By: David Shoombe
Ivory Coast, the largest producer of cocoa in the world, accounting for up to 45% of global cocoa production, finds itself in a challenging predicament as farmers struggle to recover their investments due to declining global cocoa prices.
International market analyses report that unsold bags of cocoa beans are piling up in warehouses such as Sekou Dagnogo’s in Ivory Coast’s western Duekoue town, as exporters are struggling to sell following the drop in global cocoa prices.
The latest Trading Economics statistics of 17 February indicate that “Cocoa fell to 3,543.83 USD/T on February 17, 2026, down 3.78% from the previous day.” It is further noted that in January 2026, cocoa prices fell by 30.35% and are down 65.57% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity.
Although Ivory Coast is the largest producer of cocoa in the world, it has been experiencing price fluctuations that have negatively affected trade and national income. This is largely due to external price determination and limited emphasis on value addition in cocoa production. The main economic players purchasing large quantities of cocoa from Ivory Coast are leading chocolate producers such as Cadbury, Hershey, and Nestlé. Armajaro Asset Management also plays a key role, holding trading positions on Euronext to sell cocoa.
With the industry heavily impacted by market volatility, the government of Ivory Coast has been assisting farmers by setting a fixed purchase price to ensure profitability. The 2025 International Trade Analysis report shows that “even though the cocoa industry employs millions of people and contributes between 14% and 20% to GDP, the lack of value addition within the country leaves the industry vulnerable.”
The nation’s Coffee and Cocoa Council has been central in regulating prices and rescuing farmers who are unable to make profits due to declining cocoa prices. After recording a historic high farm-gate price for cocoa, setting the price at 2,800 CFA francs, the regulator launched a programme in January 2026 to purchase 100,000 metric tons of cocoa beans that had been held for weeks and was forced to accelerate the purchases.
Speaking to The Villager, Aron Angula, an international trade analyst, stated: “It is not a new story for African countries to be shaken so hard by international trade predicaments. Why can’t Ivory Coast capitalise on its global position by adding value to cocoa? Short-term gains will be the death of African economies.”
Angula further noted that it is an important lesson for Africa, and Namibia in particular, to understand that being the largest producer of a commodity does not automatically mean controlling its price. The analyst added that it is unfortunate that many African states still operate on a “pit-to-port” model, losing market opportunities they could otherwise dominate.
