The business environment for smallholder cocoa farmers in Liberia has improved. Game-changing efforts by the government have increased competition among cocoa buyers and led to higher producer prices. Farmers are also encouraged by new investors to improve the quality of cocoa, for which they earn more. In addition, famers organisations have strengthened their bargaining power. However, policy-makers must be alert to a possible backlash if competion is not ensured, and from elite capture of farmers’ organisations.