Cameroon’s cocoa sales generate an average of FCFA 400 billion annually, Commerce Minister Luc Magloire Mbarga Atangana said on state radio CRTV on January 27. He cited “updated statistics“ but did not specify whether revenue remained constant.
Cameroon ranks fourth among global cocoa producers, selling between 290,000 and 300,000 tons per year, according to the minister. Côte d’Ivoire placed first with 2 million tons, followed by Ghana at 700,000 tons and Nigeria at 280,000 tons.
Cocoa prices have soared in recent months, reaching a record XAF2,730 per kilogram off the field in January 2024, Mbarga Atangana said. This compares to XAF700 per kilogram at the end of the 2016-2017 season.
The minister rejected claims that lower harvests fueled the price surge, saying “This is a rather short and insufficient explanation.” He attributed the rise to improved cocoa quality and market organization.
While acknowledging a global supply shortfall in the previous two seasons, he argued, “the real explanation lies in the market’s interest in cocoa quality, and therefore in Cameroonian origin. If it had been down to the deficit, it would have benefited all origins equally.”
L.A.