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Cameroon Agribusiness Report Q2 2009
Business Monitor International, April 2009, Pages: 36
This Cameroon Agribusiness service provides proprietary medium term price forecasts for key commodities, including corn, wheat, rice, sugar, cocoa, coffee, soy and milk; in addition to newly-researched competitive intelligence on leading agribusiness producers, traders and suppliers; in-depth analysis of latest industry developments; and essential industry context on Cameroon's agribusiness service.
A diverse mix of topographical and geographical climates underlines Cameroon's potential to become among Africa's top agriculturally productive nations. Accounting for over two-thirds of total employment and almost a half of GDP, the performance of the local farming sector is central to domestic socioeconomic well being. The riots witnessed in the country in 2008, as food prices soared, are an indication of the proximity between agriculture and social stability. The new Cameroon Agribusiness Report Q209 positions the local industry against a tidal wave of global recession with low demand and commodities prices the prevailing dynamic.
As the global economic crisis erodes Cameroon's export potential, the present time represents an opportune moment for the government to focus on ways in which it can enhance the processing and value-added subsector. Despite ambitious rhetoric and extensive plans for the development of downstream production, reality paints a picture of a state reluctant (or unable) to invest in the basic fundamentals - such as infrastructure and roads - which would do so much to compliment the drive for private investment.
Yet, despite the bleak global outlook, most of the crops covered in the publisher's outlook are set to climb sharply against the production growth recorded in the projection period ending in 2008. Cocoa and coffee, averaging 43.31% and 64.94% year-on-year (y-o-y) growth respectively through to 2013, are the highest climbers, although grains output growth is also impressive. International cocoa prices were much quicker to bounce than most other commodities due to supply issues in Ghana and Ivory Coast, the two countries accounting for over half of world cocoa production, thus providing strong incentives for Cameroon, the world's fifth largest producer, to increase crop volumes.
Meanwhile, cocoa sustainability programmes, initiated by MNCs like Cadbury 's, are making the prospect of cocoa farming increasingly attractive. Similarly, the production of coffee and sugar cash crops is forecast to benefit from the privatisation of state-run enterprises, enabling a greater degree of profitmaking potential for plucky entrepreneurs.
In early January, the EU and Cameroon signed an economic partnership agreement (EPA) allowing Cameroonian exports preferential access to EU markets similar to the deal whereby African countries can export bananas to former colonial powers duty-free. However, under the terms of the deal, Cameroon must phase out the majority of tariffs attached to EU imports, which consist of mainly non-agricultural goods. This is a positive development for local agribusinesses and the prospect of uncapped access to lucrative European consumer markets should help strengthen state and private resolve to boost productivity.
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