11/08/2022

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Malawi inflation, foreign exchange crisis [Business Africa]

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Malawi is grappling with shrinking foreign currency reserves in addition to the devaluation of its national currency the Kwacha. Moreover, inflation went beyond 13% in May. The Southern African nation is among the world’s top exporters of Burley tobacco but fails to shore up enough foreign currency reserve with the sole revenue generated by the leaf exports. If the country has invested in tea, sugar, and soybean in a bid to diversify its exports, it still needs 1 billion $ each year in order to secure vital imports.

Sir Betchani Tchereni, Professor at the Malawi University of Business and Applied Sciences, gives his insight on the forex crisis.

Cashew business in Senegal

The cashew season has begun in Casamance south of Senegal. The nut’s business is gaining popularity. It contributes to the economic growth of regions like Ziguinchor. In 2021, 82,000 tonnes worth about 89 million dollars were exported. Despite the sector’s solid economic performance, the business is not profitable to all. Some farmers are now coming together to benefit from it.

Sustainable tourism in Comoros

Comoros’ tourism sector was heavily hit by the Covid-19 shutdowns just like several other nations. To ensure the sector regains momentum and attracts visitors again, the Union of Comoros spares no effort. The Union of Comoros is betting on sustainable tourism to outshine Seychelles. During the Moroni tourism convention that took place on May 10 and 11, the rebuilding of Galawa hotel, one of the Comoros’ finest hotel, was launched. The work should last 18 months.