Cameroon cuts down levy on cocoa export amid global price slump
Businessam Staff
August 12, 2017
Cameroon has halved its levy on cocoa exports to boost revenues for farmers and exporters hit by a dive in global prices over the past year, Luc Magloire Mbarga Atangana, the trade minister said Friday. Bumper crops around the world have sent prices lower this season and in some parts of Cameroon the price that […]
Ghana produces biggest cocoa crop in six years
Businessam StaffAugust 4, 2017
Ghana has recorded its biggest cocoa harvest in six years, Bloomberg reports, after favourable weather conditions boosted output in the world’s second-biggest grower. Graded and sealed deliveries since the beginning of the season in October reached 909,493 metric tons by July 27, said the people, who asked not to be named because the information isn’t public. […]
Ghana cocoa buyers say a lack of funds curbs bean purchases
Businessam StaffJuly 26, 2017
Ghana’s industry body for cocoa purchasers said its members are struggling to pay farmers for their crops because the regulator isn’t reimbursing buyers for the delivery of beans. Purchasers are buying beans on credit from farmers in some instances, while others have stopped taking delivery from growers, which is causing stocks to accumulate on farms, […]
Floods may hurt cocoa, favour rice, says Nigeria weather chief
Businessam StaffJuly 24, 2017
Floods predicted to sweep across most of Nigeria this year may imperil the West African country’s cocoa crop while boosting its rice output, the head of its meteorological agency said. At least 32 of the country’s 36 states, including those that span the southern cocoa belt, are likely to experience flooding during the current wet […]
Palm oil demand up as dry U.S. weather seen hurting rival soy crops
Businessam StaffJuly 21, 2017
Palm oil demand is seen rising on a widening price differential with its rival oilseed soy, spurred by dry weather in the United States, prompting buyers to switch to the cheaper tropical oil, as key purchasing market China replenishes its palm oil port stocks, which have slid to seven-month lows. Benchmark palm oil prices are […]
Ghana’s biggest cocoa buyer seeks guarantee to cut finance costs
Businessam StaffJuly 18, 2017
PBC Ltd., the biggest buyer of cocoa beans from farmers in Ghana, is seeking to cut borrowing costs by arranging its first government loan guarantee in seven years, according to report from Bloomberg. PBC is asking for a guarantee of as much as 400 million cedis ($91 million) from the government, Nana Agyenim Boateng acting […]
Ghana cocoa board warns farmers smuggling may jeopardize pay
Businessam StaffJuly 14, 2017
Ghana’s cocoa regulator is warning farmers that the smuggling of beans from neighbouring Ivory Coast may jeopardise efforts to keep producer payments unchanged despite a slump in prices. According to Bloomberg, the regulator in Ivory Coast, the world’s biggest producer, expects that as much as 70,000 metric tons of the country’s crop will be smuggled […]
ICO chief says ‘concerned’ about long-term world coffee supplies
Businessam StaffJuly 11, 2017
The head of the International Coffee Organization (ICO) said on Tuesday that he was “concerned” about global coffee supplies over the next five years because of low prices and climate change. “In many countries, prices are not considered remunerable,” ICO Executive Director Jose Sette said on the sidelines of the World Coffee Producers Forum in […]