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Ivory Coast: Farmers hope recent rains will strengthen cocoa yield

Published

2 years ago

March 13, 2023

Famers in Ivory Coast are expecting higher yields in 2023 following mainly above-average rains last week in most of the country’s cocoa-growing regions.

The latest figure from Ivory Coast, the largest exporter of cocoa in the world shows cocoa arrivals reached 1.650 mln tonnes between the start of the season on Oct. 1 and Feb. 19, down 0.5% from the same period last season.

The farmers no longer had a good sight of the mid-crop, which would start slowly by next week and pick up from mid-April. They added that the main part of the mid-crop would be done between May and June but significant volumes of beans would leave the bush in July and August.

“The last rains will help the trees a lot. The harvest will begin tentatively next week,” said Salame Kone, who farms near the western region of Soubre, where 18.3 millimetres (mm) fell last week, 7.3 mm above the five-year average.

In the center-west region of Daloa, where rains were below the average, and in the central regions of Bongouanou and Yamoussoukro, where rains were well above the average last week, farmers said they were satisfied with the weather, but more rains in the coming weeks would help cocoa pods survive since the weather remained too hot.

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.

VenturesNow

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.”