Cocoa Price Comparison: Ghana’s Finance Minister Claim Found False

Ghana’s Finance Minister Cassiel Ato Forson’s recent claim that cocoa prices in Ivory Coast are “far lower” than Ghana’s has been debunked following a detailed fact-check of official figures from both countries.

During a February 12, 2026 press briefing discussing Ghana’s revised cocoa producer price, Ato Forson stated: “Today, if you go to Abidjan, it is obvious that their price is far lower than that of Ghana, and that’s why we are not even seeing our cocoa going to Abidjan. The farmer has no incentive to smuggle the cocoa to Abidjan. If care is not taken, we will see reverse smuggling.”

An investigation comparing the official cocoa prices announced by both governments reveals this claim to be inaccurate. Ghana’s current cocoa price, as confirmed by the finance minister himself, stands at GH₵2,587 per bag and GH₵41,392 per metric tonne, equivalent to approximately US$3,770.

In contrast, according to the Ivorian Press Agency (AIP), Ivory Coast’s cocoa price for the 2025-2026 main campaign remains unchanged at 2,800 CFA francs per kilogram (2,800,000 CFA Francs per tonne) across the country until March 31, 2026. When converted to US dollars, this amounts to approximately US$5,060 per tonne.

The Ivorian price was initially set by President Alassane Ouattara on October 1, 2025, and has remained stable, while Ghana’s price has undergone a significant reduction. Ghana’s previous cocoa price, announced in August 2025, was GH₵3,228.75 per bag and GH₵51,660 per tonne (approximately US$5,040), making it comparable to Ivory Coast’s price at that time.

However, Ghana’s February 2026 price adjustment represents a substantial decrease of about 20%, dropping from US$5,040 to US$3,770 per tonne. Meanwhile, Ivory Coast has maintained its price point of US$5,060 per tonne.

These figures clearly demonstrate that contrary to the Finance Minister’s claim, Ivory Coast’s cocoa price is actually 34% higher than Ghana’s current rate. The significant gap between the two countries’ pricing raises questions about potential implications for Ghana’s cocoa industry.

Ghana and Ivory Coast together account for approximately 60% of global cocoa production, with the two West African nations often coordinating pricing strategies to maximize returns for farmers and stabilize the market. The current price disparity could potentially impact cross-border cocoa movements and farmer incentives in both countries.

The timing of Ghana’s price reduction coincides with volatile global cocoa markets, which have seen significant price fluctuations over the past year. Industry experts have noted that while global cocoa prices had reached record highs earlier in the season, market corrections and currency fluctuations have affected producer countries differently.

This price discrepancy could have serious implications for Ghana’s cocoa sector. If Ivory Coast’s significantly higher prices persist, it might incentivize smuggling in the opposite direction than what has historically been observed, with Ghanaian cocoa potentially being transported illegally into Ivory Coast to take advantage of higher payments.

Ghana’s Cocoa Board (COCOBOD) will need to monitor this situation closely, as sustained price differences could impact the country’s cocoa revenue targets and production volumes for the remainder of the 2025-2026 season.

Based on the verified data from both countries’ official announcements, the finance minister’s assertion that Ivory Coast’s cocoa price is “far lower” than Ghana’s is demonstrably false, with the actual situation being precisely the opposite.