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

Published

6 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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Moroccan annual inflation rises to 0.8% in November

Published

5 days 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

6 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.”