(Business in Cameroon) – Over the second quarter of 2024, global prices for agricultural products exported by the CEMAC countries rose significantly by 37% compared to the previous quarter. According to the Composite Index of Export Commodity Prices from these countries, cocoa was the main driver of this trend.
“This increase is mainly driven by the sharp rise in cocoa prices, which is attributed to extreme weather events affecting the production of the world’s two largest cocoa producers, Côte d’Ivoire and Ghana,” notes a report published by BEAC, the central bank for CEMAC countries. Indeed, under these conditions, international cocoa prices soared by 51.2% between the first and second quarters of 2024.
Two other products also contributed to the rise. Coffee prices increased by 20.3% during the review period, and tobacco prices went up by 10.7%. However, there were also price declines for sugar, which fell by 10.7%, and cotton, which dropped by 10.1%.
