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Yaoundé - 27 September 2020 -
Economy

Cameroon: Sosucam warns about possible distortion in the sugar market in Q4-2020 due to smuggling

Cameroon: Sosucam warns about possible distortion in the sugar market in Q4-2020 due to smuggling
  • Comments   -   Tuesday, 15 September 2020 12:02

(Business in Cameroon) - In the September 2020 edition of its monthly magazine The Sugar Valley News, Sosucam (sugar producer) estimates that the Cameroonian sugar market could be distorted in the Q4-2020.  

According to the sugar producer, two factors would contribute to this distortion. They include the drop in the number of cubes produced from imported sugar and sugar smuggling from Nigeria that could be favored by fluctuations in the neighboring country’s currency.

Also, Sosucam believes that domestic sugar demand will rise after the overall activity slowdown caused by the coronavirus pandemic. This demand will be boosted by school resumption and the gradual relaunch of business operations. This demand “will be even higher toward the end of the year,” the company projects.

Finally, Sosucam informs that to meet consumers’ requests concerning quality and safety, its distribution networks choose products that guarantee maximum security and traceability.

Let’s note that while national yearly demand is estimated at 300,000 tons, Sosucam (which is the leader of the market) barely produces 130,000 tons. According to the Ministry of Finance, Cameroon spent XAF3.9 billion to import 15,575 tons of sugar in the first quarter of 2020 to meet national demand.

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