Major International Business Headlines Brief ::: 25 November 2025

[Bulls n Bears]

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Major International Business Headlines Brief :::  25 November  2025 

 


                                                                                  

 


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ü  Africa: Chocolate Giants Fuel Deforestation in West Africa's Last Rainforest

ü  Uganda: Experts - Hazardous Pesticides Threaten Ugandan Farms, Food Safety, and Public Health

ü  Rwanda: Stronger Exports, Reserves Help Shore Up Rwanda Franc in Q3

ü  Rwanda: Young Graduates Find Prosperity, Purpose in Agribusiness

ü  Nigeria: How I Overcame Forged By Hardship, Lifted By Determination

ü  Uganda's Mineral Testing Laboratory Poised for Global Accreditation, Enhancing Mining Sector

ü  Uganda's Film Industry Booms Amid Calls for Investment, Regulation, Commercial Growth

ü  Uganda: KFC Operator Accuses Ura of 'Intrusive' Raid

ü  Uganda: Australian Investors Urged to Tap Into Uganda's Fast-Growing Economy As Bilateral Ties Hit 60 Years

ü  US presses Europe on rules for big tech companies

ü  Has Britain's budget watchdog become too all-powerful?

ü  Carney says trade talks with Trump to resume 'when it matters'

ü  Machu Picchu hit by a row over tourist buses

ü  What can nervous businesses expect from the Budget?

 


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Africa: Chocolate Giants Fuel Deforestation in West Africa's Last Rainforest

An investigation by Global Witness links some of the world's most popular chocolates, including Mars, Magnums, KitKat, Hersheys and Dairy Milk, to a new deforestation crisis in Liberia

 

Analysis of satellite and trade data alongside extensive industry interviews exposes an opaque system, allowing cocoa beans from deforested farms in Liberia to flow into some of the world's best loved chocolates

The analysis reveals that Liberia's cocoa belt lost an area of forest greater than the size of EU country Luxembourg between 2021 and 2024, with high commodity prices and rural poverty fuelling clearance for new farms

Supply chain mapping shows how major European traders sell Liberian cocoa with high deforestation risk to big brands, often sold mixed or blended with deforestation-free cocoa from other countries, through a system called "mass balance"

The analysis identified that these mass balance supply chains containing deforestation-linked cocoa from Liberia are certified "sustainable" by Rainforest Alliance

A confectionery giant exposed to Liberian deforestation is Mondelēz, one of the few major chocolatiers consistently pushing for delays to a major EU anti-deforestation law

 

What is the cost of an afternoon chocolate fix? For iconic brands like Dairy Milk, KitKat and Mars, it may be some of West Africa's last rainforests.

 

A new investigation by Global Witness reveals how Europe's hunger for chocolate is helping to drive a new deforestation crisis in Liberia.

 

 

An analysis of satellite imagery shows the extent of the devastation, with the country's largest cocoa producing counties - known as the "cocoa belt" - losing an area of forest greater than the EU country of Luxembourg between 2021-2024.

 

Global Witness's on-the-ground reporting, extensive insider interviews and data analysis uncovers an opaque, untraceable cocoa supply chain that allows beans grown in deforested areas of Liberia's cocoa belt to end up in some of the world's best-selling chocolates.

 

 

Supply chain mapping shows that Hershey, Mondelēz (Cadbury), Nestlé, Unilever and Mars - which together dominate international sales of chocolate - are exposed to deforestation in Liberia through their "mass balance" purchasing practices.

 

While none of these brands source directly from the country, Global Witness's research uncovers how the companies purchase mixed or blended cocoa products in bulk from traders buying Liberian cocoa, where this new wave of deforestation is taking place.

 

The mass balance system allows mixing of deforestation-free, or "clean", traceable cocoa with untraceable cocoa from multiple origins, rendering it impossible for the chocolatiers to rule out Liberian beans entering their products.

 

The result is an indirect supply of cocoa likely to be grown on deforested land, and a hidden Liberian deforestation footprint for the world's largest chocolate companies.

 

 

"Black gold" scramble fuels forest destruction

 

Global Witness' analysis of trade data shows how major commodity houses including ECOM, Touton, OFI (Olam) and Cargill have played a crucial role in connecting Liberian beans to these chocolatiers, with more than 20 million kg of this high deforestation-risk Liberian cocoa imported into the EU between 2022-2025.

 

Cocoa exports from Liberia to Europe reached record levels this year, according to our analysis of supply chain data, pointing to a growing market and potentially more problems to come.

 

Global Witness also found that much of this chocolate resulting from this opaque, mass balance system is certified as "sustainable".

 

Every trader and chocolatier sourcing Liberian cocoa beans named in this report has had their supply chain certified by Rainforest Alliance - a business-friendly green labelling scheme that this investigation suggests risks misleading consumers.

 

On the ground in Liberia, Global Witness found that record international prices for cocoa are a key motivator for clearing forest to plant "black gold" in Liberia's largest cocoa-producing counties in the north of the country.

 

One farmer told Global Witness: "People are going for cocoa like hell."

 

Liberia's forests are of immense importance. The country holds the largest remaining extent of the Upper Guinean Rainforest ecosystem, which plays a crucial role as a habitat for endangered chimpanzees and for regulating regional rainfall.

 

Global Witness visited newly cleared farms in the so called "cocoa belt" of Bong, Nimba and Lofa counties, which have lost over 250,000 hectares (ha) of forest between 2021-2024.

 

The new cocoa farms ranged from one-hectare smallholdings - almost impossible to pick up via satellite imagery - to larger plantation-style plots, with forest clearances of 40-50 ha.

 

Many of the farmers who spoke to us have plans to expand, suggesting this crisis may be accelerating rather than slowing down.

 

Global Witness' analysis also found that these counties in the cocoa belt had suffered the highest rates of deforestation in the same period.

 

The findings come after recent investigations by Ivorian campaign group IDEF demonstrated very high rates of deforestation in Liberia's south-east, driven by a wave of migration from Ivorian and Burkinabe farmers looking for new land for cocoa planting.

 

Global Witness interviewed more than 30 sources in the Liberian cocoa sector, including farmers, rural traders and exporters in Liberia's capital, Monrovia.

 

The investigation found the entire informal system hinges on "middlemen" - rural traders in the cocoa belt who are the crucial intermediaries between small-scale cocoa farmers and the exporters.

 

They made it clear to our investigators that they purchased indiscriminately from any farmer that was selling.

 

This practice, combined with exporters' continued purchases from these middlemen, undermines any effort to procure deforestation-free cocoa and allows beans from Bong, Lofa and Nimba belt to flow freely to the capital with little to no traceability.

 

Satellite view of a farm visited by Global Witness in Nimba County, where an estimated 40 hectares have been cleared for cocoa planting.

 

Weakened EUDR harms Liberia's forests

 

In response to the shortcomings of voluntary certification, a new law known as the EU Deforestation Regulation (EUDR) is due to enter into application at the end of this year.

 

The law will require companies selling in Europe to prove that products like chocolate are fully traceable and therefore free from deforestation.

 

The upcoming regulation has begun to drive a more sustainable cocoa sector in Liberia.

 

We interviewed several Liberian exporters that are beginning to recognise the value of traceability, mapping their supplier farms to ensure continued access to European markets and reduce their reliance on middlemen.

 

European cocoa campaigner Antonie Fountain told Global Witness: "I can't imagine that this could ever have happened without the EUDR.

 

"In fact, I have heard several very senior private sector executives state that they have made more progress in the past two years than in the past 20 due to the upcoming law."

 

These efforts may be at risk as the European Commission has now proposed a further delay to the law.

 

Liberian exporters told Global Witness that they have received little financial or technical support from international traders and processors - even though traders need these systems in place for upstream actors to comply - in order to meet their own incoming obligations under the EUDR.

 

One of the companies identified in this report as indirectly fuelling the Liberian cocoa boom is confectionery giant Mondelēz. It has been a key voice lobbying for a delay to the EUDR, blaming farmers for a lack of preparation.

 

In contrast, other companies named in this report - such as Mars, Nestlé and Barry Callebaut - have strongly supported the law and argued against further delays.

 

With the EU deforestation law now under threat, Liberia's forests face an uncertain future.

