Ivory Coast’s electricity monopoly, which has a stock that’s soared 95 percent in the past year, will increase exports as rising domestic demand boosts profit amid an economic recovery in the world’s biggest cocoa producer.
Cameroon’s average national farmgate cocoa price fell 0.2% to 998 CFA francs/kg in wk to May 7 from 1,000 francs wk earlier, according to Bloomberg calculations from data provided by Cameroon National Association of Cocoa and Coffee Producers.
Mining companies seeking an exploration license in Ivory Coast are required to have a minimum investment budget of 600 million CFA francs ($1.2 million), according to a document from the Ministry of Mines, Oil and Energy.
Ivory Coast, the biggest producer of cashew nuts in Africa, will guarantee farmers get a minimum price for their produce as the country seeks to increase their earnings and expand domestic processing of the crop.
Cocoa farmers in Ivory Coast, the world’s largest producer, may get less for their beans when the next harvest starts in April as futures on NYSE Liffe in London are approaching a bear market, a Bloomberg survey showed.
Ivory Coast, the world’s biggest cocoa producer, lowered by 3.6 percent the minimum guaranteed price farmers will be paid for beans to 700 CFA francs ($1.36) a kilogram (2.2 pounds) for the mid-crop harvest.