Cotton

Yaounde, Cameroon Africa(Cameroon News) -

Cameroon Cotton Development Corp has registered losses worth $31 Million mostly because of cotton smuggling.

Cameroon’s Cotton Development Corp. have registered losses worth 14 billion CFA francs ($31 million) during the 2010-11 harvest season because of smuggling of the cash crop, le Jour reported, quoting Ibrahim Ngamie, director of agricultural production.

Farmers are more than eager to sell their cotton to neighboring Nigeria where they get higher prices for the crop in comparison to the 200 CFA francs per kilogram (2.2 pounds) given to them by the Cameroonian company known as Sodecoton, the Yaounde-based newspaper quoted Ngamie as saying.