.
Farmers say any reforms will need to carefully balance the interests of farmers, exporters and international buyers.
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