According to a report on the “Invest in Cameroon” website on November 7, the Cameroon Cotton Development Company (SODECOTON) announced on November 6 that it planned to establish the “Cameroon Cotton Price Risk and Management Fund” (FGRPC-C), aiming to Establish a minimum purchase price for seed cotton to protect the interests of cotton farmers. According to reports, the fund will be jointly managed by the Cameroon Cotton Development Company and the National Confederation of Cotton Producers of Cameroon (CNPC-C).
Cameroon Cotton Development Company is the largest state-owned company in the field of agricultural planting and processing in Cameroon, with the government holding 58%. Its business covers three regions in northern Cameroon and involves more than 250,000 cotton farmers. Currently, the company has more than 2,500 employees and a turnover of more than 77 billion CFA francs.
According to statistics from the French company Commodafrica, international cotton prices have fallen by 30% since August 2013.