Former CAN president praises FG policy on Cocoa price

 

The former president, Cocoa Association of Nigeria ( CAN) and presently the chairman, Board of Trustee ( BOT), Dr. Victor Iyama has commended the Federal Government (FG) for not heeding to the calls that farmers' produce should be determined by cocoa board. 

In a chat with Foodfarmnews, Dr. Iyama pointed out that the cocoa farmers in the last season really cashed out to the unprecedented tune of N13.5m per ton, while both the Local Buying Agents ( LBA) and exporters were at the losing end due to fall in international price.

Iyama said that the cocoa farmers were able to make such a huge profit because of the selling freedom given by the government which enabled them to sell without being regulated or restricted to a particular buyer unlike what is obtained in other African producing countries. 

According to him " It was a good season for farmers as a result of the unregimented system that allows them to sell their produce to buyers of their choice unlike what is operational in Ghana and all other African cocoa producing countries"

He added it was a good season for farmers saying the huge Naira cash has prevented them from cutting their trees as it used to be during the cocoa board era in Nigeria.

Iyama however lamented for both exporters and LBAs that lost hugely during the season due to falling prices at the international market which according to him was difficult to be predicted.

" Why it was very good for farmers, the cocoa exporters and LBAs are counting their losses at the price of cocoa they bought at N13m which dropped to 8-9m Naira due to unstable international prices being dictated by the UK and America" said Dr. Iyama.