Year: 2021

Tanzania, IFAD launch US$77.4m project to boost productivity, build resilience of small-scale farmers

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TANZANIA – The Government of the United Republic of Tanzania and the International Fund for Agricultural Development (IFAD) have inked a US$77.4 million project aimed to help rural households facing the impacts of climate change. The Agriculture and Fisheries Development Programme (AFDP) will provide the means for rural people to boost productivity, improve food security and nutrition, and increase their resilience. To implement this project, IFAD is providing a US$58.8 million loan with the government dishing out US$7.7 million. A further US$8.4 million will be contributed by the private sector…

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Hapag-Lloyd offers better connectivity between East Africa, Asia with launch of new westbound voyage service EAS3

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EAST AFRICA – Hapag-Lloyd, a German shipping company mainly transporting agricultural goods out of Africa is set to launch a new service in East Africa dubbed East Africa Service 3 (EAS3).  The new service featuring Seven 2,800 TEU vessels is aimed to offer better connectivity between Asia and the East Africa region. According to the logistic company EAS3 will arrive for the first time in Kenya and Tanzania and offer direct weekly sailings to and from China and South-East Asia. In addition, it will leverage on Hapag-Lloyd’s global network via…

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Ivory Coast, Ghana strengthens cocoa alliance to safeguard sector priorities

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WEST AFRICA – Ivory Coast and Ghana, the two West African nations who together produce more than 60% of the world’s cocoa, have pledged to further strengthen and expand the existing economic relations on cocoa and other related matters between their respective countries. In August 2020, the two countries formed the Ivory Coast-Ghana Cocoa Initiative (ICCIG) aimed to promote their cocoa industries internationally and defend their collective position in the global market. To that end, the two countries are expected to expedite action on the setting up of a permanent…

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Ugandan Yo Kuku chicken brand owner to bag US$7m from IFC to spearhead expansion plan

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UGANDA – HMH Rainbow Ltd, a producer of fresh and frozen chicken in East Africa under the brand name Yo Kuku, is eyeing financial backing from the private-sector investment arm of the World Bank, International Finance Corporation (IFC) to support its expansion plan. HMH Rainbow headquartered in Uganda is a joint venture between Ugandan businessman Alykhan Hudani (66.5% stake) and Rainbow Farms Investments Proprietary Ltd (33.5% shareholding). Rainbow Farms is a wholly owned subsidiary of RCL Foods Ltd, a publicly listed South African food manufacturer. The poultry company seeks to…

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Heineken South Africa announces retirement of current CEO, yet to find successor

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SOUTH AFRICA – Heineken South Africa has announced the retirement of its Managing Director, Gerrit van Loo, almost three years after he took over the helm of the company. According to reports by Fin24, Van Loo is set to take an early retirement to spend time on personal pursuits and with his family. “We would like to thank Gerrit for strong tenure at the business, during which he has kept the company on a growth path through a tumultuous time for the liquor industry and while facing numerous operational challenges…

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Danone finalizes sale of stake in Chinese dairy company Mengniu

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FRANCE – French dairy company, Danone has finalized the strategic sale of its approximately 9.8% stake in China Mengniu Dairy Company Limited. According to a statement from the French dairy company, the transaction resulted in total gross proceeds of HKD 15.4 billion (US$1.93 billion) The settlement of the transaction will take place on May 17, 2021. The company further noted that in line with its disciplined capital allocation, the majority of the proceeds will be returned to shareholders through a share buyback program that will be announced soon. Mengniu is…

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Jumia yet to turn to profitability, reports 6.4% decline in Q1 revenue

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AFRICA – The New York Stock Exchange listed Africa-focused eCommerce company, Jumia has posted first-quarter revenues of €27.4 million (US$33m), a 6.4% drop from the €29.3 million (US$35.3m) that it reported in Q1 2020. Interestingly, Jumia seems to have generated more revenue during the period under review from third party sales at US$24m compared to US$23m in Q1 2020. But the gains were wiped out by first-party revenue declining by 35% from US$12m in Q1 2020 to US$8m in Q1 2021. According to reports by Tech Cruch, the eCommerce giant…

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Kakuzi to resume avocado export to Europe after a short hiatus

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KENYA – Kenyan fresh food producer and exporter, Kakuzi Plc, has won back the trust and business partnership of European based supermarkets, with its parent company Camellia revealing that they will soon resume avocado exports to the lucrative market. Supermarket chains Tesco, Sainsbury’s and Lidl suspended Kakuzi dealership in October following claims of human rights abuse to its workers, which were citied on Britain’s Sunday Times newspaper. “The serious human rights claims the group faced relating to its operations in Kenya led to a number of European supermarket chains suspending…

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Study shows many consumers don’t know what ‘Best If Used By’ and ‘Use By’ dates mean

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US – A new study published in the Journal of Nutrition Education and Behavior has revealed that consumers are confused by what “Use By” and “Best If Used By” labels mean on their food. Results of the study involving 2,607 U.S. adults revealed that only 64% could correctly explain what the “Best If Used By” label meant while only 44.8% of the respondents were able to describe what the “Use By” label meant. Of consumers who said they understood what the “Use By” label meant, nearly 55% could not correctly…

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Alternative protein companies Oatly, Benson Hill initiate plans to go public

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US – Oatly and Benson Hill, two prominent alternative protein companies, have kickstarted the processes of going public in a bid to raise more equity to fund future growth prospects. Vegan milk firm Oatly said in a statement that it has commenced an initial public offering of 84,376,000 American Depositary Shares (ADSs), each representing one ordinary share offered by Oatly and certain selling shareholders. According to a report by Food Ingredients First, the company which is backed by high-profile investors including Oprah Winfrey, Jay Z, and Starbucks head Howard Schultz…

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