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CEMAC: Export produce records significant drop in price
CEMAC: Export produce records significant drop in price
The Bank of Central African States, BEAC, has released its second quarter report for 2020. The report indicates that agricultural export produce have witnessed an unprecedented drop in price. Such a drop has been attributed to a corresponding drop in demand. It adds that a slow-down on economic activity in the international scene resulted to a drop in demand and as a result, a drop in price. Details of the report indicate that an item like sugar dropped by 18.7 per cent. Palm oil, rubber and cocoa prices dropped by 15.7 per cent, 14.9 per cent, and 11 per cent respectively. The commodity price index released by the bank correlates the recent figures to those of the last quarter. As at quarter one of 2020, only a 1.9 per cent drop was witnessed.
In July 2020, business actors in the city of Yaounde jumped for joy, when the government announced that plans were being considered to reopen the borders. They decried the fact that the closed borders were playing negatively on their businesses. Same month, CEMAC Council of Ministers of the Monetary Union resolved to open up borders and speed up the free movement of goods and persons in the sub-region, in a bid to speed up economic recovery. The finance and economic experts also urged member-states to seek alternative sources of revenue, if they had to address the shock. Many nations have begun easing the response measures they enforced as they have learned to live with the pandemic. Observers have said the effective reopening of borders is likely to contribute to redressing the situation.
Culled from Cameroon Insider