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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Old Mutual celebrates 177th anniversary globally, 10 years in Ghana

    Gov’t expenditure needs to be checked to help deal with inflation – ICAG

    Take control of financing on the continent – Ofori-Atta to AfDB

    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

    Manufacture of petroleum products push PPI to 31.2% in April

    Nigeria begins processes to join Ghana-Côte d’Ivoire Cocoa Initiative

    Victor Yaw Asante, FBNBank Ghana MD

    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

    BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

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Egypt’s Supply Ministry Raises Subsidised Sugar Prices By 40 Pct. Amid Shortage

bycitibusinessnews
November 2, 2016
in Africa, North Africa, Top Stories
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Egypt’s supply ministry decided to raise the price of subsidised sugar by 40 percent from EGP 5 to EGP 7 per kg as of Tuesday amid a sugar shortage, a ministry official said.

The official who chose to stay anonymous told Aswat Masriya that the ministry has decided to unify the price of sugar sold through ration cards, bread points and government-owned commercial chains to be EGP 7, which is also the market price.

“The global rise in sugar prices and the decision by traders to halt imports are the reasons behind the decision to increase the price of sugar,” the official said.

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In the past weeks, severe sugar shortages hit the Egyptian market prompting talk of a crisis and pushing the state to rapidly increase imports despite an acute dollar shortage and soaring global prices of the sweetener.

The price of one kilogram of sugar reached between EGP 9-10 in some outlets instead of EGP 5 before the crisis.

Supply Minister Mohamed Ali al-Sheikh had issued a decision mid-October obligating outlets to provide sugar for citizens at EGP 6 per kg, but kept the subsidised sugar at the price of EGP 5.

Egyptian authorities directed the blame towards sugar factories and distributors accusing them of hoarding and smuggling supplies and dealt with the issue by seizing some 9,000 tonnes of sugar in recent raids on factories and warehouses.

Prime Minister Sherif Ismail told Egypt’s CBC channel in an interview that the raids have had a “positive impact” and sugar stocks were enough to cover the country for three months.

Edita Food Industries, Egypt’s maker of Twinkies and one of the country’s largest food producers, was targeted in this move and had its Beni Suef factory shut down for three days after authorities seized its sugar.

In its defence, Edita denied hoarding and said that the factory kept 2,000 tonnes of sugar, which covers operations for three weeks and is considered “a normal amount,” Reuters reported.

Edita later announced that the sugar seized at its plant was released and that operations at the factory would resume.

New regulations have limited the distribution of sugar to the Holding Company for Food Industries only, leaving out hundreds of traders and packaging factories.

The supply ministry said on Friday that it was willing to provide any amounts of sugar to shops through the Holding Company for Food Industries.

The ministry also said it contracted 134,000 tonnes of imported white sugar to be immediately pumped into the market.

Egypt consumes about 3.2 million tonnes of sugar annually but produces just over 2 million tonnes leaving a gap of slightly over a million tonnes a year for imports.

–

Credit: All Africa

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