Cameroon's Minister of Trade celebrates strides in cocoa prices

In a communique dated 20th February 2024, Mr Luc Magloire MBARGA ATANGANA, Minister of Trade highlighted positive developments in the cocoa sector with a focus on the success of marketing operations, which have resulted in a record surge in cocoa prices.

He remarked that cocoa prices have reached a staggering 3300 FCFA/KG, a significant increase from the opening price of 1500 FCFA/KG set in September 2023 in Ngomedzap during the start of the 2023/24 season, placing Cameroonian cocoa producers among the highest paid in world. He also noted that if we refer to previous seasons, we would realize that the producer prices have tripled, representing a substantial gain that far outpaces the country's inflation rate.

He then reiterated the importance of producer discipline and rigor in cocoa marketing practices and encouraged producers to favour group sales, promoting transparency and open competition within the industry and aligning with the directives outlined by public authorities.