Côte d’Ivoire Cashew nut Processors In Critical Condition.
For years now, the government has been trying to increase the share of locally processed nuts in Côte d’Ivoire. With the increment, Ivorian processors will be able to compete with Asian raw nut buyers. Who buy from them just to resell the processed nuts back to them. But due to the inability to get the locally processed nuts share up, the Ivorians cannot compete with Asian raw nut buyers.
According to reports, Côte d’Ivoire is the world’s largest producer of cashew nuts. With one million tonnes per year but only 10% processed locally. The rest are exported raw mainly to Asia.
Trying to increase the share of locally processed nuts in Côte d’Ivoire has hit a block as the Grouping of Ivorian cashew processors (GTCI) have sent a letter to the Cashew Cotton Council (CCA) and the government stating that the creation of the guarantee fund worth more than $20 million was no longer possible
However, according to government statistics quoted by Reuters, Côte d’Ivoire aims to process 50% of national cashew production by 2025 or 2026. And this is in order for them to be able to compete with the world’s No. 1 in processing, Vietnam.
Also, in February the Prosper Cashew project of $61 million over 5 years was launched. Financed by the United States Department of Agriculture (USDA). And piloted by the NGO TechnoServe to accelerate the processing of cashew nuts in Africa. So this future statistics forecast for Côte d’Ivoire might just be feasible.