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Nigerian govt summons manufacturers over rising cement prices

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The Nigerian government has called for an urgent meeting with cement manufacturers following a recent surge in the price of the product, which has seen a bag of cement jump from N5,000 to as high as N15,000 in less than two weeks.

In spite of the fact that road and housing contractors heavily patronise these cement makers, the government is concerned about the rising cost of cement, according to a statement made by the minister’s media adviser, Orji Uchenna Orji.

The government will investigate the difficulties experienced by these cement producers as well as the significant discrepancy between the ex-factory price and the market price, according to Minister of Works Dave Umahi, who called the meeting with major producers—Dangote, BUA, Lafarge, and other cement makers.

A few days prior, Arc. Musa Dangiwa, Minister of Housing and Urban Development, had expressed disapproval over the skyrocketing cost of cement and other building supplies nationwide. He declared that the price increase was intolerable and maintained that the current state of affairs in that industry could not be attributed to changes in the value of the dollar.

According to Orji, the Minister was quoted as saying, “Worried by the escalating cost of cement despite huge patronage by road and housing contractors to cement manufacturers, the Honourable Minister of Works, His Excellency Sen. Nweze David Umahi CON, has summoned an urgent meeting of all cement manufacturers in Nigeria.’’

Umahi said, “It is common knowledge that the manufacturers have their challenges, which we shall look into, but from our findings, the disparity between the ex-factory price and the market price is wide.

“We therefore need to look into the situation and other issues with a view to finding a common front.”

Nigeria is experiencing its worst cost of living crisis following the withdrawal of petrol subsidies, the devaluation of the exchange rate, and low agricultural production in the nation, all of which contributed to Nigeria’s highest headline inflation rate of 27% year over year and food inflation of 32%. With the recent rise in the price of cement, there appears to be a fresh dimension to the crisis amidst the country’s enormous housing deficit.

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Ghanaian cocoa farmers stockpile beans ahead of price rise

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According to industry sources cited by Reuters, cocoa farmers in Ghana, the world’s second-largest producer, are stockpiling beans in anticipation of higher prices.

This could put pressure on supplies to a global cocoa market that is trying to rebound from the devastating harvests of the previous season.

A dozen farmers, purchasers, and representatives from the state regulator Cocobod confirmed the practice, though it was unclear how widespread the up-country bean stocking was. Some blamed the practice for the slowdown in bean purchases.

“I have more than 300 bags, but I won’t sell,” said a cocoa farmer in south-central Ghana, who asked not to be named. “I will only sell after Christmas. We want to see if they will increase the price as they said.”

All of the reports claimed that farmers were responding to remarks made by Vice President Mahamudu Bawumia, who four weeks prior had promised to increase farmer prices to members of the ruling New Patriotic Party.

Speaking at Sefwi Wiaso, one of the largest cocoa-growing communities in southwest Ghana, Bawumia is vying for the presidency in the elections scheduled for December 7. Since then, he has claimed that his remarks were misinterpreted.

According to Cocobod officials, Ghana lost over one-third of its 2023–2024 cocoa production to smuggling, compounding the problems that caused production to drop to a level not seen in over two decades and contributed to record-high cocoa prices worldwide.

After a volatile session on Monday, US stocks ended the day marginally lower as investors braced for a pivotal week that would see the Federal Reserve make its policy announcement and Americans elect a new president.

Ghana increased the fixed farmgate price by over 45% to 48,000 cedis, or little less than $3,000, per metric tonne for the 2024–25 season, which began in September, in an effort to increase farmer incomes and discourage smuggling.

But Ivory Coast, Ghana’s neighbour and the largest cocoa producer in the world, increased the price to 1,800 CFA francs ($3.00) per kilogramme, which is only marginally more than Ghana’s.

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VenturesNow

Zambian govt spends K16.6 billion in October on debt servicing, gulping K4.7 billion

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Zambian Ministry of Finance and National Planning released K16.6 billion in October to assist Zambian development and public service delivery, according to the ministry’s budget release issued by the Treasury.

The government allotted K4.5 billion to pay public service personnel salaries and allowances. Health and teaching staff and Zambian ambassadors abroad received allowances.

The government set aside K4.7 billion for debt service and arrears to reduce national debt. K2.2 billion went to domestic debt service, K256.9 million to overseas debt, and K2.1 billion to legacy fuel arrears.

The ministry’s budget, which stated, “Notable expenditures included K3.5 billion for transfers, subsidies and social benefits, K4.2 billion for various development programs, general operations and capital expenditure, and K700 million for drugs and medical supplies.”

Situmbeko Musokotwane, Minister of Finance and National Planning, took advantage of the statement to urge foreign investors to think about Zambia as a potential place to invest.

Musokotwane emphasised Zambia’s favourable investment climate while speaking at a recent World Bank meeting in Washington. He also urged collaborations in the fields of manufacturing, mining exploration, renewable energy, and agriculture.

“Zambia is endowed with critical natural resources, and we invite you to collaborate with local business players in mobilizing the resources required for green energy projects, mining explorations and development, and agriculture value chain ventures that support out-grower schemes through farm blocks,” Musokotwane stated.

He called for investors to collaborate with Zambian companies, highlighting the advantages of doing so in important economic sectors like mining, agriculture, and energy.

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