The Ivorian finished runner up to Gabon’s Pierre-Emerick Aubameyang, who became the first player from Gabon to win the award.
The 26-year-old has scored 18 goals in 17 games for his club Borussia Dortmund this season.
In the voting, made up of coaches and technical directors from Confederation of African nations, Aubameyang got 143 points and Toure received 136.
Toure, who had won the award four times in the past four years, expected to make it five after he lifted the Africa Cup of Nations trophy (Gabon were eliminated in the group stages) as captain and was named in the team of the tournament for the same competition last year.
Speaking after the ceremony, the 32-year old, claimed he was “disappointed” with not retaining the prestigious award.
The Manchester City midfielder added: “It’s sad to see Africa react this way, that they don’t think African achievements are important.
“I think this is what brings shame to Africa, because to act in that way is indecent.
“We favour more what’s abroad than our own continent. That is pathetic, it’s appalling.
“Even FIFA, with all its history of corruption, wouldn’t do this.
“I give an example: it’s Lionel Messi who wins all the trophies but it’s Ronaldo who is Ballon d’Or. What would you say? It would be unfair.
“Yaya will look after himself, and let Africa look after itself. Like I’m often told, you shouldn’t worry too much about Africa, because Africa will be the first to let you down.”
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