VenturesNow

Kenya lifts ban on genetically modified crops as worst drought in 40 years strikes

Published

2 years ago

October 4, 2022

Public policy reforms have continued under Kenya’s new president William Ruto as the president just lifted a ban on genetically modified crops.

The new policy which hoped to improve crop yields and food security is in response to the worst drought affecting the East African region in 40 years.

The new policy was announced in a statement by the presidency after a cabinet meeting. It described lifting the ban as part of the response to the drought. Cultivation and importation of genetically modified white maize is now authorized.

“Cabinet vacated its earlier decision of 8th November 2012 prohibiting the open cultivation of genetically modified crops and the importation of food crops and animal feeds produced through biotechnology innovations; effectively lifting the ban on Genetically Modified Crops,” the statement read.

The statement further revealed that the government had considered an expert and technical reports on biotechnology, including by United Nations agencies the World Health Organization, and Food and Agriculture Organization, in making its decision.

Four consecutive rainy seasons have now failed since late 2020, a climatic event not seen in at least 40 years. This meteorological drought has resulted in a loss of soil moisture, caused waterways to dry up, and led to the death of millions of livestock.

According to climatechampions, large areas of Ethiopia, Somalia, and Kenya are currently in the grip of a severe drought. An estimated 16.7 million people face acute food insecurity. That’s more than the combined populations of Austria and Switzerland.

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

5 days 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

6 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.”