 

The ghost of Côte d'Ivoire's ravaged forests looms over its neighbour, offering a warning on the potential environmental cost of cocoa.

 

The Liberian government's recently announced agricultural strategy aims to plant 40,000 ha of cocoa and coffee in the next five years to boost rural incomes, which further risks exacerbating deforestation in the country.

 

Bakary Traoré - an Ivorian cocoa expert and Executive Director of IDEF - issued a dire prediction to Global Witness.

 

"If things continue at the current pace, it is entirely plausible to say that Liberia will find its forests in a similar position to those of Côte d'Ivoire - not in 20 years, but in 10 or even less."

 

Cocoa has been a major driver of deforestation in Cote d'Ivoire

 

Forests in danger: A warning from Liberia's neighbours

 

Liberia is home to the largest remaining area of the Upper Guinean Rainforest ecosystem which stretches from Ghana to Sierra Leone.

 

The country's share of this rare and critical ecosystem contains a carbon stock estimated to be equivalent to the annual CO2 equivalent emissions of Japan.

 

These forests also provide vital resources for local communities: 70% of Liberian households collect forest products either to consume themselves or to sell - usually for housing materials, bushmeat or fuel.

 

Cocoa is suited to agroforestry - growing crops alongside trees, under a forest canopy - but many farmers still rely on the destructive practice of slash and burn.

 

"They [the farmers] prefer making maximum use of the land. They will plant rice and cassava, intercropping with the cocoa," says local farmer and agricultural consultant Jerome.

 

Yet while cocoa development in neighbouring Côte d'Ivoire and Ghana has helped bring the countries relative prosperity by regional standards, both countries have seen their forests decimated in the process.

 

Côte d'Ivoire now has very few remaining forests outside of protected areas, which are now also increasingly under threat.

 

Is Liberia learning from its neighbours' mistakes, or is it heading down the same path?

 

Global Witness reporters flew to the country to find out more.

 

More boom and bust? Meeting Liberia's cocoa farmers

 

Down a dirt path in Liberia, turned into a mire by relentless driving rain, our reporters came across a new farm.

 

Where a dense forest stood two years ago in Bong County, there are now rows of young cocoa plants.

 

"This is our family forest, from our father," says the farm's owner, Paul, who owns 400 acres of land.

 

"Before I started to plant the cocoa and banana, only the forest was here," he says, adding that he started to clear for planting in 2023.

 

Cutting down huge trees with just an axe is hard work, but Paul nevertheless plans to expand the farm in future.

 

The motivation is simple: "Cocoa has [sic] money."

 

Paul isn't alone. This sentiment was echoed in interviews with farmers across Liberia's cocoa-growing regions. The high price is a vital lifeline in a country where rural poverty is especially pronounced.

 

The local boom is driven by a global one. The price of cocoa has rocketed globally in the last few years, due to crop failure in Ghana and Côte d'Ivoire after a cycle of flooding and drought. Together, the countries produce around 50-60% of the world's cocoa.

 

Like its neighbours, the Liberian climate is suited for cocoa growing, but unlike them, the price of cocoa is only loosely controlled by the government.

 

"The farm-gate price for cocoa in Liberia is currently about three times higher than in Ghana and Côte d'Ivoire," says Darwon, a cocoa farmer from Nimba county.

 

To capitalise on the rise in cocoa prices, new farms are springing up across Bong, Nimba and Lofa counties, Liberia's cocoa heartland.

 

Unsurprisingly, it is these same counties that have seen the country's highest deforestation rates since 2021.

 

The promise of the trade is also creating a phenomenon where Ivorian and Burkinabe farmers and workers are crossing the border to plant cocoa in Liberia's south-eastern counties, further accelerating forest loss in the country.

 

Ironically, the ecological changes brought about by this deforestation may lead to the industry's own downfall, as seen with the crop failure in Côte d'Ivoire and Ghana that drove up prices.

 

French researcher François Ruf highlighted the "boom and bust" cycle of the cocoa sector over 30 years ago.

 

Ruf highlighted how mass deforestation for cocoa leads to a lack of rainfall and more pests, causing a fall in cocoa productivity that leads farmers to new pastures to repeat the process.

 

"Liberia's cocoa boom is a good example of the historical and universal pattern of such booms," wrote Ruf last year.

 

Farmers like Paul and Darwon told us where to look next to understand the trade: they sell to traders in the regional capitals.

 

"You can sell it by the cup. People come around to buy from the local farms, measure it, and sell it for $5 dollars a cup," a farm manager named Akin tells us.

 

"Or people go to Gbarnga [the capital of Bong County] and sell it on the side of the street."

 

The role of "middlemen"

 

Most Liberian cocoa farms are smallholdings, not large plantations. The average size is estimated to be around 2 ha - roughly the size of 1.5 football fields.

 

Consequently, most farmers sell to a group of traders called "middlemen" locally, rather than spending vital earnings transporting small amounts of cocoa to Monrovia.

 

Several farmers also told us they sell to informal mobile traders who visit farms by motorcycle, who likely sell on to more established traders in the cities.

 

Managers of two larger farms also told us that they purchase directly from smaller farms, further complicating the supply chain.

 

In Bong County's capital Gbarnga, as well as in towns in Lofa and Nimba, Global Witness interviewed eight middlemen and found that they constitute an essential link in the chain.

 

The middlemen run small informal operations. One showed us notes of sale for his cocoa, all handwritten in notebooks.

 

Cocoa is left to dry on the street, as the middlemen can't afford driers. Much of the bean's quality is lost this way, and many beans are discarded.

 

Several middlemen told us clearly: the international cocoa exporters they sell to in Monrovia do not ask for proof that the cocoa they provide is deforestation-free.

 

Without this key demand, they just keep the cocoa flowing to the country's capital, regardless of its origin.

 

Once a middleman has accumulated enough product to make the trip worthwhile, cocoa is loaded in a van and sold to exporters in Monrovia, ready for the long journey to Europe via sea.

 

Monrovia's international cocoa sellers

 

In the humming port area of Monrovia, a small group of international exporters fill warehouses with Liberian cocoa purchased from middlemen to prepare them for departure to the traders, processors and grinders.

 

Global Witness spoke to six exporters in the capital, often while warehouse operators lugged heavy jute bags full of cocoa.

 

Aya Group and Granex Group are two of Liberia's largest international sellers. They told us they are beginning to map their suppliers' farms due to pressure from Europe.

 

Granex claims to have mapped "about 75-80%" of their supplier farms.

 

Another exporter told us that despite much of their supply heading to Malaysia, "someone from head office" was coming to start mapping farms

 

The EUDR seems to be encouraging some companies to take sustainability seriously, however, this effort to map suppliers is not universal.

 

The manager of Trade Link, another Liberian export business, confirmed to Global Witness that it "is mapping 5,000 farms" for EUDR compliance.

 

He told Global Witness that Trade Link purchases from farms that have deforested in the last few years and was confused as to whether the EUDR would allow him to continue sourcing from such farms.

 

"We have more reserve forest," he says, referring to Liberia's small network of protected areas.

 

Global Witness investigators also saw no evidence that exporters were separating cocoa they purchased from mapped farms and cocoa purchased from middlemen.

 

And despite any mapping efforts, all the exporters we interviewed still source from middlemen. While they do this, there is no chance of a sustainable supply chain.

 

Aya Group told Global Witness that it was proud to be the first group to map over 20,000 supplier farms, and that "its supply chain is structured to minimise reliance on middlemen."

 

Trade Link and Granex Group did not reply to Global Witness' requests for comment.

 

Liberian cocoa goes global

 

Supply chain data and interviews with exporters help to show where Liberian cocoa is going.

 

Major buyers who purchase or have purchased from the six exporters interviewed by Global Witness in recent years include Turkey's Altinmarka and the Netherland's ECOM, as well as major chocolate trader Cargill (although these imports appear to have ended in 2023), OFI (Olam) and Barry Callebaut.

 

Liberian cocoa also goes to Asian processors JB Cocoa and Guan Chong Berhard.

 

ECOM, one of the world's largest cocoa traders, claims on its website that it is "[p]ushing the boundaries of sustainability at every opportunity."

 

The company appears to be publicly distancing itself from Liberian deforestation. Between its 2023 and 2024 cocoa sustainability reports, Liberia vanished from its supplier map.

