A high official spokesperson of the Inter-African Coffee Organization (IACO) on this Wednesday announced that it has developed a US$ 14.3 Million package for the revival of the Coffee Sector which had otherwise faced very harsh circumstances due to the prevailing Covid-19 Pandemic. The official in his press statement said that the intervention program is the need of the hour to provide the much-needed boost to the Coffee Sector. The initiative has been welcomed by all the stakeholders and the business community as a positive step towards recognizing the role of the coffee sector in the field of financial and trading industries. The program has been launched forthwith with the joint cooperation and efforts of the International Coffee Organization (ICO) along with the help of the Center for Agriculture and Biosciences International (CABI).
The collaboration between IACO, ICO, and CABI has been formed with the ultimate aim and objective of formulating an emergency intervention program to fill the gap which has been created due to the prevailing crisis which had severely damaged the coffee sector within and outside the continent. It has been recognized by the high official of IACO who also said that Covid-19 had posed a critical threat to the African agricultural sector because it contributes at least up to 23 percent of the Gross Domestic Product (GDP) wherein the foods and agricultural exports had a share to the extent of US$ 35 to 40 billion per annum.
In the words of Dr. Fred Kawuma, who is serving as the Secretary-General of IACO, he said that the economy relating to coffee with the continent had suffered irreparably even though coffee prices in the world market were already low from the beginning of this year. He further said that even in these circumstances when the economy was deteriorating, the pandemic of Covid-19 had further badly affected the coffee sector and exposed many smallholder farmers across 11 countries vulnerable to risks. He added that for this very reason they are working in close ties with each other towards building a strong system in order to protect the local as well as the producers of coffee within Africa.