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Sugar Production Rises by 15% Between January And July

by Radarr Africa
written by Radarr Africa

Sugar production between January and July increased by 15% when compared with a similar period last year, compelling the sector regulator to cut imports by nearly half last month.

Data from the Sugar Directorate shows that the volume of the commodity produced hit 480,849 tonnes in the review period, up from 418,799 during the same period last year.

The increase saw the directorate limit the imports in July to 9,394 tonnes from a high of 17,200 tonnes a month earlier, representing a 46% decline.

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Data from the regulator shows imports were slashed by 49 percent in June to 17,231 tonnes from 33,650 tonnes in May.

The regulator says sugar production fell slightly in July to 70,728 tonnes from 70,376 tonnes in June which is the highest so far this year.

As Business Daily reports, the increase in production saw a marginal decline in ex-factory prices of the commodity with a 50-kilo bag selling for KSh5,158 from KSh5,199 a month earlier.

SOURCE: The kenya wall street

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BusinessEastern AfricaEconomy

Ghana Lawmakers Approves Plan to Borrow $750 Million Loan From Afreximbank

by Radarr Africa
written by Radarr Africa

Ghana lawmakers approved a plan  by the government to borrow up to $750 million from the African Export-Import Bank for the 2022 budget.

The vote by the nation’s hung parliament removes a major hurdle for President Nana Akufo-Addo’s government to press on with budget projects and stabilize finances after losing access to the international capital market this year.

The facility is the first part of the $1 billion in loans that the government’s looking to wind up this month for the budget. Lawmakers are still studying the second part, syndicated loans worth $250 million from other international banks, Kwaku Kwarteng, chairman of the finance committee in parliament, said.

The loan proceeds are expected to make room for West Africa’s second-biggest economy to reduce domestic borrowing and put it in a stronger position to support the local currency, which has lost 25.6% of its value to the dollar this year, making it Africa’s worst performer. 

Ghana reversed course to seek a funded program with the International Monetary Fund earlier this month after a decision early in the year to cut budget expenditures by as much as 30% failed to stem a sell-off in its international bonds.

Ghana’s recent debt woes were caused by a sweeping clean-up of the banking sector, energy-sector loans, the impact of the coronavirus pandemic and the fallout from Russia’s invasion of Ukraine, driving its debt ratio to 78% of gross domestic product at the end of March from 62.5% five years ago.

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The country hopes to receive about $1.5 billion from the IMF program to enhance the home-grown policies it is already implementing.

SOURCE: The Kenya wall street

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AgricultureBusinessEconomy

GoK Sets August 6 as Deadline for Importing Maize under New Tax Waivers

by Radarr Africa
written by Radarr Africa

The government of Kenya has placed 6th August 2022 as the deadline for importing maize by all those interested, while the recently announced tax waivers are still in place.

Agriculture Cabinet Secretary Peter Munya said the tax waivers on maize imports will ensure there is enough maize supply in the country lowering the cost of flour production.

Some of the provisions of the guidelines importers should adhere to suggest that maize shall not be genetically modified in accordance with the laws of Kenya and Kenyan standards implemented by the National Biosafety Authority and Kenya Bureau of Standards.

Another provision is the imported maize shall have moisture content not exceeding 13.5%.

Further, aflatoxin levels in each consignment of maize should not exceed ten parts per billion as provided for under the laws of Kenya implemented by the Kenya Bureau of Standards and the Department of Public Health of the Ministry of Health

SOURCES: The Kenya wall street

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