VenturesNow

Ivory Coast cocoa exporters worry about weather-related shortages

Published

6 days ago

December 5, 2024

In Ivory Coast, the world’s largest cocoa producer, multinational cocoa exporters are concerned that farmers may cut back on supply in the upcoming months due to crop-damaging weather, increasing the likelihood that some may not fulfil their obligations.

The amount of beans arriving at ports this season is 34% more than in 2023–2024. But according to one unidentified European buyer’s director, last season was the worst in ten years.

“If you compare arrivals to 2022, a normal season, we are 15% below that. That means the situation isn’t rosy, despite appearances,” said a second European exporter.

After crops were destroyed by severe rains, excitement has given way to despair in the west and southwestern districts of Ivory Coast, which produce more than half of the country’s cocoa.

“We were happy at the start of October, but the rains arrived and ruined everything. Today we only have a few pods to harvest and nothing more,” said Daniel Konan Kanga, a farmer who owns six hectares in the western city of Duekoue.

“There’s nothing more to harvest,” said Simon Djedje, who owns five hectares in the southwestern region of Soubre.

The majority of the primary crop in the Ivorian bush was finished in November, according to cooperatives, purchasers, and intermediaries, and shortages are predicted to persist into February or March.

The mid-crop harvest usually starts in April, while the main crop often peaks in December.

“I don’t see how we can meet our target volumes with two or three months of low arrivals,” said another director at a multinational exporter in the port of San Pedro.

“It’s clear that production will be weak for two months through January and February, maybe even March. It will be untenable.”

Related Topics:Cocoa Featured Ivory Coast

Click to comment

VenturesNow

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

Published

12 hours ago

December 11, 2024

Ifeoluwa Dada

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.

VenturesNow

Nigeria creates N20bn consumer credit fund for domestic automakers

Published

2 days ago

December 9, 2024

Ifeoluwa Dada

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.