The Ministry of the Economy (Minepat) has stated that Cameroon plans to boost its banana production -which recorded a 20.9% drop in Q1-2020- by relaunching the operations of agro-industrial unit Cameroon Development Corporation (CDC).
Minepat states that at the beginning of the year, the company received financial support from the state, its sole shareholder, amounting to CFAF 29 billion. Indeed, Minepat explains, around that time, CDC requested support from the State to relaunch its activities.
With this state support to CDC, the Ministry of Economy is confident that the country’s banana production will resume its upward trend despite the international news dominated by the panic caused by the current health crisis and the containment measures taken by countries around the world to stop its spread (several countries are currently taking deconfinement measures around the world).
Another factor that boosts Minepat’s confidence in a resumption of banana production is that PHP, the current leader of the market, is planning to acquire 12 tractors thanks to a grant from the European Union in the framework of the measures initiated to support ACP banana supplying countries.
"Therefore, as of 2020, this sector should once again resume into a favourable dynamic supported mainly by the continued good performance of the other operators that will launch the exploitation of new plots of land,” the Ministry of the Economy projects.