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Botswana reforms policy on fresh-produce importation

Published

1 year ago

December 4, 2023

Botswana is keen on extending and expanding restrictions on imports of some fresh produce, in its quest for food self-sufficiency.

According to the agriculture ministry, the import ban on produce, which had infuriated farmers in neighbouring South Africa, and was set to expire at the end of December, would now remain in effect until the end of 2025.

The ministry further stated that by July of next year, the number of prohibited items would likewise double to 32. As a grace period until July, Botswana’s “farmers will have some time to plant so that local produce can be ready,” the statement stated.

The agricultural sector in the drought-prone nation is comparatively small, making up only 5% of total economic output. Local farmers are being squeezed out by cheaper imports from South Africa. Approximately 80% of the nation’s food was imported from South Africa prior to the initial two-year ban that took effect in January 2022.

Mokgweetsi Masisi, the President of Botswana, stated in a State of the Nation speech last month that the country’s fresh-produce import bill had decreased by 71% as a result of the import ban.

Farmers in South Africa have claimed that the ban breaches the Southern Africa Customs Union agreement, despite Botswana’s claims that it is safeguarding emerging industries.

Related Topics:Botswana Crop importation Featured

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Moroccan annual inflation rises to 0.8% in November

Published

3 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.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

4 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.”