Price Hikes: Ghana's cocoa price spurs smuggling from Ivory Coast

World cocoa prices have dropped drastically over the last year from about 3,000 dollars per metric ton to 1,800 dollars on the London Stock Exchange.

Ivorian cocoa farmers are smuggling their produce to Ghana owing to disparity in cocoa prices between the two neighbours who also double as the word's leading cocoa producers.

World cocoa prices have dropped drastically over the last year from about 3,000 dollars per metric ton to 1,800 dollars on the London Stock Exchange.

Ivory Coast slashed the price it guarantees for cocoa farmers by 36 percent to 700 CFA francs ($1.14) per kilogram in March 2017.

Ghana on the other hand maintained the prices of cocoa beans higher than the Ivorians.

This has compelled Ivorian cocoa farmers to smuggle their beans to Ghana in order to rake in high returns.

A cocoa farmer, who spoke to the BBC on condition of anonymity said: "The price isn't good. We have to send our children to school. we have a lot to pay.

"The books are expensive, the cost of living is expensive and that is why we are sending our cocoa to Ghana.

"We are being forced to defraud the state

"We don't have a choice, if the price was good as in Ghana, we wouldn't smuggle our beans across the border.

"It is the sole reason for smuggling our beans overthere."

World cocoa prices have dropped drastically over the last year from about 3,000 dollars per metric ton to 1,800 dollars on the London Stock Exchange. Read Full Story