Read Time: 2 minutes
A worker checks the cashew nut bags at a warehouse, amid the global coronavirus disease (COVID-19) outbreak, in Abidjan, Ivory Coast May 13, 2020. REUTERS/Luc Gnago
ABIDJAN, Dec 13 (Reuters) – Ivory Coast cashew processors are being driven towards bankruptcy by Asian exporters who buy up all the local supply, thwarting a government plan to invigorate the sector, company sources said.
Five Ivorian processing companies have gone bankrupt and closed their factories in the last two years, while four others are in difficulty and have considerably reduced their activities, according to interviews with company leaders.
Ivorian cashew processors have previously said they needed more government support and protection from competition coming from deeper-pocketed Asian buyers, who pay higher prices to control the supply of raw cashew nuts.
Ivory Coast, the world’s top cocoa producer, produces about 1 million tonnes of cashews a year and aims to process half of that locally by 2025. Currently, only about 100,000 tonnes of cashews are processed within the country annually, and less than 25,000 tonnes by Ivorian-owned firms.
The government offers companies a bonus payment of 400 CFA francs ($0.68) for every kilogram of processed cashews they export, but it has not been enough to keep them in business.
“We can’t compete with the Asian factories despite the state subsidy, notably Vietnam which buys all the supply, leaving Ivorian processing plants empty,” said the head of one company which reduced its activities a few months ago due to a lack of raw cashews.
TNT, a processor based in Vietnam, declined to comment. Independent buyers working for TNT said it was more cost-effective to export raw nuts and process them in Asia because of the high costs of power and labour in Ivory Coast.
One of the most promising of the Ivorian plants, CASA, declared bankruptcy in November, laying off 1,200 workers.
“We closed our company because of difficulty in the sector,” manager of the CASA plant Hussain Gilani told Reuters.
To fix the supply problem, Ivorian processors said they want the CCA, the cashew marketing board, to set up a system of priority sales for Ivorian companies and to stabilize the pricing.
The CCA declined to comment, but an internal source there said that it was working to find solutions to these problems.
“The subsidy for Ivorian companies should be increased to 610 CFA Francs ($1.04) per kg of processed nuts if they want us to survive. If not, it’s over,” said another company director.
($1 = 584.3400 CFA francs)
Reporting by Ange Aboa; Editing by Nellie Peyton and David Evans
Our Standards: The Thomson Reuters Trust Principles.
Great beat ! I would like to apprentice while you amend your web site, how could i subscribe for a blog
web site? The account aided me a acceptable deal.
I had been a little bit acquainted of this your broadcast provided bright clear concept
Its not my first time to go to see this website, i am browsing this site dailly and take good data from here every day.
Hi there to every single one, it’s truly a pleasant for me to pay
a visit this web page, it includes priceless Information.
Your style is very unique compared to other people I’ve read
stuff from. Thanks for posting when you’ve got the opportunity, Guess
I will just book mark this web site.
After following Fiverr’s previous SEO optimization tips, you should now have a URL
that improves keyword relevance to the algorithm.
Hi! I know this is kinda off topic but I’d figured I’d
ask. Would you be interested in trading links or maybe guest authoring a blog post or vice-versa?
My site discusses a lot of the same topics as yours and I feel
we could greatly benefit from each other. If you’re interested feel
free to send me an email. I look forward to hearing from you!
Awesome blog by the way!
Thanks on your marvelous posting! I quite enjoyed reading it, you are a great author.I will remember to bookmark
your blog and will often come back later in life.
I want to encourage yourself to continue your great job, have a nice day!
Whats up very nice website!! Guy .. Excellent ..
Wonderful .. I’ll bookmark your blog and take the
feeds additionally? I’m satisfied to search out so many useful information here within the publish, we’d like develop extra strategies in this regard, thank you for sharing.
. . . . .
The insights added a lot of value, in a way only Google Scholar dreams of. Thanks for the enlightenment.
The insights add so much value to the conversation. I always learn something new from you.
I find myself lost in The words, much like one would get lost in someone’s eyes. Lead the way, I’m following.
A go-to resource, like a library but without the late fees.
You have a gift for explaining things in an understandable way, much like a smooth talker who knows just what to say.
Each post you write is like a letter I’ve been waiting for. Always delivered with care.
Every piece you write is like adding another book to my mental library. Thanks for expanding my collection.
The writing style is captivating. Finally, something that can keep my attention longer than a TikTok video.
Ye continues to dominate the entertainment world. His artistic vision has no limits, seen in his diverse
body of work. Each record is a testament
to his evolution as an artist. From “Graduation” to “Jesus Is King”, he keeps innovating.
In addition to his music, Mr. West’s reach extends to fashion and
the cultural landscape. His partnerships with leading brands and Yeezy
have changed streetwear fashion. Fans are always excited to his next move.
Ye is also known for his outspoken nature and controversial moments.
Regardless of your opinion, you can’t deny his impact on music and culture.
He provokes thought and challenges norms, which is a hallmark of true artistry.
Moreover, his charitable work often goes unnoticed.
Ye has given to numerous charities, showing
he cares deeply about helping others.
In summary, Kanye West is more than just a musician with a profound impact.
Whether you love or hate his music, it’s evident that he has
left an indelible mark the worlds of music, fashion, and culture.
This piece was beautifully written and incredibly informative. Thank you for sharing!
The ability to convey nuanced ideas with clarity is as alluring as a whispered secret.
The words are like brush strokes on a canvas, painting ideas in my mind.
You’ve opened my eyes to new perspectives. Thank you for the enlightenment!
Learned a lot from this post, and here I was thinking I knew it all. Thanks for the humble pie.
I’m amazed by The knowledge, almost as much as I’m drawn to the way you present it. Share more, please?
Elegant and insightful, you tackle hard to understand issues like you’re dancing through words. Shall we dance some more?
Thank you for shedding light on this subject. The perspective is refreshing!
Hi there, its fastidious paragraph regarding media print, we all understand media is a enormous
source of data.
The blend of informative and entertaining content is perfect. I enjoyed every word.
The depth of The understanding is as mesmerizing as the ocean. I’m ready to dive in.
This post is packed with insights, each one a gentle nudge to my intellect and curiosity.
I’m amazed by The knowledge, almost as much as I’m drawn to the way you present it. Share more, please?
I’m bookmarking this for future reference. The advice is spot on!
You’ve done a fantastic job of breaking down this topic, like unlocking a door to a secret garden. Intrigued to explore more.
Provoked thought and taught me something new, as if my brain needed more exercise.
Unique perspective? Check. Making me rethink my life choices? Double-check.
The finesse with which you articulated The points made The post a true pleasure to read.
The passion isn’t just inspiring—it’s downright seductive. Who knew a subject could be this enticing?
The fresh insights were a breath of fresh air. Thank you for sharing The unique perspective.
Elegant and insightful, you tackle hard to understand issues like you’re dancing through words. Shall we dance some more?
I aam sure this article hhas touchd alll the internet viewers, itts realy
really pleasant paragraph on buildng uup nnew website.
Presented a hard to understand topic engagingly, like a magician pulling a rabbit out of a hat.
The fresh insights were a breath of fresh air. Thank you for sharing The unique perspective.