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Ghanaian cocoa farmers stockpile beans ahead of price rise

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According to industry sources cited by Reuters, cocoa farmers in Ghana, the world’s second-largest producer, are stockpiling beans in anticipation of higher prices.

This could put pressure on supplies to a global cocoa market that is trying to rebound from the devastating harvests of the previous season.

A dozen farmers, purchasers, and representatives from the state regulator Cocobod confirmed the practice, though it was unclear how widespread the up-country bean stocking was. Some blamed the practice for the slowdown in bean purchases.

“I have more than 300 bags, but I won’t sell,” said a cocoa farmer in south-central Ghana, who asked not to be named. “I will only sell after Christmas. We want to see if they will increase the price as they said.”

All of the reports claimed that farmers were responding to remarks made by Vice President Mahamudu Bawumia, who four weeks prior had promised to increase farmer prices to members of the ruling New Patriotic Party.

Speaking at Sefwi Wiaso, one of the largest cocoa-growing communities in southwest Ghana, Bawumia is vying for the presidency in the elections scheduled for December 7. Since then, he has claimed that his remarks were misinterpreted.

According to Cocobod officials, Ghana lost over one-third of its 2023–2024 cocoa production to smuggling, compounding the problems that caused production to drop to a level not seen in over two decades and contributed to record-high cocoa prices worldwide.

After a volatile session on Monday, US stocks ended the day marginally lower as investors braced for a pivotal week that would see the Federal Reserve make its policy announcement and Americans elect a new president.

Ghana increased the fixed farmgate price by over 45% to 48,000 cedis, or little less than $3,000, per metric tonne for the 2024–25 season, which began in September, in an effort to increase farmer incomes and discourage smuggling.

But Ivory Coast, Ghana’s neighbour and the largest cocoa producer in the world, increased the price to 1,800 CFA francs ($3.00) per kilogramme, which is only marginally more than Ghana’s.

VenturesNow

Egypt’s November inflation drops to 25.5%, near 2-year low

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According to figures released Tuesday by statistics agency CAPMAS, Egypt’s annual urban consumer price inflation rate fell more than anticipated to 25.5% in November, the lowest level since December 2022.

Following the Russian invasion of Ukraine, which caused international investors to pull billions of dollars out of Egyptian treasury markets, inflation started to rise sharply in early 2022.

In September 2023, headline inflation reached a record high of 38.0%. It dropped to 26.5% by October 2024.

In a Reuters survey last month, 15 economists’ consensus prediction was for annual inflation to gradually decline to 26.4%.

According to CAPMAS statistics, headline inflation decreased from 1.1% in October to 0.5% in November every month.

Compared to October, when they fell 1.1%, food costs fell 2.8% over the month, making them 23.3% more than they were a year ago.

An increase in the money supply has been a major contributor to inflation. According to central bank data, Egypt’s M2 money supply increased by 29.54% in October compared to the same month last year.

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VenturesNow

Nigeria creates N20bn consumer credit fund for domestic automakers

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In an attempt to increase demand for cars built domestically, the Nigerian government has established a N20 billion consumer credit facility programme.

The goal of the programme, which is run by the Nigerian Consumer Credit Corporation (Credicorp), is to keep customer interest rates to single digit.

The fund aims to remove obstacles that consumers face when purchasing cars on credit, according to Credicorp Managing Director/CEO Engr. Uzoma Nwagba, who spoke at the official launch/agreement signing between Credicorp and the National Automotive Design and Development Council (NADDC) in Abuja.

Nwagba said that the credit economy contributed to the creation of jobs and wealth for Nigerians as well as to the enhancement of residents’ quality of life.

According to him, the government is dedicated to helping the industry in order to guarantee its expansion and survival. According to him, the N20 billion fund was only the start, and if the initial support proves effective, the government intends to create a larger fund.

Earlier, Mr. Joseph Osanipin, the Director General of NADDC, stated that the industry’s expansion depends on the demand side of the car market being improved.

According to Osanipin, credit programs enable consumers to acquire brand-new cars of their choosing, but in the majority of prosperous nations, people do not pay cash for cars and other autos.

According to him, the program, which covers all types of autos such cars, vans, tricycles, and motorbikes, is available to all Nigerians and involves automakers that produce or assemble their goods entirely domestically.

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