Reuters reports that Cameroonian farmers have held back some of their cocoa from the market in order to push prices higher. As a result, prices have increased from CFAF1,150 ($2.66) per kilo in October to CFAF1,375 ($3,18) per kilo in November.
Members of one cooperative report marketing only about a third of their crop. The shortage, combined with strong global demand for beans has led buyers to raise prices paid to farmers. Even farmers not belonging to cooperatives have participated.
“This seems to be our year and we will seize the least opportunity to make as much money as we can,” said Moise Edou from Sangmelima. “For the first time, all farmers, even those who are not members of cooperative societies, have seen an advantage in hoarding produce.”