# Monthly Economic Review
No. 005 November 2025
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GECAM
Groupement des Entreprises du Cameroun
The Monthly Economic Note
By GECAM
No. 005 November 2025
# 1. PRICES OF MAJOR COMMODITIES
Wheat. In November, wheat prices rose after a sharp decline between February and September. The price per tonne was $194.78, up 1.14% from October. While the forecast for increased production explains the downward trend since September 2025, the slight upturn at the end of November appears to be the result of concerns about the timing of the availability of new production in certain countries (notably France). Geopolitical factors also played a role, such as occasional tensions in the Black Sea due to the Russian-Ukrainian conflict.
Cocoa. Cocoa prices have been on a downward trend since June 2025. While the decline was the result of positive production prospects, the rise in September reflects a resurgence of fears about production, due in particular to the inability of the «interim season» (April to September) to replenish global stocks.
Coffee. Tensions in this market remain high, with prices continuing their upward trend over the last 12 months. The price is now $9,105 per tonne, compared with $6,067 per tonne 12 months earlier.
Cotton. Cotton prices have shown a general downward trend, with moderate fluctuations since January 2025. From August 2025 onwards, prices continued to fall, reaching $23.2 in November. This downward fluctuation may be influenced by increased production, which can be explained by Chinese investment in agricultural technologies and improved practices boosting their production capacity, and Brazil's adoption of new varieties and modern agricultural techniques. It may also be influenced by the adoption of advanced agricultural practices and subsidies for American production.
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@legecam
GECAM
Groupement des Entreprises du Cameroun
The Monthly Economic Note
By GECAM
No. 005 November 2025
Oil. Daily quotations reveal that the price of Brent crude oil is showing significant fluctuations, with a general downward trend from £73.41 to £63.36 after peaking at £78.38 in January 2025. This downward trend is the result of a combination of economic, geopolitical and seasonal factors, the most recent of which is the fear of a recession in the United States following the current trade war and the geopolitical crisis in the Middle East.
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2. SUB-REGIONAL ECONOMIC NEWS
The BDEAC obtains its first international financial rating of «Ba3» with a stable outlook from Moody's
On 21 November 2025, the Development Bank of Central African States (BDEAC) received its «Ba3» rating. This rating places the BDEAC in the upper tier of the «speculative» category. This assessment is a strategic step towards accessing international markets to finance its 2023-2027 «Azobé» Strategic Plan, valued at 1,700 billion CFA francs. This represents major advantages for the BDEAC:
- A central role in financing CEMAC's structural projects;
- Strong shareholder support, as illustrated in particular by the recent successful capital increase in 2023;