THE EDITOR: As cocoa prices soar globally, the cocoa industry in TT can be poised for a transformative resurgence. With cocoa futures hitting record highs, our cocoa farmers stand to potentially benefit significantly, marking a turning point for the country's cocoa sector.
This surge in cocoa prices presents TT with an unprecedented opportunity to re-establish itself as a leading cocoa producer. With a rich heritage of cocoa farming and a commitment to innovation, the TT cocoa industry could be on the brink of a remarkable resurgence.
The local cocoa industry, known for its fine or flavourful cocoa beans, should be preparing to capitalise on this opportunity. Despite facing challenges in recent years, such as low production, the industry with this boost in prices can be primed for revival. Higher cocoa prices can drive increased profitability for cocoa farmers.
Brazil's recent adoption and introduction of high-tech solutions, such as automation in cocoa harvesting and advanced irrigation techniques, can provide progressive models for TT's cocoa sector to emulate and optimise profitability.
Drawing inspiration from the tech innovations implemented in Brazil, TT's cocoa industry should be encouraged to embrace this new cutting-edge agricultural technology. Creative support from the Ministry of Agriculture and the Ministry of Trade and Industry, as well as the Agricultural Development Bank, can facilitate the optimal capitalisation of both high prices and technology.
As the minister who repealed the archaic Cocoa and Coffee Board Act (1961) and had oversight of a public-private partnership aimed at rehabilitating TT’s cocoa sector through innovative chocolate products that contributed significantly to the revitalisation of the domestic artisanal chocolate industry, the increase in global cocoa prices is a potentially pivotal moment for the industry.
DR DEVANT MAHARAJ
via e-mail
(Dr Maharaj's doctoral research focused on niche marketing of the cocoa industry and the development of innovative approaches for the sustainability of cocoa entrepreneurs)
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