Ivory Coast: Government launches cocoa buyback scheme
Ivory Coast's Coffee and Cocoa council has launched its initiative to buy beans so producers can get paid. Cocoa stocks have been piling up in co operatives in the country, with several factors leading to a crisis in the sector.
Ivory Coast has moved to shield its cocoa farmers from growing market pressures with the launch of a government-backed cocoa buyback scheme aimed at preventing losses and stabilising the sector. The initiative comes as large quantities of cocoa beans remain unsold across the country, leaving many farmers and cooperatives struggling to get paid.
The crisis has been driven by falling global cocoa prices and delays at the port of Abidjan, where logistical challenges have slowed exports. With exporters reluctant to purchase beans at current market conditions, stocks have piled up in rural cooperatives, raising fears of financial hardship for producers who depend on cocoa as their main source of income.
To address the situation, the Coffee and Cocoa Council has stepped in with a buyback programme valued at about 280 billion CFA francs. Under the plan, the council will purchase up to 100,000 tonnes of cocoa by the end of March, ensuring farmers receive the official government-guaranteed price rather than being left with unsold produce.
Officials say the scheme is designed as a temporary safety net. The cocoa bought by the state will be stored and later sold when market conditions improve and buyers return.
According to the council’s leadership, the intervention is necessary to ease liquidity problems in the supply chain and restore confidence among farmers and cooperatives.
Cocoa is the backbone of Ivory Coast’s economy and a lifeline for millions of rural households. By stepping in to absorb excess supply, the government hopes to prevent social hardship, maintain stability in farming communities, and protect one of the country’s most important industries during a challenging period for global commodity markets.
