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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

    Local currency crosses ¢10 to one dollar mark on retail market

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    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

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    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

    BoG, EOCO deepen collaboration to build robust financial sector

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

    Local currency crosses ¢10 to one dollar mark on retail market

    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    PURC justifies upward review of utility tariffs

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

  • Business
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    • Manufacturing
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    • Mining
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    • Transport

    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

    BoG, EOCO deepen collaboration to build robust financial sector

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

  • TECHNOLOGY

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

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    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

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    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

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

    US Fed meets inflation surge with 75bp hike

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Kenya:Costly breakfast as prices of sugar, milk hit new high

bycitibusinessnews
May 3, 2017
in Africa, East Africa
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Sugar prices have reached a new high with the two-kilogramme packet now retailing at Sh330, which together with expensive milk is set to make breakfast costly especially for low-income people.

This comes amid a severe shortage of sugar on the shelves with nearly all supermarkets only stocking the Kabras brand. The commodity has been retailing at an average of Sh290 per two-kilogram packet since January.

The increased cost will complicate matters for the households who are grappling with high cost of living following a sharp increase in prices of basic commodities that pushed inflation to 11.48 per cent.

Prices of milk have increased significantly in the recent months with the long-life brand selling at over Sh70 while the fresh one is retailing at Sh65 for a half litre packet. The prices are even higher outside the major supermarkets.

The Sugar directorate says the shortage results from a severe drought that affected production of cane in major growing zones.

“The current situation results from a shortage of cane that we have at the moment following the drought that affected production,” says the head of Sugar Directorate Solomon Odera.

He said the directorate projects a shortage of 1.9 million tonnes of cane by the end of this financial year.

Price of sugar in Kenya has been on an upward trajectory since last year with the increase blamed on cane scarcity and poor performance by the State-owned millers. Sugar sector report for February indicates that production declined from 126,362 tonnes registered last year to 104,907 tonnes in the period under review.

Meanwhile the directorate says price of sugar escalated by 17 per cent in February compared with the same period last year, pushing it to the highest point in the last five years. A status report from the Sugar Directorate indicates the wholesale price in February 2017 stood at an average of Sh5,352 per 50kg bag compared with Sh4,432 in the same period last year.

The commodity has been retailing at an average of Sh290 per two kilogramme packet, the highest since 2012 as the scarcity of the commodity pushes up the cost. “In February 2017 wholesale sugar prices were in the range of Sh4,950 to Sh5,700, with a mean price of Sh5,352 per 50kg bag compared with a mean price of Sh4,432 per 50kg bag during similar period in 2016,” says the report.

–

Credit: CNBC Africa

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