Connect with us

VenturesNow

Ghana bans export of 2 commodities over food security. But is that enough?

Published

on

In the wake of growing concern about food security globally, Ghana’s Food and Agriculture Ministry has placed a ban on the exportation of soya bean, and maize from the country.

The Ministry said the restrictions are part of measures to ensure food security and increase local poultry and livestock production and revealed that the Plant Protection and Regulatory Services Directorate (PPRSD), has stopped issuing phytosanitary certificates for the export of both commodities.

The Ministry’s Press Secretary, Issah Alhassan explained that the West African country has had challenges meeting its food needs since the outbreak of the global pandemic, Colin-19 in 2020.

“Over the past two years, since the advent of Covid-19, we had to endure a lot of challenges so, in order to ensure that the local demand is met, there was the need to promulgate a law to ensure that any individual that wants to export soybeans from this country has to come for a permit.”

Some countries have been forced to make food policies since the beginning of the ongoing Ukraine/Russia war in February largely because the two countries are major exporters of food, particularly wheat. Recall that slamreportafrica.com reported last month that Egypt’s Prime Minister, Mostafa Madbouly, has announced that the country will diversify its sources of wheat to avoid relying on what he described as “specific sources” for this product.

In Nigeria, Ghana’s West African neighbour, the richest man in Africa and chairman of the Dangote Group, Aliko Dangote of Nigeria, also warned Nigerians to be prepared for an impending food crisis within the next two to three months.

Mr. Dangote, then advised the government to immediately stop the ongoing export of maize abroad by some Nigerians, blaming the development on the ongoing conflict between Russia and Ukraine.

Apart from recent data from the Ghana Statistical Service (GSS) indicating the increasing cost of foodstuff, there have been concerns over a possible food shortage in Ghana.

But how effective can a ban on exportation be in the push to achieve sufficiency in the world today?  What if other countries also shut down the exportation of other essential commodities? Who loses?

VenturesNow

Dangote Refinery in crude supply negotiations with Libya

Published

on

To get around issues with local supply, Nigeria’s Dangote refinery is in negotiations with Libya to get crude for the 650,000 barrels per day (bpd) plant. A senior official stated that the refinery would also look for Angolan oil.

The $20 billion refinery, the largest in Africa, was constructed on the outskirts of Lagos by Africa’s richest man, Aliko Dangote. Its purpose is to eliminate Nigeria’s reliance on imported fuels due to inadequate refining capacity.

Since starting operations in January, Dangote has not been able to obtain sufficient crude supplies from Nigeria, the largest oil producer in Africa, beset by poor investment, theft, and pipeline vandalism. Dangote has had to buy petroleum from the US and Brazil, among other places.

“We are talking to Libya about importing crude,” Dangote refinery senior executive Devakumar Edwin told Reuters late on Saturday. “We will talk to Angola and some other African countries.”

He added that foreign traders and oil corporations were among the largest purchasers of Dangote’s gasoil, which was mostly being exported, but he would not elaborate on the specifics of the discussions.

“The biggest off-takers are the two big traders Trafigura and Vitol and BP and, to some extent, even TotalEnergies. But all of them are saying they are taking it to offshore,” Edwin said.

According to traders and shipping statistics, Dangote is displacing European refiners in the gasoil market by increasing exports to West Africa.

By 2050, the nuclear sector wants to treble its capacity.

According to Edwin, Dangote’s oil trading division was running, employing people in Lagos and London to assist with product sales and supply management. The intended trading arm was initially revealed by Reuters in March.

In a recent dispute with Dangote, Nigeria’s upstream authority claimed that the fuel’s sulphur concentration exceeded the mandated 200 parts per million (ppm). Rejecting that claim, Aliko Dangote stated that sulfur levels had been higher at the beginning of production but have since dropped to 88 parts per million (ppm) and would reach 10 parts per million in early August as output increases.

Continue Reading

VenturesNow

As inflation slows down, Angolan central bank maintains stable interest rate

Published

on

The central bank of Angola maintained its main interest rate at 19.5% on Friday, noting a possible short-term improvement in the supply of necessities and a possible decrease in inflation.

To contain growing inflation, which has reached 30%, the Bank of Angola hiked its main rate by 50 basis points at its most recent monetary policy meeting in May after raising it by 100 basis points in March.

The annual inflation rate increased last month, from 30.16% in May to 31.00%, although at a slower rate than in prior months.

“The decision (on Friday) was motivated by the prospect of a slowdown in the rate of price growth and an improvement in the supply of essential goods,” said Central Bank Governor Manuel Tiago Dias.

“If current conditions prevail from August onwards, we predict a slowdown in year-on-year inflation,” Tiago Dias added.

Since the middle of last year, inflation has been increasing in the nation that produces oil in Africa.

By September, the central bank will make its next move on monetary policy.

 

Continue Reading

EDITOR’S PICK

Politics36 mins ago

This is Uganda, not Kenya, Museveni warns planned protesters against ‘playing with fire’

Ugandan President, Yoweri Museveni, has warned demonstrators that they will be “playing with fire” if they march to parliament on...

Strictly Personal2 hours ago

All eyes in Africa are on Kenya’s bid for a reset, By Joachim Buwembo

Whoever impregnated Angela Rayner and caused her to drop out of school at the tender age of 16 with no...

Politics2 hours ago

Look beyond Lungu, Hichilema, former minister Siamunene urges Zambians

Former Defense Minister, Richwell Siamunene, suggests Zambians should see beyond President Hakainde Hichilema and Edgar Lungu if recent reconciliation efforts...

Politics2 hours ago

Tunisia’s Kais Saied eyes reelection despite human rights concerns

In one of over twenty presidential elections scheduled to be held across Africa in 2024, Tunisian President, Kais Saied, declared...

VenturesNow5 hours ago

Dangote Refinery in crude supply negotiations with Libya

To get around issues with local supply, Nigeria’s Dangote refinery is in negotiations with Libya to get crude for the...

Metro8 hours ago

Nigeria: Presidency warns against planned nationwide protest, accuses opposition

The Nigerian Presidency has warned against a planned nationwide protest scheduled to kick off on August 1, saying it could...

Sports1 day ago

Former Gabon captain Aubameyang joins Saudi clubside Al Qadsiah

Former Gabon national team captain, Pierre Emerick, has joined newly promoted Saudi Pro League side, Al Qadsiah, on a two-year...

Tech1 day ago

Bio-Logical raises $1.3m to build climate resilience for Kenyan farmers

Climate-tech company, Bio-Logical, has announced raising $1.3 million to build the climate resilience of Kenyan smallholder farmers. The Nairobi-based firm...

Culture1 day ago

Mali’s ‘King of Kora’ Diabate passes on at 58

Mali’s most celebrated artiste, Toumani Diabate, popularly known as “King of Kora,” has passed away at the age of 58...

VenturesNow1 day ago

As inflation slows down, Angolan central bank maintains stable interest rate

The central bank of Angola maintained its main interest rate at 19.5% on Friday, noting a possible short-term improvement in...

Trending