(Business in Cameroon) - The price ceiling for cocoa beans in Cameroon has peaked at CFA2,000 since November 10. This is the 7th increase in three months. On November 7, the price was still CFA1,930 FCFA, data from the sector information system (SIF) showed. The minimum price is now CFA1,925, up CFA75 from the previous limit.

This 7th increase in bean prices confirms that Cameroonian growers are among the best paid in the world. The new prices are slightly lower than the "special price of CFA2,015 per kg" offered to producers by the beans crusher Atlantic Cocoa on November 8, 2023, according to the trade minister. He was speaking during a group auction in Batschenga, a production area in the Central region.

The continuous increase in cocoa prices in Cameroon signals a promising 2023-2024 season for producer earnings. However, it also highlights a competition between exporters and local processors for beans control, as the available quantities struggle to meet the demands of all industry participants.

With major international traders affiliated with exporters making substantial purchases, the local processing market has witnessed the entry of three new crushers (Atlantic Cocoa, Neo Industry, and Africa Processing) in less than three years, boasting a combined capacity of around 100,000 tons. Some of these operators are willing to drive up beans prices to ensure the smooth operation of their factories, which often face shutdowns due to a shortage of raw materials.