Fiji is missing significant cocoa export earnings despite high global prices due to inadequate local production readiness. Director Arif Khan calls for government regulation and a structured approach, including forming a cocoa board to guide the industry. He highlights the need for strategic planning to foster growth and capitalize on global market trends.
Fiji’s cocoa industry is missing out on potential millions in export earnings as the global market price for cocoa has surged to nearly $US10,000 ($F22,920) per metric tonne. However, local production is not prepared for mass commercial output. Arif Khan, director of Cacao Fiji, urges the government to establish regulatory structures to support the industry.
Khan explained that the rise in cocoa prices is attributable to a global shortage, worsened by declining production in major cocoa-producing nations like Ghana and Ivory Coast due to various issues including diseases and climate impacts. The anticipated shortfall is expected to be around 500,000 metric tonnes, which has led to a significant price increase of 300%. He emphasized that Fiji should focus on cocoa as a viable export commodity that warrants investment.
To enhance the industry’s structure, Khan advocates for a strategic meeting and the formation of a national cocoa board to oversee operations efficiently. He stresses the importance of defining strategic goals and key performance indicators (KPIs) for growth, such as targeting 5,000 farmers and a production goal of 2-3 metric tonnes within a few years. Without clear objectives, the industry may stagnate.
Khan also noted his participation in the recent cocoa convention in Amsterdam, where he recognized Fiji’s potential for branding its cocoa products as premium offerings. This positioning could enable Fiji to command higher market prices for its cocoa products.
Fiji’s cocoa sector stands at a pivotal juncture where defining regulatory and operational frameworks could unlock significant export potential. The calls for a structured approach and strategic planning are critical for capitalizing on rising global cocoa prices. Without these measures, growth in the cocoa industry may remain stagnant, risking Fijian export earnings.
Original Source: www.fijitimes.com.fj