 

But customs data tells a different story. Shipping documents show ECOM purchased cocoa from Liberia in 2024 and up to January 2025, when the company appeared to stop sourcing from Liberia.

 

ECOM told Global Witness: "[C]urrently we do not have any open purchases of beans from Liberia," although it accepted it had made purchases in 2024 and that the removal of Liberia from its 2024 Sustainability Report was done in error.

 

ECOM takes care to distinguish between different levels of its supply chain in its reporting. In countries such as Ghana, it sources its "origin" cocoa directly from farms through its representatives in-country. In Liberia, however, it sourced from the country's cocoa exporters, rather than directly, until this year.

 

When Global Witness asked what support ECOM had given to its Liberian suppliers to achieve traceability and reduce deforestation, it told us that this information was confidential.

 

Campaign group Mighty Earth told Global Witness: "All actors in the cocoa supply chain have a role to play in ensuring compliance and providing support to smallholders."

 

"Traders play a central role, as they have both the in-country resources and supply chain accessibility to provide financial and material support to smallholders."

 

Touton, meanwhile, is a major French trader and processor that holds a unique role in Liberia, appearing to purchase in-country from other exporters such as Aya and Granex Group before shipping under its own name.

 

According to customs data analysed by Global Witness, it was the largest single exporter of Liberian cocoa between 2022 and 2025.

 

They also sell to Altinmarka and ship cocoa beans to their own European operations via a Netherlands subsidiary of an international logistics partner.

 

Neither Touton nor Altinmarka replied to Global Witness' multiple requests for comment.

 

Cargill said it does not directly source (or otherwise purchase) cocoa of Liberian origin from Aya Group, ECOM or Touton. It added: "We can further clarify that, based on our information, we have no knowledge of prior purchases from these entities."

 

Global Witness's analysis of customs data suggests Cargill ceased purchasing directly from Liberian exporter Aya Group in 2023, after its Belgian subsidiary imported over a million kilogrammes of Liberian cocoa that year.

 

OFI (Olam) said its "aim is to become forest positive across our business by 2030" and "as emerging origins grow in importance, suppliers in such locations, as in other origins, must comply with our no-deforestation requirements."

 

It also stated in response to Global Witness' findings: "[W]e will assess this carefully and as required, engage with our suppliers and investigate suitable mitigation actions."

 

Barry Callebaut said: "Sustainability is a core priority for Barry Callebaut, embedded in every aspect of our strategy and operations. We are acutely aware of the environmental and social challenges facing the cocoa sector, including deforestation, climate change, and the need for transparent, responsible supply chains.

 

"In the 2024/25 season, Barry Callebaut sourced approximately 0.11% of its total cocoa bean volumes from Liberia, reflecting an exceptional volatile and unprecedented market environment. This very small quantity illustrates our effort to responsibly meet customer needs during extraordinary market conditions."

 

Guan Chong said: "Guan Chong strives to conduct its sourcing responsibly. With regard to cocoa sourced from Liberia, volumes sourced have been modest and used exclusively in conventional product streams."

 

Guan Chong did not reply to Global Witness' request for further clarifications on the meaning of "conventional product streams" and whether the company could rule out selling Liberian cocoa to major chocolatiers.

 

JB Cocoa said: "We would like to reaffirm that all our cocoa bean supplies are sourced in line with our Code of Conduct and sustainability commitments."

 

The full responses from all companies mentioned in this report are included in a downloadable document at the bottom of this page.

 

Blended deforestation

 

These traders and processors are the global equivalent of Liberian middlemen - they buy as much cocoa around the world as they can to sell to firms including Nestlé, Unilever, Hershey, Mondelēz and Mars.

 

On condition of anonymity, an insider at a major chocolate brand spoke to Global Witness. The source told us that the role of traders is simply to meet demand, and it is common practice at chocolate majors to blend beans from different origins.

 

Processors blend cocoa beans from different regions - usually referred to as a "West African blend" - into "cocoa mass", "cocoa butter" or "liquor", which are the key ingredients of chocolate bars, often mixed according to the company's specific recipe.

 

Statements from various company websites back up this source's account of the process.

 

Altinmarka was the largest European buyer of cocoa from Liberia between 2022 and 2025 through its Bulgarian subsidiary, and is a key supplier to Mondelēz and Nestlé.

 

It publicly states: "[W]here different origin beans are required for a specific recipe, they are blended and mixed in right [sic] proportion."

 

Altinmarka did not respond to Global Witness's request for comment.

 

JB Cocoa also states that it "produce[s] cocoa mass by carefully blending cocoa beans from different origins" and offers a "West African blend" to consumers on their website.

 

Mars, Nestlé, Mondelēz and Hershey state publicly that they rely on a "mass balance" system, which allows cocoa sourced from farms that are certified as sustainable and beans from any origin to be mixed together.

 

Unilever state they source mass balance in certain situations but "have a preference for a segregated supply chain".

 

The mass balance and blending system makes it impossible for chocolate companies buying from ECOM, Touton and Cargill, to prevent cocoa from deforested Liberian farms from entering their supply chain.

 

Global Witness presented the chocolatiers and suppliers with our findings.

 

A Mars spokesperson said: "Mars does not source cocoa from Liberia, and our suppliers are not sourcing cocoa from Liberia for cocoa sourced under the Mars Responsibly Sourced Cocoa Program."

 

When Global Witness provided further evidence that showed that this statement appeared difficult to substantiate from Mars' own sustainability reporting and its use of mass balance cocoa, Mars declined to provide further information.

 

Unilever said that "we are confident that our exposure to cocoa from Liberia is very small to negligible."

 

Nestlé said "We currently do not operate in or source directly from Liberia. However, we are aware that the risk of deforestation in Liberia is a growing concern within the broader cocoa industry."

 

It also stated that "[n]early 90% of the KitKat produced in Europe carries Mixed Identity Preserved (Mixed IP) cocoa mass sourced from the cocoa farming families engaged in the Income Accelerator Program."

 

When Global Witness asked for further information about how it could rule out Liberian cocoa entering its supply chain through a mass balance system, Nestlé declined to provide further information.

 

Hershey stated: "We take allegations of deforestation and human rights violations in our supply chain extremely seriously.

 

"Hershey is committed to responsible sourcing and upholding the highest standards of traceability, sustainability, and transparency across all our cocoa supply chains.

 

"We acknowledge the risk that cocoa grown on deforested land may enter complex supply chains, particularly where middlemen and exporters operate with limited traceability."

 

Mondelēz did not respond to multiple requests for comment.

 

Certified sustainable

 

Yet despite this opaque mixed supply chain, Global Witness' research shows that every trader and chocolatier mentioned in this report is certified "sustainable".

 

Traders and chocolatiers can receive a sustainability certification for their "mass balance" cocoa system under Rainforest Alliance's "Sustainable Agriculture Standard".

 

The eco-label's "mass balance" version of this certification allows certified and non-certified beans to be mixed together along the supply chain - even if the non-certified beans are linked to deforestation.

 

In practice, this system allows traders to sell cocoa mass or liquor to companies that contain no cocoa from a Rainforest Alliance-certified farm at all.

 

For a chocolate bar to hold the Rainforest Alliance seal, a company only needs to source "100% of the equivalent certified volume" from certified farms - i.e. a company can sell 10kg of product as "mass balance" if they have purchased 10kg from certified sources, even if the product they are selling does not include any certified product.

 

Not a single Liberian cocoa farm has received certification under Rainforest Alliance's scheme.

 

Tiago Reis, a land and food systems expert at WWF Brazil, says: "Mass balance systems are not effective at stopping deforestation."

 

"In the cocoa sector, any companies purchasing mass balance at even reasonably large volumes are creating a market for black box cocoa," according to cocoa expert Antonie Fountain.

 

Rainforest Alliance's certification scheme is central to the organisation's business model and cocoa certification is its most profitable certification scheme after coffee.

 

"Every certifier has a business model based on volumes sold. So, of course this will affect the robustness of their certifications. There will always be a trade-off between rigour of standards and ability to sell at volume," adds Fountain.

 

Cocoa certification earnt the organisation over $18 million in 2023, the latest year financial reports were available.

 

Rainforest Alliance told Global Witness that it "reinvests this revenue income, including certification-related services, into our global sustainability and landscape, and communities."

