Zambia Introduces A Cap On Maize Prices To Keep It Affordable

Zambia has introduced a cap on the price of maize to keep the staple food affordable, sparking protest from commercial farmers who accused the government of bringing back price controls.

Agriculture Minister Michael Katambo said on Sunday that millers, stockfeed manufacturers, chain stores and grain traders agreed in a meeting with the government to peg the price of maize at a maximum of 2,600 kwacha ($198.93) per tonne.

The price of maize meal, Zambia’s staple food, has in some cases doubled to 150 kwacha per 25 kg bag from 75 kwacha early this year.

Zambia’s 2019 maize production is expected to fall 16% to about 2 million tonnes from 2.39 million tonnes last year largely due to prolonged dry weather, Katambo said in May.

Katambo said on Sunday that the private sector panicked and rushed into the market thinking that there was not enough maize and this pushed up prices.

“Maize prices were rising every week because of this panic and the implication was that the mealie meal price was getting higher,” Katambo said, referring to maize meal.

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Sudan Needs 10 Billion Dollars To Come Out Of The Woods

Sudan needs $8 billion in foreign aid over the next two years to cover its import bill and help rebuild its ravaged economy after months of political turmoil, its new prime minister said on Saturday.

Abdalla Hamdok, sworn in three days earlier to head a transitional government after the ousting of veteran leader Omar al-Bashir, said up to another $2 billion of foreign reserves deposits were needed in the next three months to halt a fall in the currency.

The 61-year-old economist, who has worked for the U.N. Economic Commission for Africa, said he had started talks with the IMF and the World Bank to discuss restructuring Sudan’s crippling debt and had approached friendly nations and funding bodies about the aid.

Mounting public anger over shortages of food, fuel, and hard currency triggered mass demonstrations that eventually forced Bashir from power in April.

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