Cameroon’s cocoa production is set to increase in the 2024-2025 season, which is expected to end on July 15 according to Fitch Solutions, a subsidiary of Fitch Group.
The firm predicts a 6.7% rise in cocoa output, which accounted for 13.4% of the country’s exports in 2023.
Based on this forecast and the 266,725 tons of cocoa sold during the 2023-2024 season, as reported by Cameroon’s National Cocoa and Coffee Board (ONCC), production for the upcoming season could grow by around 17,870 tons, reaching approximately 284,595 tons.
This would bring Cameroon closer to its record highs of 292,472 tons and 295,164 tons in the 2020-2021 and 2021-2022 seasons the most productive in the past five years.
The expected increase comes at a time when cocoa farmers are benefiting from soaring prices. Since the 2023-2024 season, farmgate prices have hit record levels, reaching up to CFA 6,000 per kilogram in some production areas.
Prices above CFA5,000 per kilogram have been consistently recorded since the start of the current season, further encouraging farmers to boost their output.
Higher cocoa production should also translate into stronger export earnings for Cameroon, where cocoa is one of the top cash crops.
By the end of 2023, the country had exported over 180,000 tons of raw cocoa beans, generating nearly CFA360 billion in revenue, according to Cameroon’s National Institute of Statistics (INS).
Meanwhile, the growing number of cocoa processing plants in the country has helped Cameroon expand its exports of cocoa derivatives.
In 2023, the country shipped 49,411 tons of cocoa paste and 23,825 tons of cocoa butter, earning CFA 97.4 billion and CFA 55.5 billion, respectively, according to the INS report.
BY A CORRESPONDENT
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