Chinese peanut exports delay Sonacos recovery
Beijing’s appetite for Senegalese seeds has put the country’s oil mills in difficulty. Sonacos, the leading local processor, is struggling to recover from the crisis.
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▪ Chinese peanut exports delay Sonacos recovery
▪ Beijing’s appetite for Senegalese seeds has put the country’s oil mills in difficulty. Sonacos, the leading local processor, is struggling to recover from the crisis.
▪ https://www.africabusinessplus.com/en/805337/chinese-peanut-exports-delay-sonacos-recovery/
After several years during which it came close to bankruptcy, the state-owned peanut oil company Société nationale de commercialisation des oléagineux du Sénégal (Sonacos) has embarked on a new recovery process. This involves a series of stringent measures: recapitalisation to the tune of 20bn CFA francs (€30.5m); the total clearance of nearly 100bn CFA francs of bank-contracted debt; a revaluation of its land assets; and an emergency investment plan of 16bn CFA francs as part of a five-year programme (2020-2024) intended for the upgrading of industrial tools.
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