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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

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    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

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    Financing agric sector alone not enough to grow it – GIRSAL CEO

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    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

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    ASTM International pledges support for Ghana’s petroleum industry

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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

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Kenya:Consumers face expensive sugar as millers start raising prices

bycitibusinessnews
July 18, 2016
in Africa, East Africa, Top Stories
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Consumers face expensive sugar after millers started increasing factory prices of the sweetener in response to a shortage, hurting family budgets already squeezed by high flour and petrol prices.

The cost of a 50-kilogramme bag of sugar at the factory rose Sh350 last week to Sh4,600 and millers forecast the commodity will maintain an upward trend.

This sets the stage for a rise in consumer sugar prices that have remained little changed for nearly two years as households experience double-digit rise in petrol and staple maize flour prices.

Two-kilogramme packet of maize flour has increased Sh20 to Sh105 while new taxes have pushed the cost of diesel, which is mainly used to power trucks and buses, from Sh76.70 in January to Sh83.24.

These commodities have a direct bearing on inflation that rose 5.8 per cent last month from five per cent a month earlier, meaning the general rise in the prices of essential items could exert additional pressure on the cost of living measure.

The volume sugar at the factories has dropped to a low of 4,494 tonnes against the optimum 9,000 tonnes, piling pressure on prices.

The shortage has been attributed to poor performance of the factories and the closure of some millers that are undergoing maintenance.

“The volumes are low at the moment and this is what has pushed up the factory gate price of sugar,” said head of Sugar Directorate Andrew Osodo.

He said the market forces of demand and supply are playing out at the moment, noting that high demand for the sweetener has sparked an increase in price.

But consumer sugar prices have remained at Sh120 per kilogramme since 2015 following stable supply of the commodity in the country.

Muhoroni and Kwale factories have currently closed for maintenance while Mumias Sugar, Kenya’s largest miller, is performing poorly.

The miller cut down its production hours a fortnight ago and it is currently milling twice a day due to cane shortage.

The sugar shortage in the country has seen the regulator increase the volume of the commodity to be imported by issuing additional licences.

The Agriculture and Food Authority (AFA) — is evaluating the applications of new importers and plans to increase the amount of sugar that each company can bring into the country.

–

Credit: Business Daily

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