Kenya’s Limuru Tea bounces back to profitability as sales volumes grow

KENYA- Limuru Tea Plc, subsidiary of Unilever Tea Kenya Limited, reported a net profit of Sh2.54 million in its 2018 financial year as the firm continues to drive its business towards profitability. The Nairobi Securities Exchange (NSE) listed agricultural firm posted the remarkable performance after plunging into after-tax loss of Sh22.13 million (US$219 000) in…

Ghana’s cocoa regulator secures US$300m facility to boost cocoa production

GHANA - The Ghana Cocoa Board (COCOCBOD), the cocoa regulator in the country has signed a new 3-year receivables-backed trade finance facility of US$300m that aims to boost Ghana’s cocoa production. According to a report by GhanaWeb, the facility will be used to refinance Cocoa Bills raised by Bank of Ghana on behalf of COCOBOD…

Starbucks commits US$100m in new investment fund to support food startups

USA – The world’s leading coffee giant, Starbucks has announced that it is committing US$100 million in a new investment firm, Valor Siren Ventures I L.P. (VSV) to support growth of food and retail startup companies. The new venture fund will partner with startup technology companies with a goal to grow the next generation of…

Kenyan tea exports to Pakistan hit US$34.79m at 15200 tonnes as top buyer

KENYA – Pakistan emerged as the leading buyer of Kenyan tea as the commodity exports to the country surged to  15.2 million kilogrammes, equivalent to 15200 tonnes, which is valued at US$34.79 million (Sh3.5 billion) during the month of January 2019. According to data from the Tea Directorate, the Asian country purchases accounted to 32…

Ghana inaugurates new shea nut warehouse and processing facility

GHANA – Ghana has inaugurated a new shea processing plant and warehouse facility in Kumbungu District in the Northern Region of the country to facilitate increased production of the commodity. A report by GhanaNewsAgency, reveals that the new centre was established by the Presbyterian Agricultural Services, in partnership with the government and Global Shea Alliance…

AVI reports decline in revenues on constrained consumer spending

SOUTH AFRICA – AVI Limited, a South Africa based food and beverage company, posted a decline in overall headline earnings down 6% to US$69.38 million during its six months to end December 2018. AVI said that the trading environment was expected to remain difficult, with constrained consumer spending. “Selling prices of core ranges have not…

Ghana, Cote D’Ivoire cocoa regulators halt cocoa ISO certification

GHANA – Cocoa regulators in Ghana and Cote D’Ivoire, the Ghana Cocoa Board (COCOBOD) and the Le Counsel du Café Cacao respectively, have objected to the subscription to International Standard Organization (ISO) 34101 certification. According to a report by the GhanaWeb, the cocoa regulators argued that the ISO 34101 Standards on Sustainable and Traceable Cocoa…

Kenyan tea agency mulls investing in paper manufacturing factory

KENYA – The Kenya Tea Development Agency (KTDA) has unveiled plans of investing in a paper manufacturing plant as part of efforts to grow its revenue. Founded in 2000, KTDA’s core business has been providing comprehensive services to more than 560,000 small tea farmers through processing, marketing as well as providing agri-extension services through 66 tea factories across…

Ugandan agro-processing firm bags Presidential exporters’ award

UGANDA - UGACOF, a Ugandan agro-processing and value-addition company, was ranked as the top exporter and winner of the 24th President Exporters’ Award for 2018. UGACOF, whose main business is coffee processing including hulling, cleaning, grading and sorting coffee beans harvested before export was declared the winner in the event organised by the Uganda Export…

Olam strengthens cocoa traceability with commitment to end deforestation in supply chain

SINGAPORE – Olam International has announced that it has achieved 100% traceability of its sustainable cocoa supply chain in Ghana and Côte d’Ivoire and has committed to end deforestation in its entire global cocoa supply chain. The company said it is on track to achieve full traceability of its direct origination supply chain worldwide by…