Africa Briefs

Harare to legalise growing of industrial hempZimbabwe will change its laws to allow farmers to grow industrial hemp for export, cabinet ministers said, adding that the government saw the plant as a future substitute for tobacco, the country's biggest export earning crop.Industrial hemp is a strain of a cannabis species that is grown specifically for industrial uses of its derived products. Its fibre is used in textiles and paper, and it also produces edible seeds.Zimbabwe's laws only allow cultivation of cannabis for medical and scientific uses.Authorities said last year in April that Zimbabweans could apply for licences to grow cannabis for medical and research purposes, but the process has been slow as authorities try to put in place laws to ensure cannabis farms are secure."The minister of justice has been directed to say 'go and make amendments' to the criminal code in our system so that people who will grow hemp don't have to be criminalised," commerce minister July Moyo said.Information minister Monica Mutsvangwa told the same meeting on Tuesday that "industrial hemp will widen the country's industrial and export base." – Nampa/ReutersEthiopia opens up banking to its diasporaEthiopia's parliament passed a bill to open up the country's financial sector to an estimated five million of its citizens who have taken other nationalities, including allowing them to buy shares in local banks and start lending businesses.The changes are part of a raft of economic reforms initiated by prime minister Abiy Ahmed when he came to power last year, partly aimed at boosting the country's foreign exchange reserves, which had dropped precariously low.Ethiopia's banking sector, which is closed to foreign investment and is still one of the most tightly state-controlled in Africa, is dominated by the two oldest and most profitable institutions, Awash Bank and Dashen.Abiy's government is also opening up other key sectors of the economy to foreign investment. It plans to offer two telecoms licences to foreign firms, which have been jostling to start operating in one of the world's last major closed telecom markets.Ethiopia's population is young and growing rapidly, and the economy has been expanding at a near double-digit annual rate for more than a decade. – Nampa/ReutersLibya's government steps up defence spendingLibya's internationally recognised government has allocated 40 million Libyan dinars (US$28.5 million) for its defence ministry, stepping up spending to fend off an eastern offensive as the war enters a fifth month.The government also granted each of its soldiers 3 000 dinars as a reward for fighting the eastern-based Libyan National Army (LNA) force of Khalifa Haftar, which started in April a campaign to take Tripoli in western Libya.Authorities gave no details on the military spending. They had in April budgeted up to 2 billion dinars (US$1.43 billion) to cover medical treatment for the wounded, aid for displaced people and other "emergency" war costs.The government did not say how it plans to fund the defence spending.According to central bank data, Libya in the first six months earned 11.1 billion dinars from a hard currency transaction fee, imposed last year. – Nampa/ReutersSudan gets massive boost from Saudi ArabiaSaudi Arabia has deposited US$250 million into the central bank of Sudan to support its financial position, the Saudi finance ministry said.The deposit is part of a package with the United Arab Emirates worth US$500 million announced in April. Both countries pledged an overall US$3 billion in aid, with the rest going towards fuel, wheat and medicine.The deposit is not a grant to Sudan but rather a loan, a Saudi finance ministry official said. It is aimed at alleviating pressure on the Sudanese pound and achieving stability in its exchange rate, the ministry said.In April, mass protests led the Sudanese army to topple longtime president Omar al Bashir. But Sudan's economy is still haunted by Bashir's legacy - the penalties imposed for his support of militant groups and for the offensive he launched to crush rebels in the western region of Darfur.Since Sudan is still listed by the United States as a state sponsor of terrorism and has US$1.3 billion of IMF arrears, it is unable to tap the International Monetary Fund and World Bank for support. Sudanese banks have struggled to re-establish correspondent relationships with foreign banks. – Nampa/Reuters

Africa Briefs

Comments

Namibian Sun 2025-01-10

Please login to leave a comment

Africa Briefs

Comments

Namibian Sun 2025-01-10

Please login to leave a comment

Login