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Ivory Coast farmers fear heavy rainfall might affect cocoa yield

Published

2 years ago

June 12, 2023

There are fears among farmers in one of Africa’s largest cocoa producers, Ivory Coast that recent heavy rainfall in most of its main cocoa regions might affect yield.

Already, some plantations in the lowlands are flooded following rains from last week, threatening the April-to-September mid-crop.

According to farmers quoted by Reuters, two consecutive weeks of rainfall had damaged access to plantations, making it difficult to get beans out of the bush leading to fears that buyers would refuse to buy beans in the coming weeks as the weather was regularly overcast and it was difficult to dry beans properly.

One of the farmers, Desire Mea, who farms near the western region of Soubre, where 177.3 millimetres (6.98 inches) fell last week, 120.3 mm (4.74 inches) above the five-year average said “the rains were very heavy. We now need enough sunshine because the plantations in the lowlands have been flooded.”

However, another farmer, Aman Koffi, who farms near Daloa, where 26.8 mm (1.06 inches) fell last week, 3.6 mm (0.14 inch) below the average said, “the rains have slowed and we’ve had enough sunshine. This will help the cocoa.”

According to a report by Statista, Ivory Coast produced approximately 1.45 million tons of cocoa beans in 2012/2013 and is expected to produce 2.23 million tons in 2022/2023. The country was the leading cocoa-producing country in 2021/2022.

Although the World Bank says agriculture accounts for 4% of global gross domestic product (GDP) and in some least developing countries can account for more than 25% of GDP, inconsistent and harsh climatic conditions pose threats to achieving the best from Agriculture in the continent. While it is a case of excessive rainfalls in the West African region, North and East Africa have their challenges with drought.

Related Topics:Cocoa Featured Ivory Coast Rainfall

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IMF, Egypt reach agreement for fourth review of Egypt’s $1.2 billion loan request

Published

11 hours ago

December 26, 2024

Ifeoluwa Dada

Egypt and the International Monetary Fund (IMF) have reached a staff-level agreement over the fourth review of the Extended Fund Facility arrangement, which might lead to a $1.2 billion payout under the program.

In March, Egypt, struggling with rising inflation and cash shortages, consented to the $8 billion, 46-month facility. Its economic problems were made worse by a precipitous drop in Suez Canal revenue over the last year due to regional tensions.

Over the next two years, Egypt’s government has committed to raising its tax-to-revenue ratio by 2% of GDP, according to the IMF, emphasising removing exemptions rather than raising taxes.

According to a statement from the IMF, this would allow it to expand social expenditure to support vulnerable populations.

“While the authorities’ plans to streamline and simplify the tax system are commendable, further reforms will be needed to enhance domestic revenue mobilization efforts,” the statement said.

According to the IMF statement, Egypt had also committed to maintaining its commitment to a flexible currency rate and to taking more urgent action to guarantee that the private sector became the primary driver of development.

The IMF’s executive board still has to accept the fourth review’s staff-level agreement.

VenturesNow

Libya’s eastern govt accepts petrol subsidy elimination

Published

11 hours ago

December 26, 2024

Ifeoluwa Dada

In a recent statement, the eastern government of Libya claimed it had reached a consensus on a plan to eliminate gasoline subsidies and would draft a mechanism to carry out the accord.

Additional information on the idea was not released by the administration led by Osama Hamad, a challenger to the internationally acknowledged Tripoli-based government.

However, it is uncertain if Hamad’s government would be able to carry out the plan in the divided nation.

According to the Global Petrol Prices online tracker, a litre of gasoline costs just 0.150 Libyan dinars ($0.03) in OPEC member Libya, making it the second-cheapest in the world.

Following an uprising against former ruler Muammar Gaddafi in 2011, smuggling networks have thrived in the ensuing political unrest and armed fighting. In 2014, conflicting eastern and western governments separated the nation.

A World Bank analysis estimates that the annual value of fuel smuggling from Libya is at least $5 billion.

In a meeting with Mari Barrasi, the deputy governor of the Central Bank of Libya (CBL), located in Tripoli, and four members of the bank’s board of directors, Hamad in Benghazi supported the idea of removing subsidies.

The CBL’s Benghazi branch offices served as the venue for the conference.

The eastern parliament appointed Hamad in 2023 to succeed Abdulhamid Dbeibah, who had been put in position in 2021 under a U.N.-backed procedure that the parliament said had lost its legitimacy.

Dbeibah, who is located in Tripoli, stated in January that he will conduct a public poll on the topic of eliminating gasoline subsidies, but he hasn’t done anything about it since.

According to CBL figures, gasoline subsidies cost 12.8 billion Libyan dinars between January and November of this year. 4.8 Libyan dinars to $1 is the official exchange rate.