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Ghana’s cocoa regulator Cocobod to spend $200 million W’Bank loan on disease-hit farms

Published

10 months ago

February 16, 2024

The deputy CEO in charge of operations for Ghana’s Cocobod has revealed that the regulator will use a portion of a $200 million World Bank loan to restore plantations that have been devastated by the cocoa swollen shoot virus, which lowers yields and kills plants.

The bug has destroyed over 500,000 hectares of farmlands and decreased the country’s production of cocoa.

After reaching a peak of 1.048 million tonnes in the 2020–21 season, Ghana’s output fell to 600,000 metric tonnes last year as a result of the cocoa-swollen shoot virus, ageing plantations, illicit mining, and smuggling.

According to a project information sheet, a total of $132.8 million of the loan that the government secured last year and the counterpart money would support Cocobod’s efforts to restore crops and advance our understanding of viral strains.

“The rehabilitation will take a minimum of five years to start getting economic production,” Cocobod’s Emmanuel Opoku told Reuters, adding that efforts had been hampered by the country’s economic crisis and the board’s limited funds.

According to Opoku, the program—which was initially intended to span 156,000 hectares of plantations—was engulfed in Ghana’s worst economic crisis in a generation, which resulted in skyrocketing inflation and a significant depreciation of the cedi.

More than 88,000 hectares of farmlands benefited from the AfDB facility, he claimed, with 40,000 hectares prepared for return to farmers in “the coming days.”

After its neighbour, Ivory Coast, Ghana is the second-largest producer of cocoa worldwide. Two-thirds of the world’s cocoa crop is produced in West Africa, with an extra 1.55 million metric tonnes produced annually by neighbouring nations including Ghana, Nigeria, Cameroon, and Togo. However, severe droughts, floods, and unpredictable weather have all had an impact on productivity.

Some analysts contend that in order to optimise the market for finished goods, the continent needs to get involved in the processing of raw materials like cocoa. If not, industrialised countries with factories manufacturing chocolate would continue to take advantage of the space, exploiting local producers of raw materials.

Related Topics:Cocoa Featured Ghana West Africa

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Moroccan annual inflation rises to 0.8% in November

Published

3 hours 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

1 day 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.”