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Cashew processors in Ivory Coast say the government’s support plan to revive the country’s struggling cashew sector is still not enough. Many businesses in the Ivorian cashew processing industry are still facing difficulties and have not been able to operate smoothly.
=> Read more: Ivory Coast Cashew Processing Companies Face a Shortage of Raw Cashew Nuts
Ivory Coast: One of the World’s Largest Cashew Producers
Ivory Coast has become one of the world’s leading cashew-producing countries in recent years, with annual production of around 1 million tons.
However, the country currently processes only about 10% of its cashew output domestically. The rest is mostly exported as raw cashew nuts.
For many years, the Ivorian government has tried to increase the volume of cashews processed within the country. However, local cashew processors often lack the financial strength to compete with Asian companies when buying raw cashew nuts. This has led to a shortage of raw cashew supply for domestic processing factories in Ivory Coast.
=> Related article: Ivory Coast Cashew Processing Companies Face a Shortage of Raw Cashew Nuts
Some Cashew Processing Companies Have Gone Bankrupt
Several cashew factories in Ivory Coast have been forced to reduce production or declare bankruptcy because they cannot compete with cashew processing companies in Asia.
Among Ivory Coast’s 20 cashew processing companies, eight have gone bankrupt over the past two years, while others are operating at a loss.
According to the general director of one processing company, an agreement was reached to allow Ivorian processors to purchase raw cashew nuts at a subsidized price of 305 CFA francs, or about 0.51 USD per kilogram, from groups supported by the sector’s marketing board, the Cotton and Cashew Council (CCA).
Government sources in Ivory Coast previously said the aid plan, combined with private-sector initiatives, would help increase domestic processing to around 50% of national production by 2025 or 2026.
If successful, this would help Ivory Coast compete more strongly with Vietnam, the world’s largest cashew processing country.
Exchange rate reference: 1 USD = 603 CFA francs.
=> Read more: Ivory Coast Aims to Triple Cashew Kernel Processing in 2022
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