COTE D’IVOIRE – Three foreign companies have committed USD 28.7 million to Côte d’Ivoire’s cashew sector, marking a significant step toward boosting local processing capabilities.
The investment deals were finalized during the Cashew Sector Investment Forum, held by the CCA on September 23 in Abidjan.
TORQ Commodities, a UK-based commodity trader, committed USD 10 million to the project. In addition, a consortium formed by India’s Zantye Agro Industries and Austria’s Münzer agreed to invest USD 11.2 million, while Agricas Global, an agricultural commodities trader from the UAE, pledged USD 7.5 million.
These investments aim to support Côte d’Ivoire’s efforts to process more of its cashew nuts locally. “The added value we could achieve through local processing remains under-exploited,” said Kobenan Kouassi Adjoumani, the Minister of Agriculture.
He emphasized that only 21% of cashews produced in the country are currently processed locally, falling short of the government’s ambitious goal of processing 50% by 2030.
Côte d’Ivoire’s government has placed considerable emphasis on increasing the local processing of cashew nuts, a move seen as critical for job creation and economic growth.
According to the General Directorate of Customs, Ivorian exports of cashew nuts and almonds generated USD 1.3 billion in revenue in 2023. However, only USD 217 million of this amount came from processed cashew kernels.
Minister Adjoumani acknowledged the gap between production and processing, stressing the need for further investment to meet national targets. “Our processing rate in 2023 is still far from our goal. With more investment, we believe this will change over time.”
The global cashew market is dominated by processing giants like Vietnam and India. These countries benefit from advanced technology and lower production costs, making it harder for African producers to compete.
Despite these challenges, Côte d’Ivoire is positioning itself as a leader in African cashew processing, ranking third globally.
According to projections from the CCA, the country is expected to harvest 1 million tons of cashew nuts in 2024.
As Côte d’Ivoire continues to increase production, its government is working to enhance the local industry through both public and private partnerships.
This includes the promotion of policies aimed at attracting more foreign investment, improving local processing facilities, and ensuring the sector remains competitive.
Pierre Ricau, chief analyst at N’kalô, highlighted the importance of public support for cashew processing across Africa. “In Vietnam, factories are highly automated, and the industry benefits from year-round production. Côte d’Ivoire has made progress with government support, but maintaining this momentum will require ongoing efforts,” Ricau noted.
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