VenturesNow

Zimbabwean farmers get ‘whiff’ of cannabis boom as President commissions $27m Indian hemp processing plant

Published

3 years ago

May 19, 2022

Indian hemp farmers in Zimbabwe are in for a huge financial boost following the commissioning of a $27 million medical cannabis farm and processing plant set up by Swiss Biocieuticals Limited in conjunction with the government.

The state-of-the-art medicinal cannabis processing plant commissioned last by President Emmerson Mnangagwa in the country’s western province of Mount Hampden, is aimed at stimulating bio-medical solutions and pharmaceutical products for both local and international markets.

While commissioning the plant, the President said it was important for “investors to quickly operationalise their permits and licences for the benefit of the economy in general and people in particular, in line with Government’s set national targets and the desire to have an upper middle income economy by 2030.”

The development, Mnangagwa said,
dovetails into his ‘Zimbabwe is Open for Business’ mantra, is expected to enhance foreign currency generation for the country.

“I challenge other players within the medicinal cannabis sub-sector to speedily set up their enterprises, with focus on value addition and beneficiation.

“It is disappointing that since 2018, only 15 out of the 57 entities issued with cannabis operating licences are operational.

“Such licences should not be held for speculative purposes and those not using them risk Government invoking the ‘use-it or lose-it principle’.

“All licences, permits, claims and other such instruments issued to investors must entail that national assets and resources are used for the benefit of our economy and ultimately improving the quality of life of our people,” President Mnangagwa said.

Click to comment

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”