THE GOVERNMENT’S decision last month to appreciate the Solomon Islands currency by five percent is having a severe consequence on rural copra and cocoa farmers within the country. Reports reaching this paper claims exporters and local farmers alike have been hard hit by the decrease in the buying prices of these two popular cash crops.
Rural farmers who depend on these two cash crops are now getting less money than before from their crops and this has brought extra burdens on their lives.
A check to some of the main copra and cocoa buying enters in Honiara yesterday revealed that prices of copra and cocoa had continually decreased over the last few weeks.
Last week the buying price of copra was $4.35 while cocoa was at $17.50.
This week the buying price of copra has dropped by 35 cents to $4.00 while cocoa price has dropped by 50 cents to $17.00.
A local copra farmer whom Island Sun spoke to said that his earnings from copra had decreased significantly ever since the government imposed the appreciation last month.
“The five percent appreciation of the country’s currency is hitting hard on copra and cocoa farmers and exporters within the country.
“The government’s action has resulted in us the rural people losing out on much needed money for our poor families,” the concerned farmer said.
Meanwhile a spokesperson from one of the copra and cocoa exporting companies in Honiara told this paper that the reduction of buying prices of cocoa and copra is because of the government’s appreciation of our country’s currency.
The spokesperson said that they have been forced to reduce their prices because they were not earning much from their exports in recent weeks.
“Due to the appreciation, we have no other option but to decrease our buying price.
“We sympathize with local farmers, but there is nothing much that we can do about this,” the spokesperson said.
He added the prices of cocoa and copra are still expected to drop in the coming weeks.
Copra from the Solomon Islands is exported to the United States and European countries and to new markets in Thailand, Singapore, Australia and China.
Solomon Islands has more than 45,000 coconut farmers who produce more than two million nuts a year.
Dated: 20/07/11
A check to some of the main copra and cocoa buying enters in Honiara yesterday revealed that prices of copra and cocoa had continually decreased over the last few weeks.
Last week the buying price of copra was $4.35 while cocoa was at $17.50.
This week the buying price of copra has dropped by 35 cents to $4.00 while cocoa price has dropped by 50 cents to $17.00.
A local copra farmer whom Island Sun spoke to said that his earnings from copra had decreased significantly ever since the government imposed the appreciation last month.
“The five percent appreciation of the country’s currency is hitting hard on copra and cocoa farmers and exporters within the country.
“The government’s action has resulted in us the rural people losing out on much needed money for our poor families,” the concerned farmer said.
Meanwhile a spokesperson from one of the copra and cocoa exporting companies in Honiara told this paper that the reduction of buying prices of cocoa and copra is because of the government’s appreciation of our country’s currency.
The spokesperson said that they have been forced to reduce their prices because they were not earning much from their exports in recent weeks.
“Due to the appreciation, we have no other option but to decrease our buying price.
“We sympathize with local farmers, but there is nothing much that we can do about this,” the spokesperson said.
He added the prices of cocoa and copra are still expected to drop in the coming weeks.
Copra from the Solomon Islands is exported to the United States and European countries and to new markets in Thailand, Singapore, Australia and China.
Solomon Islands has more than 45,000 coconut farmers who produce more than two million nuts a year.
Dated: 20/07/11
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