VenturesNow

Amidst growing food insecurity, Sudan’s wheat harvest risks wastage. Here’s why

Published

3 years ago

June 19, 2022

The Sudanese government’s decision to back out of promises to purchase wheat at favourable prices has put the harvest at the risk of wastage.

Sudan’s Minister of Finance and head of the Justice and Equality Movement, Jibril Ibrahim, in March declared the government’s official position in buying wheat crops from farmers at a price of SDG43,000 per 100kg sack.

Farmers had complained at the time the price structure was announced that it was not favourable to them. Wheat farmers from Sudan’s Northern State staged a protest last month outside the agricultural bank after it refused to take their harvest.

One of farmers, Farmer Modawi Ahmed who have cultivated the grain as part of Sudan’s largest agricultural scheme, named Al-Gezira says “the agricultural bank wants us to pay for our loans in wheat, according to the encouraging price which was set at 43,000 (Sudanese pound, almost 88 euros, ed.). One (a farmer, ed.) must register with the bank the quantity they will supply, and the bank will determine the quantity it will take.

“After calculating the loans, the bank will determine how much each farmer should supply, in bags or kilos, over a certain period of time. And if there is a surplus, they will shelf it, according to what we heard”, said Ahmed.

A farmer and agricultural researcher, Abdellatif Albouni, stressed that “the negative consequences will start showing in the short-term. People will refrain from using fertilizers and pesticides, or they won’t be able to prepare or buy them. There will be a problem due to the depreciation of the Sudanese pound and the fact that farmers have no money.”

According to the UN, over 18 million people, nearly half the Sudanese population, are expected to be pushed into extreme hunger by September.

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.”