A new cartel between Ghana and the Ivory Coast, which produce about 60% of the world's cocoa supply, is causing cocoa prices to go up. The new cartel is proposing a $400 per metric ton increase for cocoa beans, which would raise cocoa prices by about 16% from the current price of around $2520 per metric ton. In 2016, cocoa futures prices reached about $3300 per metric ton.