 

"Even if their certification label says, 'mixed sources', it still conveys a certain message to consumers, who may have trouble differentiating between different types of labels," wrote Greenpeace in 2021 as part of its campaign for the EUDR.

 

Now the major chocolate companies are also creating their own sustainability programmes, such as Mondelēz's Cocoa Life and Nestlé's Cocoa Plan.

 

According to Fountain's Cocoa Barometer, these schemes are "much less transparent than Fairtrade and Rainforest Alliance, potentially leading to a race to the bottom."

 

Rainforest Alliance said: "Our certification standard requires that certified cocoa does not come from deforested areas.

 

"We encourage cocoa companies to use a segregated sourcing model because the certified ingredients are kept separate from non-certified ingredients.

 

"At the same time, we recognize that mass balance sourcing makes the sale of certified cocoa easier and ultimately supports farmers who are certified."

 

Many NGOs have denounced voluntary certifications as ineffective and have been calling for legal measures to ensure guaranteed zero-deforestation in supply chains instead.

 

EUDR: New zero-deforestation law under attack

 

The EUDR is one law with wide backing from civil society.

 

A prior Global Witness analysis suggests that it could save up to 8 million hectares of forest over the next decade if it enters into application on time - an area approximately the size of Austria.

 

The law has rejected the mass balance approach and will require major chocolate companies to prove that any cocoa or other agricultural commodity sold in the EU is not linked to deforestation post 2021.

 

The law - as written at the time of this investigation - says: "Mass balance chains of custody that allow for the mixing - at any step of the supply chain - of deforestation-free commodities with commodities of unknown origin or non-deforestation-free commodities are not allowed under the Regulation, because they do not guarantee that the commodities placed on the market or exported, are deforestation-free."

 

The EUDR has brought a business imperative for chocolate companies to finally tackle deforestation: access to the European market.

 

But the law that brought this progress is now under threat.

 

In 2024, the law was passed but does not yet apply to businesses importing into the EU, because its coming into force was delayed by a year under heavy pressure from businesses, including from the European Cocoa Association.

 

This delay means that importing commodities grown on deforested areas to the EU is not yet illegal at this time.

 

To the dismay of many NGOs, in September 2025, the European Commission proposed delaying the law a further year, citing IT issues.

 

Investigative NGO Earthsight says that the EU has "once again caved to industry pressure."

 

Chocolate giant Mondelēz - whom Global Witness has shown to be at high risk of exposure to Liberian deforestation through its purchases from ECOM, Cargill, Touton, OFI (Olam) and Barry Callebaut - has been a major voice pushing for further delays, despite the company having a zero-deforestation commitment.

 

Politico reported in July 2025 that Mondelēz stated that while they were prepared for the law, farmers were "far from being ready."

 

In contrast, Nestlé, Mars, Ferrero and Barry Callebaut have urged the EU not to delay the law any further in a public joint letter, emphasising that they are "deeply concerned by repeated attempts to delay, revise, or even repeal the Regulation."

 

Liberia is one of the poorest countries in the world. According to the World Bank, 71.6% of Liberia's rural population live in poverty.

 

Mondelez made over $11 billion in revenue from chocolate sales alone in 2024, more than double Liberia's GDP.

 

A recent study by Dutch consultancy firm Profundo assessed that the cost of EUDR compliance was a mere 0.10% of global revenues.

 

Global Witness asked Mondelēz if it accepted that it has failed to provide sufficient financial and technical support to its indirect suppliers in Liberia to achieve traceability and eliminate deforestation, but we did not receive a reply.

 

But Global Witness' industry source says Mondelēz is not ready because the company's own self certification programme has not sufficiently focused on traceability.

 

"Well if you pay them [the suppliers] they'll be ready like that," the anonymous source said - suggesting that Mondelēz could easily tackle traceability in their supply chains by offering a financial incentive.

 

Climate campaigners are concerned that if the EUDR is weakened or postponed again, enormous progress to tackle deforestation will be gone.

 

"Farmers, traders and companies have invested time and money to become compliant. The EU needs to follow through on their commitment and create a level playing field for companies importing cocoa in the EU," said Mighty Earth.

 

Local solutions

 

Amid threats to the EUDR, a new locally-run initiative is helping to keep Liberia's forests intact.

 

The new project, called Payment for Stewardship, set up by Liberian environmentalist Silas Siakor*, aims to ensure that local communities in Liberia get paid for preserving their forest.

 

Silas Siakor is a longtime campaigner who won the Goldman Prize in 2006, often referred to as the "Nobel Prize for Environmentalism".

 

Siakor was recognised for his work exposing how illegal timber was funding the bloody campaign of Liberian warlord Charles Taylor.

 

"It's based in the community's effort and interest to do this, as compared to outsiders telling them what to do," Siakor says, contrasting his scheme with the much-criticised REDD+ programme of carbon credits.

 

"It's actually about what people are able to do on the ground."

 

The money will be paid into community funds, with $1.50 for every hectare that communities agree to protect.

 

Siakor has mobilised microfinance schemes for community development as part of the agreement, but says he also understands the need for cash in villager's pockets.

 

In the deeply forested Sinoe County, 500km2 is already protected by the Stewardship programme - an area approximately the same size as Madrid.

 

Siakor is aiming for 2000km2 to be protected under the programme by 2027 and says that cocoa counties Lofa and Nimba are on the list of areas he'd like to see protected by the scheme. Sadly, Bong County may already be too deforested to qualify.

 

He faces a significant challenge to establish the schemes' credibility, and to prove he can succeed in protecting forests where others have failed.

 

Previous schemes, such as REDD+, that have aimed to monetise forest protection have faced significant criticism, with a major study in Science published in October showing that forest carbon credits have "only delivered partial gains and persistent-over crediting."

 

Global Witness asked him what major EU companies sourcing cocoa from Liberia could do to help to save Liberia's forests.

 

"Cocoa has a place in the Liberian economy, and people's livelihood strategies. I would expect the companies would want to invest in identifying farmers and helping them to map their farms, so they are able to demonstrate origin of their cocoa beans," he says.

 

"I'm not sure why they are not stepping up to do that, but that will certainly benefit them, and it will also benefit the Liberian farmers."

 

Siakor pauses to reflect.

 

"There is potential to do cocoa at scale in a way that is environmentally helpful. Unfortunately, the companies tend to want quick profits."

 

Full company responses to "Chocolate giants fuel deforestation in West Africa's last rainforest"

 

Download Resource 

 

Methodology

 

Global Witness analysed customs data obtained from ExportGenius' platform showing all cocoa exports from Liberia that left by cargo ship in the last three years.

 

Global Witness used Hansen's tree cover loss data for Bong, Nimba and Lofa Counties for available years of 2021-2024 to assess how the largest cocoa-producing counties, or "cocoa belt", had lost over 250,000 ha of forest between 2021-2024.

 

The reader should be advised that although these are the largest cocoa-producing counties, not all deforestation in these counties is for cocoa, with small scale agriculture, mining, palm oil and rubber production also likely to be significant contributors to forest loss.

 

Global Witness visited 12 cocoa farms in these counties to verify cocoa-related clearance and spoke with more than 30 sources total to map the supply chain for Liberian cocoa. We infer that a significant amount of this clearance is for cocoa production, often intercropped with subsistence farming crops, such as rice or cassava.

 

* Please note that Silas Siakor was previously a member of the Global Witness Advisory Council. Global Witness played no role in funding or setting up the Payment for Stewardships Scheme.

 

Data analysis and visualisation by Jan Oledan

 

Authors

 

Charlie Hammans Investigator - Forests [email protected]

Charlie Hammans, Investigator - Forests

 

Read the original article on Global Witness.

 

 

 

 

 

 

Uganda: Experts - Hazardous Pesticides Threaten Ugandan Farms, Food Safety, and Public Health

Environmental experts, public health specialists, and agricultural officers are calling on the government of Uganda to urgently ban the importation and circulation of highly hazardous pesticides (HHPs), warning that their continued use poses severe risks to human health, ecosystems, and the livelihoods of smallholder farmers.

 

HHPs--linked to cancer, reproductive disorders, endocrine disruption, and DNA mutations--remain widely used in Uganda's agricultural sector despite mounting scientific evidence of their dangers. Specialists caution that the impact of these chemicals stretches far beyond individual farms, compromising food safety, water sources, and long-term soil productivity across the country.

