In
2016, the price of cocoa fell from $3,500 to $1,400 per tonne due to a glut in
the market caused by excess production of 400,000 tonnes. Since then, cocoa
farmers and exporters have not been finding easy to make ends meet.
But,
their story is changing as the two-year meltdown in the global cocoa market
seems to be coming to an end. The price of a tonne of cocoa last month ending
rose to $1,515 from $1,456 on February 14.
Welcoming
the development, the National Cashew Association of Nigeria (NCAN) President, Mr. Tola Faseru, said many farmers had
abandoned cocoa production because of meltdown. He said farmers and exporters
lost billions to the fall in prices.
Faseru
said with rise in cocoa price the wild ride of the past two years was over and
farmers were poised to head back to the farms.
The International Cocoa and Coffee Organisation
reported in 2015 there was a boom with growing demand, particularly in the new
markets of China and India. This pushed farmers to produce a surplus of 400,000
tonnes of cocoa against the four million tonnes yearly supply. In 2016 and
2017, there was another surplus of about 400,000 tonnes.
The
massive oversupply, which followed led to global glut, he said, was detrimental
to cocoa production with high price fluctuation. With the price gradually
picking, he advised that production should not be dropped and the quality of
the crop should be controlled by halting early harvests. (Nation)
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