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Zimbabwe records growth in tobacco production but farmers aren’t impressed

Published

2 years ago

June 16, 2023

The government of Zimbabwe has announced that the country sold 261 million kilograms of tobacco since the selling season opened in March, more than the previous record of 259 million kilograms in 2019.

The surge is traceable to the success of a controversial and often violent land reform process that began more than 20 years ago.

According to Jenfan Muswere, the acting minister of information, 60% of the 150,000 farmers who cultivated tobacco this season were Black farmers who received land as a result of the reforms.

A total of 85% of the crop was produced by small-scale Black farmers, “proving that government initiatives in the agriculture sector are sound and continue to show fruit,” said Muswere.

But tobacco farmers seem to disagree with the government’s position. The president of the Tobacco Association of Zimbabwe, George Seremwe said, “This is a momentous achievement for the sector: it shows that farmers are working hard. But the benefits to farmers are minimal.”

“It is worrying that most farmers are heavily indebted, we would be happier if this tobacco success story translates to improved livelihoods for farmers,” Seremwe added.

According to the World Health Organisation, Tobacco is the leading preventable cause of death in the world. Countries in the African Region are experiencing an increasing rate of tobacco use.

The fast growth of the population in Sub-Saharan Africa and an increase in consumer purchasing power are leading to larger and more accessible markets in Africa.

Related Topics:Featured Tobacco Zimbabwe

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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.

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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.”