 

 

Lira City environment officer Leonard Otika noted that while pesticides play a role in protecting crops, their prolonged or improper use causes profound harm to the very ecosystems agriculture depends on.

 

"These chemicals help farmers maintain plant health, but they come with serious side effects. Excessive use degrades soil by killing organisms essential for soil formation and structure, eventually leading to infertility," he said.

 

Otika added that pesticide runoff--often washed away by rain--contaminates streams, wetlands, and other water bodies, putting aquatic life and human health at risk. Many communities rely on these same water sources for domestic and commercial use.

 

The Uganda National Bureau of Standards (UNBS) regulates the types of pesticides permitted for import and sale. Government-certified laboratories routinely test horticultural produce, including tomatoes and cabbages, to assess whether chemical residues exceed safe limits.

 

 

"UNBS reports guide both the public and policymakers on what is acceptable," Otika said.

 

He also warned that farmers cultivating crops such as onions face heightened risks if they fail to use proper protective equipment.

 

In Kole District, agricultural officer Maclean Otim expressed concern over the rising levels of pesticide residues in food, which he said are contributing to increasing cancer cases nationwide.

 

"While pesticides may boost short-term plant growth, they also damage soil, cause erosion, and kill organisms essential for fertility. Earthworms and termites are wiped out, leaving the soil barren," he said.

 

Public health specialist James Awanyo explained that exposure to HHPs can occur through food consumption, contaminated water, direct occupational contact, or close proximity to farms using the chemicals. Short-term exposure may trigger nausea, dizziness, skin irritation, and abdominal pain.

 

"Acute poisoning can quickly become a medical emergency," he said.

 

Environmental advocates also highlight a troubling trend: Africa has increasingly become a dumping ground for more than 200 pesticides banned in the European Union, according to the Participatory Ecological Land Use Management Association.

 

Nutritionist Bernard Bwambale reiterated earlier warnings that toxic pesticides are contributing to cancer, infertility, and miscarriages. He urged the Ministry of Agriculture to strengthen farmer training programs and expand support for sustainable, eco-friendly farming practices.

 

As pressure mounts from experts across multiple fields, stakeholders are calling for a swift government response to protect public health, safeguard Uganda's ecosystems, and promote resilient, sustainable agriculture for future generations.

 

Read the original article on Nile Post.

 

 

 

 

Rwanda: Stronger Exports, Reserves Help Shore Up Rwanda Franc in Q3

The Rwandan franc signaled firmness in the third quarter of 2025, with the National Bank of Rwanda reporting a depreciation of about 4 per cent to end-September.

 

The development marks one of the currency's most stable periods in recent years, compared with 6.5 per cent over the same period in 2024 and the deeper 13.7 per cent recorded in 2023, according to the Central Bank Governor, Soraya Hakuziyaremye.

 

ALSO READ: Senate tasks govt to address inflation, franc devaluation

 

She told a press briefing that the improved trend reflects a combination of stronger export earnings, adequate foreign-exchange reserves, and ongoing reforms in the domestic FX market, conditions that helped ease pressure at a time when several economies across sub-Saharan Africa continue to face sharp currency swings.

 

 

Governor Hakuziyaremye announced the development following the bank's quarterly Financial Stability Committee and Monetary Policy Committee meetings, during which the team reviewed global, regional, and domestic economic developments for the third quarter of 2025.

 

ALSO READ: Why Central Bank maintained lending rate at 6.75%

 

According to the Bank, merchandise exports rose by 15 per cent in the quarter, driven by higher receipts from coffee, tea, and minerals, supported by stable global prices and domestic production.

 

She explained that non-traditional exports performed even more strongly, increasing by 50.5 per cent, largely on the back of processed cooking oil and wheat flour supplied to regional markets.

 

"Imports also grew, though at a slower pace of 7.4 per cent, which narrowed the gap between export and import growth. This contributed to a modest 2.8 per cent rise in the trade deficit for the period, a smaller increase compared with previous years," the governor said.

 

 

Official statistics also indicated that foreign-exchange reserves stood at 4.2 months of import cover at the end of September.

 

The central bank said it considers this adequate to cushion short-term shocks and support confidence in the market, with strong tourism earnings, stable remittances, and firm service-sector performance adding to that buffer.

 

Part of the stability also stems from domestic foreign-exchange market reforms that the central bank has implemented to limit speculative tendencies.

 

Although the Governor did not outline the full list of measures, she said the reforms improved price formation and strengthened discipline within the market, helping ensure that movements in the franc reflect real demand and supply conditions.

 

 

External factors, including the US dollar weakening globally over the months leading up to September, eased pressure on many emerging and frontier currencies.

 

The bigger picture

 

According to the MPC, global commodity trends were favourable, with oil prices projected to decline by close to 16 per cent in 2025 and food prices expected to fall by 6.1 per cent.

 

These dynamics reduce imported inflation and moderate pressure on countries with high import bills, including Rwanda.

 

Inflation averaged 7.2 per cent in the third quarter, up from 6.7 per cent earlier in the year but still within the central bank's target range of 2 to 8 per cent.

 

Hakuziyaremye said that the October reading stood at 7.1 per cent, but added that falling fresh-food prices, linked to improved harvests, helped offset higher core and energy inflation.

 

The Bank, she maintained, projects average inflation of 6.9 per cent for 2025, dropping to 5.8 per cent in 2026.

 

Regionally, currency performance remains mixed. Some countries in the south and the Horn of Africa are still experiencing severe depreciation and high inflation, in some cases above 50 per cent.

 

For households, a steadier franc reduces the risk of sudden price surges on imported goods such as fuel, medical supplies, and everyday consumer products.

 

While prices remain high in some categories, the absence of sharp monthly movements prevents further strain on living costs.

 

Businesses also benefit from reduced volatility.

 

For instance, importers face fewer unexpected cost jumps, while exporters retain competitiveness without dealing with abrupt swings that complicate pricing, contracts, or hedging decisions.

 

Hakuziyaremye said that the Central Bank remains cautious despite the improved stability, given that weather-related shocks, shifts in global trade, geopolitical tensions, and commodity-price volatility present risks that could quickly influence foreign exchange flows.

 

Gold investments are paying off

 

Reacting to the Central Bank's decision to add gold holdings to the Bank's reserve mix, Governor Hakuziyaremye told The New Times that returns have been more than "we expected."

 

ALSO READ: Rwanda to add gold to foreign reserves portfolio in next financial year

 

"It is true that the Central Bank had indicated we were assessing gold as a potential reserve asset based on its record in capital preservation, stable returns, and liquidity. We have since begun investing in gold," she revealed.

 

"While we do not disclose our portfolio composition, our strategic asset allocation provides room to hold gold in proportions consistent with other central banks, and for emerging economies, that can go up to about 10 per cent of total reserves," she added.

 

On price movements, she said, "As a central bank, we are long-term investors, not traders, but since January, gold has gained roughly 57 per cent in value, despite its volatility."

 

"In recent months, prices have edged down, though they remain above where they were at the start of the year. We are managing that risk, and overall, the return has exceeded our expectations," she added.

 

Historically, gold prices have grown by an average of around 11 per cent annually over the past two decades.

 

"We recognise that prices can decline depending on global factors, but at this stage we are comfortable with our position, and this remains an asset we intend to keep within our investment portfolio," the governor noted.

 

Read the original article on New Times.

 

 

 

 

 

Rwanda: Young Graduates Find Prosperity, Purpose in Agribusiness

Growing up in Rusizi District, where farming was a common source of livelihood, Mico Mariette disliked agriculture.

 

At 24, Mico, now a university graduate, openly admits she once wanted nothing to do with farming. As a child, she associated agriculture with mud-covered neighbours. In her community, farming was often linked to academic failure; whenever a student performed poorly, people said they would end up "farming rice."

 

Unexpectedly, Mico is an agripreneur, growing crops in greenhouses and engaging in exports.

 

She shared her experience on November 24, at the opening of the Youth Forward for Agrifood Systems Transformation (YOUTH FAST) Forum 2025, themed "Catalyzing Investments for Transformational Impact under PSTA 5."

