HealthNews




Cameroon : Govt Increases Tax on Cocoa Beans Export by 10%

Meanwhile, the minimum price of a kilogram of cocoa beans in Cameroon's production basins has risen by F CFA 75…

cocoa

Meanwhile, the minimum price of a kilogram of cocoa beans in Cameroon’s production basins has risen by F CFA 75 to F CFA 1,225, after staying at  F CFA1,150 for most of November 2022.

 

The tax that will go into effect beginning 2023, has sparked outrage with fears that the move will further sens farmers down the poverty scale.

 

Popular opinion shared by economists points to the fact that the tax is  exorbitant and not good for farmers who are already grappling with a sharp rise in the prices of farm input. The tax which members of parliament, MPs, and Senators glapped through during the November session of parliament which ended Saturday December 10th, is contained in section 10 article 2 of the Finance Bill for 2023 financial year.

 

According to data revealed by the Sector Information System, a price alert system run by the National Cocoa and Coffee Board (NCB), the maximum price also rose by CFA30 CFA from CFA1,250 to CFA1,280 on December 8, 2022. The day before, this price was CFA1,275.

This new increase in the price of Cameroonian beans is the result of an increase in demand at the start of the end-of-year sales. The end of the rainy season in the country is also a favorable factor. Indeed, access to production basins is quite difficult during the rainy season due to poor road conditions.

However, it should be noted that despite the poor state of the roads during the rainy season, and the resulting drop in bean prices, the minimum price has always been around 1,000 CFA per kg since the beginning of the current cocoa season. According to Trade Minister, Luc Magloire Mbarga Atangana, “Cameroonian bean producers are among the best-paid producers in the world”.

Follow the live information on our channel