March 25, 2023

The Political Chronicle

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Cashew growers are worried about foreign competition


Although the world’s leading producer of cashew nuts has great ambitions in the local processing of cashew nuts, Ivorian processors fear for the survival of their operations mainly in Asia due to competition from foreign companies. They call on the government to put in place strong incentives by the end of this year.

With our correspondent in Abidjan, CD Yanzane

In a statement released on Thursday, November 25, the Cashew Industry Group condemned the absence of Côte Ivoire. Captures only a small fraction of the wealth generated by the market Cashew Nut. This is because despite its status as the world’s leading producer, the country rarely processes 10% of its cashew nuts.

In early November, the Cashew Cashew Council announced its intention to triple the local processing of its production from next year, targeting half of the cashew nuts processed at the site by 2025.

The stated ambitions in this field have inspired many national manufacturers to embark on the adventure. But the strike of their Asian rivals, especially the Vietnamese, is heavier on Ivorian processors, with more experienced and more competitive prices. Many factories are already out of business, while others are content to survive.

In conjunction with RFI, the cashew entrepreneurs’ desire to remain anonymous also calls into question structural barriers: lack of capacity, expensive equipment to import, but poor support from Ivory banks and the economy.

Manufacturers hope the government will launch more incentives, such as guaranteed funds, to encourage banks to release financing.

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