 

Her unexpected journey mirrors a broader shift happening across Rwanda, where young people are rediscovering agriculture not as their grandparents practised it, but as a high-tech, innovative sector that offers employment, income, and a future.

 

But how did Mico find herself with an attachment to agriculture?

 

Determined to avoid such a future, Mico chose the Mathematics-Physics-Chemistry combination in upper secondary school to distance herself from biology and anything that could lead to an agricultural degree.

 

She later joined the University of Rwanda's College of Science and Technology to study energy engineering, believing she had successfully escaped agriculture.

 

 

ALSO READ: Is Africa's quest to attract 30% of the youth to agriculture achievable?

 

But financial hardship--surviving on a Rwf40,000 monthly allowance--pushed her toward small business activities after graduation. While selling clothes in line with running side hustles, she and a friend developed an idea for using precision agriculture technology to monitor soil moisture, fertiliser needs and pH levels.

 

This idea led them to pitch in entrepreneurship competition, where they won a Rwf10 million grant through the Imali Agribusiness Challenge in 2023. That moment changed everything.

 

Considering the current situation, she said she realised her attempt to completely run away from agriculture was a mistake.

 

"Agribusiness is giving me the opportunities I was searching for."

 

Yet the road was not easy. When she first grew tomatoes, the price dropped from Rwf2,000 [a kilogramme] to Rwf600 by harvest--losing 70 per cent of the expected income. The shock forced her to change strategy.

 

 

She adopted contract farming to avoid market uncertainties.

 

Today, Mariette operates three greenhouses and farms five hectares, supplying the international export market.

 

"A person may need a doctor once or twice a year. But they need food three times a day," she said. "That means farmers matter--and I am proud to be one."

 

She hopes to become one of Rwanda's leading greenhouse farmers and highlights three keys to success in agribusiness: market assurance, access to finance, and collaboration. She also received support from the Business Development Fund to expand her business.

 

ALSO READ: Agri-business getting youth attention

 

Janvier Nsanzimana: From Rwf30,000 to a 3,000-litre-a-day factory

 

Concerned by youth unemployment--then over 20 percent--and widespread post-harvest losses, Janvier Nsanzimana decided to take action. In 2024, With just Rwf30,000, he began producing juices from various fruits, including pineapple, passion fruit, lemon and ginger. Starting with 30 litres per day, he sold about 50 bottles through street marketing. Demand grew quickly. Pineapple.

 

Encouraged by a friend, he entered an entrepreneurship challenge under the auspices of YouthConnekt whereby he emerged the winner and got Rwf25 million which helped him expand his agro-processing business.

 

Production soon increased from 30 litres to 3,000 litres per day. His company now employs more than 16 people.

 

Janvier holds a bachelor's degree in education, but he said he later trained in agro-processing at an American institution based in Arusha. He now encourages fellow youth to consider agribusiness.

 

"When you put effort into agro-processing, you realise it creates jobs, profit and huge opportunities," he said.

 

ALSO READ: Is Africa's quest to attract 30% of the youth to agriculture achievable?

 

Youth FAST Forum: government and partners reaffirm commitment to youth-led transformation

 

The government of Rwanda and development partners emphasised youth as central to modernising agriculture under the Fifth Strategic Plan for Agriculture Transformation (PSTA 5), running from 2024 to 2029.

 

Telesphore Ndabamenye, the Minister of State for Agriculture and Animal Resources, said Rwanda is committed to expanding youth access to skills and markets, unlocking finance, scaling innovations and ensuring young people's voices shape the sector.

 

He said that youth are the centre of achieving the country's ambition to transform its food systems:

 

"We are shifting to the era of digitalisation. The youth are deploying digital tools, developing climate-smart innovations, and mostly going to higher technologies," he said citing irrigation, mechanisation, and even setting up some enterprises engaged in value addition to farm produce

 

FAO Representative to Rwanda Nomathemba Mhlanga underscored the need to explore what the youth can achieve today and in the future, harness their power and discuss their role in shaping food systems agri-food systems that are sustainable, resilient, inclusive and prosperous.

 

"Youth is key, especially in Africa and in other developing countries, to replacing an aging agricultural workforce. They are key to driving innovation and adapting to climate challenges," she said.

 

Chantal Ingabire, the Director General of Planning in the Ministry of Agriculture and Animal Resources, said that youth unemployment was around 20 per cent as of 2023 (the baseline), while youth make up 32 per cent of farmers, and 65.3 per cent of Rwanda's population is under 30. Young women face even higher unemployment level compared to the 17.3 per cent national average, making youth-centred support essential, she said.

 

The Youth FAST Forum, she said, aligns with Rwanda's Vision 2050, which aims to reduce unemployment to 7 per cent by 2035 while accelerating digitalisation, mechanisation and climate-smart agriculture.

 

Read the original article on New Times.

 

 

 

 

Nigeria: How I Overcame Forged By Hardship, Lifted By Determination

In the quiet corners of Delta State, where the mornings begin with the hum of farm tools and the evenings end under the glow of lanterns, a young boy, Alex Ferdinand, once dreamed of a life beyond the limits of his village. Born to a peasant farmer and a petty trader, his world was simple but not without struggle. His parents pushed as far as their modest means could carry him--just enough to secure his First School Leaving Certificate. Beyond that lay uncertainty.

 

After primary school came the hard years, with no one to sponsor further education, he worked on different farms across the community--clearing bushes, tilling soil, harvesting crops--jobs that paid too little and demanded too much. Yet he pressed on, driven by a quiet belief that life had more to offer than the narrow path before him.

 

 

A ray of hope came unexpectedly. He secured an opportunity to travel to Lagos as an apprentice in a spare-parts shop. The move changed everything. For 11 long years, he served his boss with dedication--sweeping floors, attending to customers, running errands, and closing the shop long after others had gone home. His master saw something in him and took the remarkable step of sponsoring his secondary education.

 

Balancing school, house chores, and long hours at the shop was a heavy load to carry, but brilliance has a way of shining through adversity. He excelled academically and passed his WAEC examinations with flying colours. The future seemed finally within reach--until tragedy struck. His boss died in a vehicle accident just months after he finished secondary school.

 

The loss was devastating, not only emotionally but also practically. His boss's wife, who had never taken a liking to him, became openly hostile. She made life unbearable, closing every door she could. But even in that bleak season, he refused to break.

 

 

With a growing interest in computers and a natural flair for graphic design, he secured a job at a Lagos-based newspaper house. It was there that his confidence returned--and his ambitions grew. Determined to rewrite the story of his life, he enrolled in Lagos State University, studying Economics while juggling work.

 

Years later, he completed his NYSC and secured a job in a bank. That stability became the springboard for the next giant leap. After four years, he partnered with a friend to start a haulage company. It was a risky move, but so was every step of his journey--and every risk he had taken had brought him closer to the life he once dreamed of.

 

Today, the seeds planted decades ago in the dusty farmlands of Delta have yielded more than anyone imagined. His haulage business now boasts 24 trucks operating across Lagos, Asaba, and Enugu. More importantly, his parents--the ones who sold and farmed and sacrificed so much--are alive to witness the reward for their labour.

 

What began as a story of hardship has become a testament to resilience, faith, and unshakeable determination.

 

Read the original article on Leadership.

 

 

 

 

 

 

Uganda's Mineral Testing Laboratory Poised for Global Accreditation, Enhancing Mining Sector

Uganda is on the verge of securing an internationally certified mineral testing laboratory--an achievement expected to significantly cut the cost of exporting samples abroad for analysis and boost investor confidence in the country's mineral sector; according to the Minister of Energy and Mineral Development, Ruth Nankabirwa.

 

She made the remakes during the official opening of the 17th Annual General Meeting (AGM) of the Organisation of African Geological Surveys (OAGS) in Entebbe, Wakiso District.

 

The AGM, hosted in East Africa for the first time, brought together geoscientists, policymakers, and geological survey leaders from across the continent to discuss the strategic direction of Africa's mineral and geoscience sector.

 

 

Nankabirwa revealed that Uganda's national laboratory--established to support mineral analysis and value addition--is currently 93% ready and close to achieving the international certification required to handle all mineral sample testing locally.

 

"For years, we have encouraged investors to pursue value addition within Uganda. However, many still prefer sending samples abroad because they want results from internationally certified laboratories. Once our laboratory receives its certification, investors will have the confidence they need to conduct all tests here--without having to send samples as far as Australia," she said.

