Ghana has raised the price paid to cocoa farmers for the 2026-27 season as futures rebounded, diverging from neighboring Ivory Coast, which left its farmgate price unchanged earlier this month.
The widening price gap may encourage farmers in Ivory Coast, the world’s top producer, to smuggle beans into nearby countries in search of higher income, potentially disrupting the flow of cocoa into the international market and sustaining prices on an upward trend.
Cocoa growers in the world’s second-biggest producer will receive 42,400 cedis a ton for the new harvest that starts on Friday, an increase of 2.4% from the 41,392 cedis paid since February, Randy Abbey, chief executive officer of Ghana Cocoa Board told reporters in the capital, Accra. That compares with $2,084 a ton currently paid by Ivory Coast.
The revision aligns with Ghana’s goal of ensuring farmers receive at least 70% of the free-on-board export cost, effectively setting a floor for producer prices. The new rate represents 71.8% of the free-on-board value, Abbey said.
Ghana initially set a 650,000-ton production target for the 2025-26 season, but deliveries surpassed 750,000 tons, partly due to beans smuggled in from neighboring countries. Ivory Coast and Ghana account for more than half of global cocoa supply.
International cocoa prices have risen since February on expectations that West Africa’s 2026-27 crop will be smaller because of crop disease and adverse weather. The region could also be affected by a strong El Niño, which can bring periods of severe flooding or drought.
New York cocoa futures fell to their lowest level this year in February amid weakening global demand, prompting Ghana to cut its farmgate price by about a third to 41,392 cedis a ton. Futures have since almost doubled, trading at around $5,600 per ton.
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