Connect with us

VenturesNow

Egypt in search of wheat. How the Russia-Ukraine war may trigger food insecurity

Published

on

Egypt, the world’s top importer of wheat, is looking for new sources after the Russian invasion of Ukraine disrupted crucial supply from the two major exporting countries.


It is a little over a week since Russian soldiers have invaded Ukraine following the order of their President, Vladimir Putin.
The war is already having a negative effect on countries – especially those that depend on the two countries for food, oil and gold.


Russia is the world’s largest wheat exporter and Ukraine is among the top five. Global grain markets are facing turmoil following Russia’s invasion of Ukraine on Thursday, with the two countries accounting for about 30 percent of the world’s wheat supply.


Wheat is fundamental to the Egyptian diet, with about 70 per cent of the population relying on subsidised bread to feed their families.


The Arab world’s most populous country, with more than 100 million people, Egypt is expected to need about 13 million tonnes of wheat this year, said Lamy Hamed, associate professor in the soil and water department at Cairo University’s Faculty of Agriculture.


This was said as the country’s main buying agency, the General Authority for Supply Commodities (GASC), issued an international tender for Monday to buy 55,000 to 60,000 tonnes of wheat.


Despite the ongoing Russian-Ukrainian military escalation, the Egyptian ship “Wadi Al-Arab” carrying 60 tons of Ukrainian wheat has left the Yuzhne port of Ukraine and en route to Egypt, said the GASC on Saturday.


The shipment is part of a total of  300,000 tons of wheat scheduled to arrive from February 15 to March 3, 2022, the GASC noted. In a meeting with President Abdel Fattah El Sisi on Sunday, Minister of Supply Aly Moselhy said that the state’s strategic wheat stock lasts for 4 months and local production season will start in April, with a target of 4 million tons. On Feb. 26, 2022, the GASC announced – on behalf of the Ministry of Supply and Internal Trade – a new international tender to import wheat, adding that the shipments are scheduled on April 13-26.

VenturesNow

South Africa’s FM, Naledi Pandor, wants quick solution to Ghana, MTN tax dispute

Published

on

South Africa’s foreign minister Naledi Pandor wants the tax dispute between the tech company and the Ghanaian tax authorities solved.

The minister on Friday called MTN Group, which has a presence in 19 countries in Africa and the Middle East, and the Ghana Revenue Authority to find a solution to a $773 million tax dispute.

South Africa’s Department Of International Relations and Cooperation said in a statement, Minister Pandor was briefed on the issue this week and called “on the parties involved to do everything possible to find an amicable solution.”

Two weeks ago, the South African mobile operator giant revealed that its Ghanaian subsidiary has received a bill for back taxes of around $773 million. The billing came after the tax authority audited MTN for the years 2014 to 2018 and inferring that it had under-declared its revenue by about 30% during the period.

MTN said it disputes the “accuracy and basis” of the assessment and that it would fight it.

MTN Ghana is the largest company in Ghana by market capitalization as the annual data revenue of MTN Ghana (Scancom PLC) amounted to over 2.7 billion Ghanaian cedis (GHS) in 2021.

Continue Reading

VenturesNow

Ivory Coast to increase cocoa processing capacity with new plants

Published

on

Ivory Coast, the largest cocoa-producing country in the world, has hinted that it will increase the amount of cocoa it processes domestically to 49%.

According to the head of the sector, the regulator said on Friday, the increase is projected to begin in production starting from October with the addition of several new plants.

The new plants will allow the country to process more than 1 million tonnes of cocoa annually, making it the world’s leading cocoa grinder,

Ivory Coast boasts of annual production of about 2.2 million tonnes with 35-40% processed in the country and the rest exported, but the government has a goal of increasing that to at least 50%.

The country recently signed a deal with the United Arab Emirates for the construction of a new plant in San Pedro with a grinding capacity of 120,000 tonnes, said Yves Brahima Kone, director general of the Coffee and Cocoa Council (CCC), who was in Abu Dhabi this month to open a new CCC office.

“This permanent representation (in Abu Dhabi) is the fruit of our new vision for Ivorian cocoa that we want to export all over the world. This office will allow us to explore markets in Asia, the Middle East, and North Africa,” he told journalists

Ivory Coast also expects two new factories financed by China to enter into production in October, with a production capacity of 50,000 tonnes each, Kone said.

In November, the two biggest cocoa producers, Ivory Coast and West African neighbour, Ghana pushed for higher prices for their farm products under the Living Income Differential (LID) and vowed to charge a premium of $400 per tonne on all cocoa sales, starting with the 2020/21 harvest.

The lack of technology and industries to process its produce has fanned discussions about Africa being a raw material economy and extractive centers for industrial western countries that are advanced, able processed and positioned to maximize the resources.

Continue Reading

EDITOR’S PICK

Musings From Abroad16 hours ago

Italian firm, Eni signs $8 billion Libya gas deal as PM Meloni visits Tripoli

With the aim of boosting energy supplies and other markets, Libya’s National Oil Corporation (NOC) signed an $8 billion gas...

Sports18 hours ago

Female Kenyan world marathon champion banned for five years over doping

A female Kenyan marathon world champion, Betty Wilson Lempus, has been handed a five year ban after she was found...

VenturesNow18 hours ago

South Africa’s FM, Naledi Pandor, wants quick solution to Ghana, MTN tax dispute

South Africa’s foreign minister Naledi Pandor wants the tax dispute between the tech company and the Ghanaian tax authorities solved....

Tech19 hours ago

Angola inaugurates new satellite control centre for ANGOSAT-2

Angola has inaugurated its first satellite control centre with the main task of monitoring the activity of the country’s satellite,...

Metro19 hours ago

M23 rebels take control of Kitshanga in eastern DR Congo

The M23 rebels have announced that its fighters have seized control of the strategic town of Kitshanga, in the Eastern...

Metro19 hours ago

237 African migrants rescued off Libyan coast

Not less than 237 African migrants were on Friday, rescued after their makeshift boat capsized off the Libyan coast while...

Politics20 hours ago

Kenyan opposition leader, Raila Odinga plans protest rallies, questions recruiting at IEBC

As part of the fallout from the 2022 presidential elections in Kenya, the opposition under Azimio La Umoja One Kenya...

Strictly Personal20 hours ago

Umeme, grain and coffee: Why Kenya should fear Uganda’s economic gamble, By Charles Onyango-Obbo

Uganda, the 1990s shining Africa poster boy for privatisation, is engaging in what could be East Africa’s biggest economic liberalisation...

Culture21 hours ago

Nigerian singer, Mr. Eazi, expands business empire, buys shares in South African basketball team

Nigerian singer, Mr. Eazi, has expanded his fledgling business empire after he announced that he is now a shareholder in...

VenturesNow2 days ago

Ivory Coast to increase cocoa processing capacity with new plants

Ivory Coast, the largest cocoa-producing country in the world, has hinted that it will increase the amount of cocoa it...

Trending