Leading Cameroon banana producer fears falling EU prices
“We have no option but to note that the banana market in Europe is largely below the figures used when the 2017 budget was being drafted. In other words, prices are low!”, announces the MD of PHP in the latest edition of “Au Coeur de la PHP”, the quarterly bulletin of this agro-industrial unit. In this situation, the MD points out, “PHP’s margins are becoming very low and the year could end up in disaster, if prices do not increase and more importantly if we do not do anything”.
"Indeed, we learned, the European market, a main destination for Cameroonian bananas, is currently over-supplied. Particularly due to the abundance of Latin-American dollar bananas, whose producing countries, this year, are not facing “any weather, problems, which had not happened for many years”, explains Armel François.
“The entire personnel of PHP and each of us can and must contribute to the effort made by the company to adapt to these market conditions. We will surely have to forego some benefits without reconsidering the essentials for the telephone, fuel allowances, car mileage, but also convenience overtime and other small benefits taken from the company and where senior management showed a kindness which can no longer be the case”, writes Armel François in the editorial of PHP’s magazine.
source: businessincameroon.com
