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Despite unstable weather, Ivory Coast’s main crop cocoa grows

Published

5 months ago

July 8, 2024

Although last week’s rains fell short of normal in the majority of Ivory Coast’s cocoa-growing regions, the country’s farmers reported on Monday that the soil remained sufficiently moist to support the growth of the country’s principal crop, which is grown from October to March.

The rainy season in the world’s largest cocoa producer officially lasts from April through mid-November. Although they usually fall in large quantities during this time of year, the past several weeks have seen a dearth of rain.

Plantation trees were exploding with little pods and an abundance of blossoms, so farmers expressed their satisfaction with the weather. Enough morning dews, atmospheric humidity, and a suitable soil moisture content were present to support crop development.

Plantations don’t require a lot of rain at this time of year since, according to producers, it could lead to infections and cause blossoms and immature fruits to fall from the trees. Farmers reported that the primary crop was developing at a good rate in the areas of Soubre on the west, Agboville and Divo on the south, and Abengourou on the east, where the rains were not as heavy as usual.

In contrast to the previous year, when cocoa fields were inundated during the rainy season, they stated that fewer pods would be lost.

“The main crop is developing well. Many farmers continue to maintain their plantations,” said Salame Kone, who farms near Soubre, where 1.2 millimetres (mm) fell last week, 36.9 mm below the five-year average.

Farmers in the central regions of Bongouanou and Yamoussoukro in west-central Daloa, where last week’s rainfall was below average, reported that blooms were developing into little pods, indicating a promising start to the main crop. To fortify the crop, farmers stated that they would want one sufficient rainfall per week till the end of the month.

“We just need a little rain this month. Everything’s going well on the trees,” said Albert N’Zue, who farms near Daloa, where 3.3 mm fell last week, 22 mm below the average.

Related Topics:Cocoa Featured Ivory Coast

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IMF mission concludes 4th loan program assessment in Egypt

Published

2 days ago

November 22, 2024

Ifeoluwa Dada

Following the completion of a recent visit to Egypt, the International Monetary Fund (IMF) has announced that its mission had achieved significant strides in policy talks aimed at concluding the fourth review of the IMF loan program.

The review is the fourth in Egypt’s most recent 46-month IMF loan program, which was authorised in 2022 and increased to $8 billion this year following an economic crisis characterised by high inflation and chronic foreign exchange shortages. It may unleash more than $1.2 billion in financing.

Along with reaffirming its commitment to maintain a flexible exchange rate system, the IMF stated that Egypt “has implemented key reforms to preserve macroeconomic stability,” including the unification of the currency rate that facilitated imports.

Earlier on Wednesday, Egypt’s Prime Minister Mostafa Madbouly said Cairo has asked the IMF to modify the targets for the programme not only for this year, but for its full duration, he added without giving more details.

“Discussions will continue over the coming days to finalize agreement on the remaining policies and reforms that could support the completion of the fourth review,” the IMF added in its statement.

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Kenya seeks $750m from World Bank, obtains $200m from AfDB— Official

Published

4 days ago

November 20, 2024

Ifeoluwa Dada

The head of debt management for the finance ministry told Reuters that Kenya had obtained a $200 million loan from the African Development Bank (AfDB) and was negotiating a fresh $750 million loan with the World Bank.

After being forced to abandon proposed tax rises costing more than 346 billion shillings ($2.68 billion) in June due to fatal demonstrations, the East African nation’s administration, which has been grappling with significant debt, has been frantically seeking fresh funding.

The Finance Ministry’s public debt management office director general, Raphael Owino, told Reuters that the IMF’s October clearance of the seventh and eighth reviews, which opened the door for a $606 million loan tranche, had aided the ministry’s talks for more loans.

“The World Bank is coming on board, riding on the back of IMF receipts,” Owino said. “The AfDB is already on board.”

The discussions for more assistance, which came under the World Bank’s “Development Policy Operations” (DPO) with the government, were confirmed by a representative at the organization’s Kenya office.

“The amount of the current (loan) is yet to be determined. The amount will also depend on the implementation of the policy reforms agreed upon,” the spokesperson told Reuters, adding that past DPO loans averaged about $750 million.

In May, the World Bank approved the latest round of DPO loans, totalling $1.2 billion.

According to a statement made last month by Finance Minister John Mbadi, Kenya has set a foreign borrowing goal of 168 billion shillings for the fiscal year ending in June 2025.