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Ivory Coast farmers worry as heavy rainfall threatens cocoa yield

Published

1 year ago

June 27, 2023

Heavy rainfall in Ivory Coast has led to floods which could affect the start of the next cocoa season between October to March.

Ivory Coast like most of its West African neighbours has its rainy season from April to mid-November but farmers are concerned that flooding will affect yield, stopping them from accessing and harvesting.

The mid-crop, which grows from April to September, was waning with low yields, and the rain could delay the start of the following main crop by removing blooms from trees.

One of the farmers, Arsene Kouao, who farms near the eastern region of Abengourou, where 206.3 millimetres (mm) (8.12 inches) of rain fell last week, 153 mm above the five-year average, said, “It is not good here, showers come one after the other. Farmers can no longer go to the fields because rivers have broken their banks and there is flooding.”

Emmanuel Gode, another farmer who farms near Bongouanou, where 72.8 mm of rain fell last week, 42.8 mm above the average said, “The weather is good for a lot of cocoa in August and September if we have sunshine over the next few days.”

Farmers in the southern region of Divo, where 57.8 mm of rain fell – 18.5 mm above the average are also worried the showers would damage new flowers and hinder the start of the next main crop.

Despite the World Bank’s estimate that agriculture contributes 4% of global GDP and as much as 25% of GDP in some LDCs, unpredictable and harsh climatic conditions make it difficult to get the most out of agriculture on the continent.

While the West African region is experiencing an abundance of rain, drought is a problem in North and East Africa.

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.”