PRICE OF COCOA ON AN INCREASE RATE

The price of cocoa beans per kilogram in Cameroon has recently risen by more than 9% in just two days, according to data published by the National Cocoa and Coffee Board (NCCB).

In a recent update on cocoa prices, the NCCB has set the minimum price per kilogram in Douala, the economic capital of Cameroon, at  3,000 FCFA and the maximum price at 3,200 FCFA. This represents a significant increase on the NCCB’s February 14 update, which set the minimum price at 2,750 FCFA and the maximum price at 2,900 FCFA.

This increase, according to agricultural experts, is influenced by the worldwide shortage of cocoa beans. This year, the main cocoa-producing countries, notably Ghana, Ivory Coast , Nigeria and Cameroon, have experienced low cocoa yields, which has pushed prices to record levels.

Low yields have been blamed on climate change, marked by unpredictable weather conditions and a host of pests. The price per kilo of cocoa in Cameroon has now doubled compared to what farmers received last year.

When the Minister of Trade, Luc Magloire Mbarga Atangana, launched the 2023/2024 cocoa campaign in Meyomessala, in the South Region, on 20th January 2024, the price of cocoa was 2,520 FCFA per kilo. Hailing this as a “world record”, Minister Luc Magloire attributed the surge to improvements in the quality of Cameroon’s cocoa.

Earlier this month of February, Cameroon went as far as winning a bronze medal at the Cocoa of Excellence Awards 2024 in Amsterdam.

Delia Nyadi