Rédaction Africa Links 24 with Mimi Mefo Info (Editor)
Published on 2024-03-09 16:14:59
Cameroonian cocoa is currently fetching record high prices on the international market due to increased demand and reduced yields from other leading cocoa-producing countries worldwide.
The Minister of Trade, Luc Magloire Mbarga Atangana, recently commended local cocoa farmers for their efforts in positioning Cameroonian cocoa at the top of the international market. In a recent group sale of cocoa in Abong-Mbang, a town in the East Region, a kilogram of cocoa beans was sold for FCFA 4,225.
Minister Mbarga Atangana attributed the high prices to a positive international market environment and the consistent improvement in the quality of Cameroonian cocoa beans. The current price of cocoa beans per kilogram has doubled compared to the prices received by farmers last year.
This surge in prices can be attributed to a decrease in supply from major producers such as Ivory Coast and Ghana. These countries are not only grappling with aging cocoa plants but also facing adverse weather conditions caused by climate change. As a result, there has been an increase in cocoa diseases and a decline in yields.
Ivory Coast, for instance, experienced a 30 percent decrease in cocoa exports between October 2023 and March 2024. The International Cocoa Organization (ICCO) projects an 11 percent drop in global cocoa production for the 2023/24 season, with a deficit of -374,000 tonnes, significantly higher than the -74,000 tonnes recorded in the previous season.
Currently, cocoa is trading at 7,100 euros per tonne on the international market, double the price of 3,015 euros per tonne from the same period last year. Local cocoa farmers in Cameroon are taking advantage of group sales to enhance their bargaining power with buyers, further boosting prices.
Farmers’ strong bargaining position, combined with rising global demand and shrinking supply, are the driving forces behind the escalating cocoa prices. The future of the cocoa market remains uncertain, with fluctuations in supply and demand expected to continue influencing prices in the coming months.
Read the original article(French) on Mimi Mefo Info
