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Ivory Coast to increase cocoa processing capacity with new plants

Published

2 years ago

January 27, 2023

Ivory Coast, the largest cocoa-producing country in the world, has hinted that it will increase the amount of cocoa it processes domestically to 49%.

According to the head of the sector, the regulator said on Friday, the increase is projected to begin in production starting from October with the addition of several new plants.

The new plants will allow the country to process more than 1 million tonnes of cocoa annually, making it the world’s leading cocoa grinder,

Ivory Coast boasts of annual production of about 2.2 million tonnes with 35-40% processed in the country and the rest exported, but the government has a goal of increasing that to at least 50%.

The country recently signed a deal with the United Arab Emirates for the construction of a new plant in San Pedro with a grinding capacity of 120,000 tonnes, said Yves Brahima Kone, director general of the Coffee and Cocoa Council (CCC), who was in Abu Dhabi this month to open a new CCC office.

“This permanent representation (in Abu Dhabi) is the fruit of our new vision for Ivorian cocoa that we want to export all over the world. This office will allow us to explore markets in Asia, the Middle East, and North Africa,” he told journalists

Ivory Coast also expects two new factories financed by China to enter into production in October, with a production capacity of 50,000 tonnes each, Kone said.

In November, the two biggest cocoa producers, Ivory Coast and West African neighbour, Ghana pushed for higher prices for their farm products under the Living Income Differential (LID) and vowed to charge a premium of $400 per tonne on all cocoa sales, starting with the 2020/21 harvest.

The lack of technology and industries to process its produce has fanned discussions about Africa being a raw material economy and extractive centers for industrial western countries that are advanced, able processed and positioned to maximize the resources.

Related Topics:Cocoa Featured Ivory Coast

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Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”