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Sugarcane exports rise in Uganda after months of steady falls

Published

2 years ago

October 8, 2022

The Ugandan central bank has revealed that sugar exports in the EasT African country have increased after a huge drop in July.

Uganda’s sugar exports for the month of July suffered a 58% decline due to scarcity of cane. Export volumes dropped to 16,000 tonnes in July; down from over 27,000 tonnes in June.

Senior Manager Outgrowers, Sugar Corporation Uganda Limited, Robert Olego, said “The economy has opened, and consumption has gone high but the supply of sugarcane is less because people did not plant in 2020, 2019, and 2021. It is a perennial crop, which takes 16-18 months. It takes time.”

Sugarcane is a major part of Uganda’s economy, In 2020, sugar cane production for Uganda was 5.78 million tonnes. Sugar cane production of Uganda increased from 1.72 million tonnes in 1971 to 5.78 million tonnes in 2020 growing at an average annual rate of 3.76%.

Being the largest producer of granular brown sugar in the East African Community, Uganda accounts for about 500,000 metric tonnes annually as of May 2017. By 2021, national annual sugar output had increased to about 600,000 metric tonnes of brown sugar and 60,000 metric tonnes of industrial sugar.

There is however not enough for local consumption of sugar in Uganda despite the push to increase its exportation of the product. The situation has forced prices of sugar on shop shelves to go up.

Related Topics:Featured Sugarcane Uganda

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Moroccan annual inflation rises to 0.8% in November

Published

18 hours 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.

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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.”