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Ivory Coast: Cocoa farmers get electronic cards for tracking, fair pricing

Published

2 years ago

February 3, 2023

As part of plans to create financial inclusion in the country, Ivory Coast’s cocoa regulator on Thursday started distributing electronic cards to cocoa farmers to help track beans from plantations.

The cards will also help track export ports and ensure the growers are paid a guaranteed price for their produce.

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

The card exercise is also part of the response to plans by the European Union to ban imports of commodities and products linked to deforestation and rights abuses by 2024.

The new card system, which will start operating at the start of the next cocoa season on Oct.1, will enable the CCC to reject beans grown illegally and trace them from plantations to the ports of Abidjan and San Pedro.

“The European Union voted a new law that will be implemented soon, and this pushes us to develop a traceability and certification system,” CCC head Yves Brahima Kone told hundreds of cocoa farmers collecting their cards in the northern city of Agboville.

One of the farmers, Jean Dominique Boua, who farms outside Agboville, said “It is the first time I have a bank card that I can use to withdraw cash. I have never had a bank account and I am happy because now I can sell my cocoa for the guaranteed price.”

West Africa collectively supplies two-thirds of the world’s cocoa crop, with nearby countries like Ghana, Nigeria, Cameroon, and Togo producing additional 1.55 million tonnes annually.

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.”