VenturesNow

Botswana: Debswana diamond sales drop almost 50% in first nine months of 2024

Published

2 months ago

November 1, 2024

According to data provided by Botswana’s national bank on Tuesday, sales of rough diamonds at the Debswana Diamond Company decreased by almost 52% during the first nine months of 2024 as the worldwide diamond market continued to decline.

Debswana, which is jointly controlled by Botswana and De Beers of Anglo American Plc, sells De Beers 75% of its produce; the state-owned Okavango Diamond Company (ODC) keeps the remaining portion.

A new 10-year diamond sales agreement was reached between Botswana and De Beers last year, according to which ODC will receive 30% of Debswana’s supply, with the possibility of increasing this to 50% by the end of the new arrangement.

The Bank of Botswana announced on Tuesday that Debswana has sold diamonds valued at $1.53 billion in the first three quarters of this year, up from $3.19 billion in the same period last year.

Sales decreased 50.3% to 20.9 billion pula in local currency or around $1.55 billion at the current exchange rate.

A third of Botswana’s national output, 30% to 40% of its revenue, and 75% of its foreign exchange earnings come from diamonds. By value, it is the leading producer of the gem worldwide.

The poor economic performance, which is mostly attributable to the decline in the global diamond market, and the high unemployment rate are among the issues that will be the focus of the general election that will be held in the southern African nation on Wednesday.

“Our diamonds have not been selling since April, so yes, our revenues are down but the economic fundamentals still remain intact,” President Mokgweetsi Masisi, who is seeking a second term, said at a presidential debate last week.

Related Topics:Debswana diamond Diamond Featured

Click to comment

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

23 hours 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

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.”