In a resounding testament to the vibrancy of Cameroon’s cocoa sector, the price of cocoa beans has hit a remarkable peak at CFA2,000 per kilogram, marking the seventh surge in just three months. This upward trajectory, observed since November 10, signifies not only the robust financial gains for Cameroonian cocoa growers but also underscores the intense competition for bean control in a flourishing market.
A Remarkable Ascent: 7th Surge in Three Months
According to data from the sector information system (SIF), the cocoa price, which was CFA1,930 on November 7, has now reached the new pinnacle of CFA2,000 per kilogram. This continuous surge in cocoa prices positions Cameroonian growers among the best-compensated in the global cocoa market.
Exceptional Earnings for Cameroonian Growers
The recent prices, although slightly below the special offer of CFA2,015 per kilogram extended by the beans crusher Atlantic Cocoa on November 8, 2023, as stated by the trade minister, affirm the robust financial landscape for cocoa growers. This surge in prices is not merely a fleeting trend but a consistent pattern that bodes well for the financial prosperity of Cameroonian cocoa producers.
A Competitive Landscape: Exporters vs. Local Processors
The escalating cocoa prices are not just a boon for growers; they also illuminate a fierce competition between international exporters and local processors for control over the coveted beans. The influx of major international traders affiliated with exporters has intensified, leading to the emergence of three new crushers—Atlantic Cocoa, Neo Industry, and Africa Processing—in less than three years, boasting a collective capacity of around 100,000 tons.
This competitive environment has led some operators to strategically drive up bean prices to ensure the unhindered operation of their factories, which often face interruptions due to a shortage of raw materials. The quest for beans control is a central theme in Cameroon’s cocoa landscape, where industry participants grapple with the challenge of meeting the surging demands from both local and international markets.
A Positive Outlook for the 2023-2024 Season
The continuous surge in cocoa prices not only brings immediate financial gains for growers but also paints a promising picture for the upcoming 2023-2024 season. This positive outlook is a testament to the robust demand for Cameroonian cocoa, both domestically and globally. As the industry navigates the delicate balance between meeting export requirements and supporting local processing, the upward trajectory in cocoa prices sets the stage for a prosperous season ahead.
Cameroon’s Cocoa Renaissance
In the midst of global economic shifts, Cameroon’s cocoa sector stands tall, witnessing not just a surge in prices but a renaissance. The consistent increase in cocoa prices underscores the pivotal role of Cameroonian growers in the international cocoa market. As the competition for beans control intensifies, the country’s cocoa landscape promises not just financial rewards for growers but a resilient and thriving cocoa industry that contributes to Cameroon’s economic growth and global cocoa excellence.
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