 

The laboratory, established in 2007 under the New Partnership for Africa's Development (NEPAD) and the African Mining Partnership (AMP), is now affiliated with the African Union (AU). It plays a critical role in mineral resource assessment, environmental protection, natural hazard mitigation, sustainable land-use planning, and poverty alleviation.

 

 

The OAGS, whose membership is open to all 55 African states, currently consists of 38 active member countries. The Council for Geoscience (CGS) of South Africa serves as its Permanent Secretariat.

 

Speaking during the event, OAGS President and Director General of Senegal's National Geological Service, Rokhaya Samba Diene, highlighted ongoing efforts to strengthen technical cooperation among member states. She noted the establishment of a technical committee tasked with developing collaborative programmes and subcommittees focused on addressing priority themes across the continent.

 

"Our current priorities include capacity building and contributing to poverty alleviation by supporting food security initiatives. Objective scientific knowledge is essential for shaping strategic decisions across Africa," she said.

 

OAGS Secretary-General and CGS Chief Executive Officer, Mosa Mabuza, emphasized the growing geopolitical importance of geology and mineral security. He noted that Africa has historically underinvested in geological knowledge--limiting its ability to fully leverage its mineral wealth.

 

"Understanding your geology is the foundation of everything. You need to know what you have, how much you have, and the quality of those resources. Our role as OAGS is to help Africa determine its geological capacity so that ministers can make informed policy decisions," Mabuza said.

 

He added that Agenda 2063, the African Union's long-term development blueprint, continues to guide OAGS' strategic direction. Hosting the General Assembly in East Africa, he said, demonstrates the organisation's commitment to regional representation and collaboration.

 

The pending international certification of Uganda's mineral testing laboratory is expected to strengthen the country's attractiveness to investors, reduce operational costs, and support the government's push for local value addition in the mining sector.

 

Nankabirwa reaffirmed the government's commitment to developing modern mineral infrastructure and supporting regional cooperation through platforms like the OAGS.

 

"Every country needs such a laboratory to ensure value addition. Uganda is ready to play its part in advancing Africa's mining and geoscience agenda," she said.

 

Read the original article on Nile Post.

 

 

 

Uganda's Film Industry Booms Amid Calls for Investment, Regulation, Commercial Growth

Uganda's film industry is undergoing a transformative period, evolving from a niche creative space into a dynamic sector with growing talent, improved production quality, and rising commercial potential.

 

However, stakeholders emphasize that deliberate investment, stronger regulation, and recognition of film as both an economic driver and cultural pillar are critical for sustaining this growth.

 

The discussion dominated the first episode of The Ugandan Podcast Season 4, organized by the Ministry of ICT and National Guidance in partnership with MultiChoice Uganda.

 

Brian Mulondo, Local Content Manager at MultiChoice Uganda, highlighted the sector's evolution over the past six years, attributing it to sustained investment in local productions.

 

 

"Since the launch of Pearl Magic channels, we've seen a boom across all aspects of the industry," Mulondo said.

 

"Uganda has moved from having only a handful of professional cinematographers and sound engineers to a thriving ecosystem of skilled talent thanks to initiatives like the MultiChoice Talent Factory."

 

Uganda can now support multiple large-scale productions simultaneously, with competent crews and technical expertise. Mulondo added that MultiChoice's commissioning model empowers independent filmmakers, enabling them to earn from their work while retaining ownership after licensing periods.

 

Several Ugandan productions are now recognized on continental platforms, including the Africa Magic Viewers' Choice Awards.

 

>From a regulatory standpoint, Ruth Kibuuka, Manager of Content Development at the Uganda Communications Commission (UCC), stressed the importance of structural and policy support.

 

 

"Twelve years ago, UCC introduced local content quotas for broadcasters, but we quickly realized that while broadcasters were willing, the available content lacked quality," she said. This prompted the commission to train over 10,000 filmmakers in directing, producing, scriptwriting, and cinematography.

 

Kibuuka highlighted film's economic and cultural potential, noting its capacity to create employment opportunities while preserving Uganda's heritage.

 

She emphasized the need for strong regulatory frameworks for quality assurance and intellectual property protection, pointing to UCC's collaborations with the Uganda Registration Services Bureau and the Uganda Film Festival as key milestones.

 

TV host and producer Judithiana Namazzi pointed to professionalism as an ongoing challenge.

 

"Many entrants lack training, which affects execution," she said, urging creatives to embrace research, continuous learning, and constructive feedback. She also stressed the importance of spotlighting women in film to encourage greater female participation.

 

Award-winning filmmaker Loukman Ali noted that while talent is expanding, the business ecosystem remains underdeveloped. He compared Uganda to Nigeria, where brands actively invest in product placement because they understand film's commercial value.

 

"In Uganda, brands still view film with skepticism, forcing filmmakers to self-fund, which impacts quality and distribution," he said. Ali also warned that bureaucratic delays in policy formulation often leave regulations outdated in a fast-evolving industry.

 

"Technology is shaping the industry quickly, and by the time policies come to light, the industry has already moved a step further," he added.

 

While Uganda's film industry is brimming with potential, unlocking its full value will require targeted investment, robust policy frameworks, and a shift in mindset among brands and stakeholders to see film not only as art but as a viable business capable of driving economic growth and cultural influence.

 

Read the original article on Nile Post.

 

 

 

 

 

Uganda: KFC Operator Accuses Ura of 'Intrusive' Raid

Kuku Foods Uganda Limited, the operator of KFC restaurants in the country, has protested what it calls a high-handed and intrusive raid on its Kampala offices by the Uganda Revenue Authority (URA).

 

In a November 20, 2025 letter to the URA Commissioner General, copied to senior government officials including the President, the company details an enforcement action it says "violated legal procedure and departed from established administrative practice."

 

According to the company, URA officers accompanied by armed personnel entered its offices on November 19 and remained on the premises from morning until almost midnight, "forcefully extracting electronic information from company devices without prior notice and under armed supervision."

 

 

"The presence of armed officers in a corporate workplace during ordinary business hours caused significant alarm among our staff and created an atmosphere entirely incompatible with the cooperative and transparent relationship we have consistently sought to maintain with URA," the company writes.

 

Follow us on WhatsApp | LinkedIn for the latest headlines

 

"The manner in which the operation was carried out was exceptional in character, disproportionate in execution and wholly inconsistent with the standards expected in the lawful administration of tax matters."

 

While acknowledging URA's authority under section 48 of the Tax Procedures Code Act to access premises and examine records, Kuku Foods argues that the power "does not operate in isolation."

 

It cites section 49(1), which requires the tax authority to first issue a written notice requesting information.

 

 

"If no such notice was served, it is difficult to understand how the deployment of soldiers and armed personnel to our office could be regarded as proportionate or procedurally justified," the company says.

 

"Any information URA required could have been provided promptly and lawfully upon proper request, without resorting to measures that go far beyond what the TPC envisions for a cooperative and transparent compliance engagement."

 

Kuku Foods adds that "the scale and manner of the operation were excessive and unjustified," raising concerns about necessity, proportionality and legality.

 

The company also protests URA's decision to reopen a previously concluded audit covering July 2019 to February 2022.

 

It says the audit was fully settled through an Audit Management Letter, and that reopening a closed period is permissible only under narrow statutory grounds such as fraud or deliberate misrepresentation.

 

 

"What was expected to be a structured administrative engagement instead unfolded as an enforcement operation," the company says.

 

"Armed officers stormed our premises during ordinary business hours, causing immediate alarm among staff and disrupting normal operations.

 

"The manner in which the officers moved through the office, searching workspaces and positioning themselves over employees up to 11 o'clock at night, bore no resemblance to a routine tax inquiry. It mirrored a security raid."

 

Kuku Foods further raises concerns about data protection compliance, saying URA officers accessed devices and extracted information "without clarifying how the data would be stored, secured or utilised."

 

"As a multinational custodian of sensitive customer, employee, financial and operational information, we are legally required to ensure that all data is processed strictly within the confines of lawful purpose, necessity, minimality and secure handling," the company notes.

 

"The officers did not explain how extracted information would be protected, how its integrity would be maintained or how chain-of-custody would be preserved."

