Following the collapse of approximately 70% in global prices, and after several meetings between industry representatives and exporters' groups, the RTI.info editorial team gathered an analysis from Ismaël Koné. A young Ivorian exporter, member of the Ivorian Traders Group (GNI), founder and director of the company ECORIGINE, and member of the Advisory Committee of the Coffee and Cocoa Council, he offers his interpretation of the situation and shares his vision of a sector he knows intimately. Holding a Master's degree in Strategic Business Unit Management from HEC Paris and a graduate of ESG Paris, Ismaël Koné has over twenty years of experience in the cocoa industry. After working at the financial audit firm EY and then at a local bank, he held management positions in major cocoa export companies, notably the local subsidiary of the British group Armajaro, and later Africa Sourcing. For the past five years, he has been running his own cocoa bean export company, ECORIGINE. The company is now among the fastest-growing Ivorian exporters and aims to contribute to the emergence of a local ecosystem of national champions, in line with the vision of the government. Ismaël Koné also participated in the work that led to the reform of the cocoa sector in 2012, which established a new marketing system and created the Coffee and Cocoa Council. He served on the Council's Board of Directors from 2012 to 2018. RTI Info: Ismaël Koné, first of all, thank you for agreeing to this interview. In your opinion, what are the causes of the recent crisis in the cocoa sector? Ismaël Koné: With the drop in international prices of more than 65% in recent months, Côte d'Ivoire found itself at the start of its 2025/2026 season with a very attractive guaranteed farmer price (2,800 CFA francs/kg), which is significantly higher than the international market price (currently equivalent to approximately 900 CFA francs/kg at the farmer price). To offer farmers a guaranteed price, Côte d'Ivoire sells 80% of its production a year in advance, and 20% on the spot market. The price set in October 2025 was therefore the result of sales of 80% of the production during the 2024/2025 season, when the market price was almost three times higher than current prices. However, when it came time to sell the remaining 20% of the production on the spot market, the international buyers, concentrated in six companies, demanded a price reduction (the differential). This sparked a standoff with the government through the CCC (Coffee and Coffee Council). It's important to understand that lowering the differential would increase the government's losses, as it would then have to subsidize the price to maintain it at the stabilized level. This standoff lasted several weeks. In addition to the blockage of spot sales, which lasted several weeks, the attractive price had the effect, on the one hand, of preventing the smuggling of Ivorian cocoa to neighboring countries, unlike in previous years when Ivorian cocoa was illegally exported to these countries because they impose virtually no taxes on their cocoa exports. This created a cost difference that fueled trafficking to these countries. On the other hand, there was a massive influx of cocoa from neighboring countries. This influx of cocoa from neighboring countries created a surplus of stock that disrupted the balance of our market. Some unscrupulous buyers (intermediaries) took advantage of this situation to register this cocoa as originating from their cooperatives. We must acknowledge the following reality: our cocoa is essentially sold to six multinational corporations, making us dependent on these six international partners, which puts us in a difficult position to set prices. Our system relies on sales contracts with these six multinationals, which also largely finance the purchase of our cocoa from the countryside. You can therefore understand that if these six companies were to halt their purchases, domestic sales would also stop, and it would be our poor cocoa farmers who suffered the consequences. This is how we found ourselves, from December 2025 to the end of February 2026, in a crisis where domestic sales were paralyzed. After lengthy and difficult negotiations, the Director General of the CCC (Cocoa and Cocoa Council) managed to resume international sales and facilitate the release of stocks that had remained unsold for several weeks. This was achieved through a purchase of 100,000 tons from the farmers, which provided them with much-needed financial relief. I would like to clarify that in this international cocoa crisis, Côte d'Ivoire is not faring too badly. Ghana, a sister country, was unable to pay its farmers for several months (between October 2025 and January 2026) and had to reduce its price prematurely. Countries like Cameroon and Nigeria had significantly lower prices for farmers than Côte d'Ivoire. In these times of crisis, it is important to put things into perspective by comparing our situation to that of other producing countries, and to recognize that we have a sector that is managed with seriousness and responsibility. Are we now out of this crisis? I.K.: Yes, we can say that. The CCC and international buyers have finally reached an agreement on price levels. Sales have resumed. So we are emerging from this crisis. Of course, clearing the stocks of our parent growers can't happen overnight; we still need to wait several weeks for a complete destocking. What is your assessment of the sector over the past 15 years? I.K.: The current crisis shouldn't overshadow the immense progress our sector has made for farmers. Over the past 15 years, the coffee and cocoa sector has seen major progress, particularly thanks to the reform initiated by His Excellency President Alassane Ouattara in 2010. This reform has profoundly restructured the sector and brought significant benefits to farmers. The dissolution of numerous costly and opaque management structures led to the creation of a single body, the Coffee and Cocoa Council, with oversight mechanisms that enhance transparency. The reform has placed the farmer at the heart of the sector. The transition from a liberalized to a stabilized system has led to a significant improvement in incomes: the average price paid to farmers increased from approximately 550 CFA francs/kg between 2000 and 2010 to approximately 1,500 CFA francs/kg between 2011 and 2025. Furthermore, the principle of a minimum price equivalent to 60% of the international price represents a major achievement. The modernization of the sector has also resulted in the digitalization of procedures and enhanced traceability, now guaranteed from the farmer to the point of export. A mechanism has also been implemented to support national operators, stipulating that 20% of contracts awarded by international firms must be fulfilled by national exporters, thus fostering the emergence of stronger Ivorian players. Since 2017, under the leadership of Yves Ibrahim Koné, Director General of the Coffee and Cocoa Council, several significant advances have been made: the implementation of the Living Income Differential (LID), which adds $400 (approximately 225 CFA francs) to the international price to support farmers' incomes; the registration of producers; the strengthening of traceability; and the creation of the Côte d'Ivoire-Ghana Cocoa Initiative, enabling strategic coordination between the two leading global producers. Finally, the establishment of the interprofessional organization for the sector now allows the various stakeholders to speak with one voice. In short, over the past fifteen years, the sector has been profoundly reformed and structured. The farmer, long marginalized, is now at the heart of the sector's development policy and has seen their incomes increase significantly. You say that much has been done for cocoa farmers. Are there any difficulties or areas for improvement? I.K.: Of course there are. Farmers have seen their economic conditions improve, but we must do more to support them. When the market is in a prolonged freefall, as it is now, some intermediaries underpay and don't pay our farmers the full price. We also need to consider digitizing payment methods to track the amounts actually paid to farmers and ensure they receive the price set by the government. We must protect farmers from cross-border trafficking and ensure secure borders, and continue to improve the tracks and roads that allow cocoa to be transported from villages to cities. The government has set itself the objective of increasing industrialization and processing its raw materials locally. What is the current status of cocoa processing in Côte d'Ivoire? I.K.: Thanks to the government's incentive policies, we've gone from 300,000 tons in 2011 to 1 million tons processed in 2025. We've become the world's leading cocoa bean processor. The conditions for industrialization have enabled this leap forward, and it will continue. Ivory Coast has highly experienced technicians, managers, and executives in the cocoa sector. We export our expertise. We have energy resources and well-developed infrastructure. So, we have significant room for growth.
