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Business News

Like Nigeria, Ghana moves to stop rice, poultry imports

The Republic of Ghana has put plans in place to ban the importation of rice and poultry in three years’ time.

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Like Nigeria, Ghana moves to ban rice, poultry imports as Agric Minister pushes for local production

The Republic of Ghana has put plans in place to ban the importation of rice and poultry in three years’ time. This information was made public by the Minister of Agriculture for the West African nation, Dr Owusu Afriyie-Akoto.

This is coming weeks after Ghana begged Nigeria to open its borders, adding that it was heavily affected by Nigeria’s decision to close its borders.

[READ MORE: Trade: Customs ban imports and exports via land borders]

Why this matters: According to Dr Afriyie-Akoto, Ghana wants to divert its attention into boosting local production and shun heavy reliance on rice and poultry importation, hence the three years’ timeline.

It was pointed out that 82% of the bulk of Ghana’s imports is for rice alone. This accounts for over $1 billion, a calculation that translates into almost 2% of Ghana’s Gross Domestic Product (GDP), according to Ghana Deputy Trades Minister, Robert Ahomka Lindsay.

Plans to boost local production: Ghana Agric Minister wants to combat this importation struggle through a flagship programme known as Planting for Food and Jobs in order to boost local capacity to meet high demand as well as simulate trade between merchants and local farmers.

Afriyie-Akoto said the Planting for Foods and Jobs initiative could be operational in three years and enough to combat rice and poultry importation during that same period. He was confident his ideas would work because the law backs his decisions and he noted that the initiative did not violate World Trade Organization (WTO) rules neither was it overambitious.

[READ ALSO: CBN to restrict foreign exchange on more food imports]

About Planting for Food and Jobs: The programme is expected to provide farmers fertilizers at low rates to help boost local yield. The subsidized rate, which is 50%, is catered for by the Government as an incentive to smallholder farmers.

  • So far, farmers who used to produce three bags of rice per acre in the past, now produce 10 bags.
  • The ripple effect has led to the creation of more jobs as the need for hired hands in the harvesting and processing of farm produce has spiked.
  • Jobs created as at 2017 stood at 745,000 which is now improving to 900,000, according to the Agric Minister.
  • In addition, a spinoff of the programme tagged, “rearing for food and jobs is set to begin.”

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Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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Business News

Heavy sell-off in Guinness shares leads to N6.9 billion market value loss in a single day

Shares of Guinness Nigeria Plc suffered a 9.89% loss today.

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Guinness Nigeria Plc Reports Full Year F19 Results

Guinness Nigeria Plc suffered a 9.89% loss today following a heavy sell-off in the shares of the brewer. This triggered a market value loss amounting to about N6.9 billion at the close of trading activities on the Nigerian Stock Exchange, as investors scaled-down stakes in the brewer.

Data tracked at the close of the market today revealed that the shares of GUINNESS declined from N31.85 per share at the market open, to N28.70 per share at the close of the market today, to print a loss of 9.89%.

This decline saw the market capitalization of the leading maker of beer and spirits fall from N69.75 billion to N62.86 billion at the close of trading activities today, putting the total market value loss at N6.89 billion.

The shares of Guinness at the close of the market today cleared at N28.70 per share, 9.89% lower than the closing price of N31.85 per share yesterday.

At the current price, Guinness shares are currently trading 20.27% lower than their 52-week high of N36.00 per share. However, the shares of the company have returned about 120.8% gains for investors who bought them at their 52-week low trading price of N13.00 per share last week.

During trading hours on the Exchange today, about 159,380 ordinary shares of Guinness Nigeria Plc worth about N4.57 million, were exchanged in 27 executed deals.

The shares of Nigerian Breweries Plc and Golden Guinea Breweries Plc closed flat at N50.1 per share and N0.81 per share respectively, while the shares of International Breweries Plc shed 0.88% to close low today at N5.65 per share.

What you should know

  • At the close of trading activities today, the NSE All-Share Index and market capitalization appreciated by 0.29% to close higher at 39,128.34 index points and N20.477 trillion respectively.
  • The NSE Consumer Goods Index, an investable benchmark designed to track the performance of the shares of consumer goods companies like Guinness Nigeria Plc, depreciated by -0.35% to close the day lower at 553.26 index points.

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Business News

NAICOM revokes operational licence of UNIC Insurance, appoints Receiver/Liquidator

NAICOM stated that it had appointed Hadiza Baba Gimba as the Receiver/Liquidator to wind up the affairs of the company.

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Recapitalisation: 26 firms get NAICOM's approval

The National Insurance Commission (NAICOM) on Wednesday announced the withdrawal of the operational licence issued to UNIC Insurance Plc.

Although no official reason has been provided for the revocation of the insurance firm’s operating license, NAICOM, however, stated that the decision of the regulator was in the exercise of the powers conferred on it by the enabling laws.

According to a report from the News Agency of Nigeria (NAN), this disclosure is contained in a notice which was issued by the commission in Lagos to the general public and policyholders, where it noted that the revocation of the operational license, RIC 043, is with effect from March 25.

NAICOM, thereafter stated that it had appointed Hadiza Baba Gimba as the Receiver/Liquidator to wind up the affairs of the company.

NAICOM in its statement said, “The general public/policyholders are by this notice required to direct all inquiries and correspondence regarding UNIC Insurance to the receiver/liquidator.

The receiver/liquidator will be dealing with the company’s liabilities in accordance with the provision of Insurance Act 2003.’’

What you should know

  • It can be recalled that NAICOM, for the third time in June 2020, gave insurance firms in the country a one-year extension to meet the recapitalisation obligation that was recently set for them apparently due to the coronavirus pandemic which had disrupted the activities of most insurance companies.
  • Some insurance companies had been going through some bad patches with a good number of them struggling to meet up with their obligations and the recapitalization requirements.
  • The recapitalisation programme requires life insurance firms to meet a minimum paid-up capital of N8.0 billion, up from N2.0 billion previously. In the same vein, general insurance companies are required to raise their minimum paid-up capital to N10.0 billion from N3.0 billion previously.
  • The regulatory capital for composite insurance was raised to N18.0 billion from N5.0 billion previously while reinsurance businesses are now required to have a minimum capital of N20.0 billion from a previous N10.0 billion.

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