Weekly Wrap: Cashew farmers reduce prices, MTN’s Q1 profit increases and more

Weekly Wrap: Cashew farmers reduce prices, MTN’s Q1 profit increases and more

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COVID-19: Shell’s Q1 net income falls by 46%; cuts dividend for 1st time since WWII:

Energy giant, Shell, has announced a cut in dividend for the first time since the Second World War.

It also revealed it recorded a 46% fall in its net income to $2.9 billion (£2.3 billion) for the First Quarter of 2020.

The reason for the situation is the outbreak of coronavirus and its impact on businesses all over the world.

The company also announced a suspension of the next tranche of its share buyback programme.

READ ALSO: Banks are releasing more deposits as loans - Banking Sector Report shows

Gov’t to reduce soya beans’ export to reduce the $350 million cost of feeding poultry birds:

The Ministry of Food and Agriculture (MoFA) has initiated plans to halt the export of soya beans.

The move is in line with attempts to ensure that there are enough soya beans to feed for poultry birds in Ghana.

YEN.com.gh understands that MoFA is currently seeking legal backing to halt the export of the crop.

It is, therefore, teaming up with the Ministry of Justice and the Attorney General’s Office, as well as the Ministry of Trade and Industry for the Legislative Instrument (LI) to that effect.

COVID-19 forces Ghanaian cashew farmers to reduce the price from GHC8 to GHC2:

YEN.com.gh has learned that Ghanaian cashew farmers have expressed concerns about the fall in the price of the product.

Information available shows that it has reduced from an initial GHC8 per kilo to about GHC2 or GHC3 for the same quantity.

The local farmers revealed that it is because they are no longer able to export to Asia due to the outbreak of the coronavirus.

For that reason, thebftonline.com reports they are compelled to sell their raw nuts at giveaway prices.

MoMo pushes MTN’s Q1 profit by 62% to GHC349 million despite COVID-19:

Information available to YEN.com.gh shows that telecommunications company, MTN, recorded a 62% increase in profit in the First Quarter of the year 2020.

The GHC349 million revenue recorded comes at a time when the company faces macro-economic challenges as well as the effect of COVID-19 on business operations.

The company revealed that the strong performance was as a result of cash management initiatives.

Per a report by classfmonline.com, it added that revenue from its Mobile Money services grew by 30.4% resulting from an increase of 2.1% in the number of active subscribers.

Coronavirus: Poultry farmers cry out for help as industry near collapse:

The Vice-Chairman of the Ghana National Association of Poultry Farmers, Napoleon Agyemang Oduro has said the industry needs massive funding and incentives from the government to save and sustain the country’s poultry industry.

Domestically produced broiler meat has fallen from nearly 60% of all poultry consumed in Ghana from 2000 to less than 5% as of 2020.

At the same time, imports have increased from 13,900 metric tons to over 155,000 metric tons.

READ ALSO: Ghana will continue to have enough despite COVID-19 - WAPCO reveals

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