VenturesNow

Kenya stops imports of sugar from blocs beyond Comesa, EAC

Published

3 months ago

September 12, 2024

Citing an increase in domestic output, Kenya on Tuesday banned sugar imports from outside the East African Community (EAC) and the Common Market for Eastern and Southern Africa (Comesa), two regional trading blocs.

In a statement issued in Nairobi, the capital of Kenya, Cabinet Secretary Andrew Karanja of the Ministry of Agriculture and Livestock Development stated that local sugar output has increased and that the nation is predicted to generate more than 800,000 metric tonnes of sugar this year.

According to Karanja, the government hasn’t extended the period for importing sugar from nations outside of the EAC and Comesa trading blocs.

He mentioned that throughout the previous four years, 16 factories in Kenya had produced roughly 700,000 metric tonnes of sugar yearly, with a peak production of nearly 800,000 metric tonnes in 2022.

Karanja noted that 2023 had been a unique year, starting with a severe drought that limited sugar output and required large imports to make up the shortfall in supplies.

According to him, Kenya consumes over 950,000 metric tonnes of table sugar annually on average; under current trade agreements, imports from Comesa and EAC nations make up the difference.

He added that sugar safeguards, which are scheduled to expire in February 2025, now facilitate imports from Comesa and the EAC and that the nation temporarily permitted sugar imports from outside these regions to shield consumers from high prices.

Karanja further underlined that Kenya is still dedicated to upholding the free trade agreements specified in current treaties and that it has sent security forces to assist in combating the unlawful smuggling of sugar across porous borders.

While the EAC is a regional intergovernmental organisation made up of eight partner states, Comesa is a regional economic community in Africa with 21 member states.

VenturesNow

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.

VenturesNow

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.”