Togo: Cotton farmers now hold 25% of the New Cotton Company of Togo

Friday, 08 July 2022 16:12
Togo: Cotton farmers now hold 25% of the New Cotton Company of Togo

(Togo First) - The National Federation of Cotton Farmers of Togo (FNGPC) increased its shareholding in the New Cotton Company of Togo (NSCT). From CFA800 million, the Federation’s stake now stands at CFA6 billion, which represents nearly 25% of the firm’s total shareholding.

The news was disclosed at the FNGPC’s ordinary general meeting, held last week in Lomé. On the same occasion, financial and budget reports covering the year 2021 were presented. 

The stake increase comes as the cotton sector struggles to achieve the performances expected concerning a reform that was recently introduced, though several efforts have been implemented to this end. 

According to Koussouwè Kouroufei, chairman of the FNGPC, Togo produced 67,185 t of cotton seed and cultivated over 100,050 hectares, which corresponds to an average yield of 672 kg per ha. In 2021-2022, the country’s output slumped by 12.24%, to 52,528 t. Over the period, however, yield per hectare rose. 

Moreover, cotton also faces rising competition from soybeans, which farmers believe to be more profitable.

Ayi Renaud Dossavi

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