The Falling Price of Cocoa Is Hurting an Entire Country
- Government may have to cut prices it pays cocoa farmers
- President’s year starts with army mutiny, public worker strike
After overseeing sub-Saharan Africa’s fastest-growing economy and six years of relative peace, Ivory Coast President Alassane Ouattara is in the midst of a year from hell. First soldiers staged a mutiny, then public workers went on strike and now cocoa prices have fallen.
All told, the West African nation is facing the worst social unrest since Ouattara, 75, assumed power in 2011. With cocoa prices in London dropping more than 30 percent from July, the government in the world’s top producer may have to take a decision that could overshadow the achievements of Ouattara’s first term: cut payments paid to cocoa farmers as soon as next week. That will affect about 6 million people -- a quarter of the population -- who directly or indirectly depend on the crop for an income.