VenturesNow

Uganda’s October coffee exports increased by 3%— Report

Published

1 year ago

November 25, 2023

The Uganda Coffee Development Authority (UCDA), in a report, has revealed that the country’s coffee exports in October scaled between 3.4% and 4.4% year on year.

The report claims the increase is influenced by a bumper crop in the southwest of the country which saw the East African country ship 470,080 60kg bags in October.

Despite only a 3.4% increase in volume, October shipments brought in $79 million, an 18% increase over the same month the previous year.

“The monthly coffee exports performance was higher than the previous year on account of a good crop harvest in (the) South-Western region and the prevailing good prices on the global scene,” the UCDA said.

The Foreign Agriculture Service of the United States had forecasted an increase in Uganda’s marketing year (MY) 2022–23 coffee production to a new record of 6.65 million bags due to favourable weather and recently established plantations coming into full production.

Uganda is the continent’s top exporter of coffee beans, and the proceeds from these exports provide the majority of the nation’s foreign exchange earnings.

Coffee is becoming an increasingly important part of Uganda’s economy. Coffee is grown by more than 1.8 million households and accounts for almost one-third of the nation’s export revenue, which is used to fund vital infrastructure such as roads, hospitals, and schools.

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

5 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

6 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.”