ABIDJAN, March 5 (Xinhua) -- The government of Cote d'Ivoire reduced the purchase price of cocoa from 2,800 CFA francs (4.97 U.S. dollars) per kg at the opening of the main crop season in October to 1,200 CFA francs (2.13 dollars) for the mid-season from March to August, a reduction of 57.14 percent.

Agriculture Minister Bruno Kone said at a press conference on Wednesday that the sharp cut, following the record level of 2,800 CFA francs, was driven by a "nearly 70 percent collapse" in global cocoa prices since December.

The price of 1,200 CFA francs per kg, set by the government to "protect farmers' incomes," required a subsidy of 231.247 billion CFA francs (410.2 million dollars), the minister added.

The 2025-2026 main crop season has been marked by marketing difficulties, prompting the government to take measures to clear a stock of more than 100,000 tonnes of cocoa held by producers or stored in the ports of Abidjan.

Cote d'Ivoire is the world's leading cocoa producer, producing nearly 45 percent of the world's cocoa harvest, with an annual production of more than 2 million tons of cocoa beans. ■