VenturesNow

Ugandan coffee regulator, UCDA, says exports declined by 15% in November. Here’s why

Published

2 years ago

December 27, 2022

Regulator, Uganda Coffee Development Authority (UCDA). says exports declined 15% in November from the same period a year ago, as drought reduced yields in some regions.

UCDA said in a report that November shipment amounted to 447,162 60-kilogram bags, 15% lower than volumes exported in the same month last year.

The drop in exports because of a “drought in most regions for the second consecutive year leading to increased incidences of pests and diseases such as the coffee twig borer and red blister disease.”

Eastern African region has been recently plagued with drought. According to climatechampions, large areas of Ethiopia, Somalia, and Kenya are currently under severe drought.

The situation with the drought also puts coffee export which constitutes greatly to the source of foreign exchange for the East African country with conditions that empower pests like the twig borer a beetle that thrives in dry conditions, which have become more common in recent years and could become an even more significant threat due to climate change.

However, an increase is forecasted in Uganda’s marketing year (MY) 2022/23 coffee production to a new record of 6.65 million bags due to favorable weather and recently established plantations coming into full production.

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.”