 

Kuku Foods is asking URA to explain the legal basis for reopening previously audited years and requests that any inquiry be limited to the unexamined period beginning March 2022.

 

It warns that reopening finalised audits "undermines the stability and reliability of URA's administrative decisions."

 

The company also wants written assurances that future engagements will follow legally prescribed procedures.

 

While pledging continued cooperation, it says this "should not be interpreted as acquiescence to processes that fall outside the limits of the law."

 

Kuku Foods concludes by warning it may take legal action if its concerns are not addressed.

 

"Unless there is immediate remediation and written assurance within five days from the date of this letter confirming that URA will proceed strictly within the bounds of established legal standards, we shall take all steps necessary to safeguard our rights."

 

Read the original article on Nile Post.

 

 

 

 

 

 

Uganda: Australian Investors Urged to Tap Into Uganda's Fast-Growing Economy As Bilateral Ties Hit 60 Years

Uganda has positioned itself as Africa's prime investment destination, calling on Australian investors to take advantage of the country's fast-growing economy and favorable business environment.

 

Speaking at the celebration marking 60 years of diplomatic relations between Australia and Uganda in Kampala on Sunday, The Minister of State for Privatization and Investment, Evelyn Anite, emphasized the maturity and strength of the bilateral relationship, now transitioning toward investment-led cooperation.

 

"You can't celebrate 60 years if the foundation is weak. Uganda and Australia built a very strong foundation, and that is why we are still and will continue beyond 60 years," said Anite, highlighting the historic friendship as a platform for commercial engagement.

 

 

The celebrations, which drew government officials, diplomats, entrepreneurs, civil society representatives, and development partners, focused on reflecting on historical ties, strengthening development cooperation, and renewing commitments to investment and trade.

 

Anite emphasized Uganda's economic credentials, including a 7 percent growth rate, political stability, and a young, skilled workforce, as key factors making the country an attractive destination for foreign investment.

 

"Our economy is growing at a rate of 7 percent. There is no economy in the whole of East Africa that is growing at this rate, and we are the most peaceful in the entire region," Anite said.

 

She further pledged government support to Australian businesses, saying, "We will support your businesses, buy your products, and provide peace and security for investment. Export your rich people here; we want them to come and join us in building our economy."

 

 

The Australia High Commissioner to Uganda, Jenny Da Rin, reaffirmed the strength of the bilateral partnership, describing it as grounded in shared values, historical ties, and mutual aspirations for peace and prosperity. She highlighted the milestones since Australia established diplomatic relations with Uganda in 1965.

 

"Although separated by the vast Ocean, the bonds were nonetheless strong--grounded in the relationship built between our people. Bonds forged through service to our countries," said Da Rin. She noted that Australian companies are increasingly investing in sectors such as mining, tourism, agriculture, and engineering services.

 

During the ceremony, David Mpanga was appointed as the new Honorary Consul of Australia in Uganda. Mpanga pledged to further strengthen economic, cultural, and political cooperation between the two countries and build on the legacy of his predecessor, Patrick Bitature.

 

"I take up this role at a time when bilateral relations have matured. My commitment is to deepen it further for the mutual benefit of our people," Mpanga said.

 

The event highlighted Uganda's shift from traditional diplomacy to "commercial diplomacy," focusing on practical engagement in business, trade, and investment--reflecting the country's ambition to attract strategic international partnerships.

 

Read the original article on Nile Post.

 

 

 

 

 

 

US presses Europe on rules for big tech companies

Europe should "reconsider" its rules for big tech companies if it wants to see lower US tariff rates on its steel and aluminium exports, US Commerce Secretary Howard Lutnick has said.

 

His comments come as officials from the US and European Union are meeting in Brussels to discuss the status of the trade framework that the two sides agreed in July.

 

That deal set US tariff rates on European products at 15%, lower than had been threatened, in exchange for promises of European investment and changes that would allow in more American agricultural products.

 

But the two sides remain at odds over some parts of the deal.

 

 

European officials hoped they would secure relief for their metals exports as part of the deal reached over the summer, but the US is still charging at 50% duty - and has expanded the number of products subject to the levy.

 

Europe is also hoping to win carve-outs from tariffs for items such as wine, cheese and pasta, similar to the rollback the Trump administration recently granted for tropical fruit and coffee.

 

In an update to reporters on the talks, US Trade Representative Jamieson Greer said the US wanted to see Europe follow through on promises to lower tariffs on American goods before it would grant exemptions.

 

He and Mr Lutnick said the US wanted to see concessions over European rules for tech companies in exchange for changes to metals tariffs.

 

"They would like to have steel and aluminium as part of this package and we think it is very, very important that they understand our digital companies and they reconsider their digital regulations to be more inviting to our big companies," Mr Lutnick said in an interview with Bloomberg Television.

 

The US has long maintained that taxes on digital services - which typically charge levies on revenue from streaming or digital advertising companies above a certain size - unfairly target American firms.

 

US firms have also been unhappy with Europe's Digital Markets Act, which came into force last year. It was aimed at boosting competition, for example setting rules that would require a company like Apple to make its iPhones work with devices such as headphones made by other brands.

 

When Trump was re-elected last year, many tech firms hoped he would champion a fight over the rules and taxes, unlike the Biden administration, which was seen as leaving such battles up to the firms involved.

 

European officials have previously said that its digital rules were not up for negotiation. European Trade Commissioner Maroš Šefčovič said the EU had maintained that stance when the issue arose on Monday.

 

"This is not discriminatory. It is not aimed at American companies," he added.-bbc

 

 

 

 

 

Has Britain's budget watchdog become too all-powerful?

Budget days used to be symbolised by the chancellor of the exchequer smiling and holding aloft the famous Red Box outside Number 11. Inside is a red book that contains the measures to be read out in the Budget speech.

 

These days, however, it's a blue book that's in the spotlight. Or more precisely, a chunky chart-filled analysis of the Budget, assessing the cost of government policies, published by a team that sits in a far corner of the Ministry of Justice building - one that few people outside this closed world know much about.

 

Yet it's also a department that has extraordinary influence over economic policy.

 

Now a debate is bubbling about whether this small department, known as the Office for Budget Responsibility (OBR) - and staffed mainly by young intellectuals and civil servants - is in fact too powerful, with claims from some that it is essentially half-running the government economic policy.

 

And indeed whether its chairman, Richard Hughes, a Harvard-educated former Treasury mandarin, has in fact become as important as the real chancellor.

 

 

AFP via Getty Images Britain's Chancellor of the Exchequer Rachel Reeves poses with the red Budget Box as she leaves 11 Downing Street

 

Lou Haigh, a former Labour Cabinet minister, has called the OBR an "unelected institution dictating the limits of government ambition". And just last week the Trades Union Congress accused the "unaccountable OBR" of being a "straitjacket on growth".

 

So, ahead of Wednesday's Budget, is the OBR really the tail wagging the Treasury dog - and if so, could this partly be at Labour's own hand for having changed the department's role in the first place?

 

 

Under Labour: the OBR's true influence

Back in March, just after the Spring Statement, I asked Richard Hughes for his response to the critique that had been prevalent even then that the OBR is all-powerful.

 

His answer, tinged with an uncharacteristic air of exasperation, was firm.

 

"The only powers we have are the ones given to us by Parliament in legislation," he insisted. "And those are the powers to produce a forecast, to scrutinise the cost of government policies and to assess whether the chancellor is on the course to meet her fiscal rules.

 

"The chancellor chooses the policies she wants to implement. She chooses the rules she set for herself, and if she wants to change those rules, she can change those rules. If she wants to change the policies, she can change the policies."

 

Getty Images Chair of the OBR, Office For Budget Responsibility, Richard Hughes, Member of the Budget Responsibility Committee, Andy King and Prof David Miles CBE, Member of the Budget Responsibility Committee arrive on Downing Street

Getty Images

A debate is bubbling about whether the department, known to few outside this closed world, is in fact too powerful

 

Officially the OBR monitors the UK government's spending plans and performance, and releases forecasts for the economy and public finances twice a year, (alongside the Budget and Spring Statement), which assess whether the government is likely to meet the rules it has set over tax and spending.

 

Yet the irony in the timing of the questions around its influence is that they follow the chancellor herself giving the forecaster even more independence and authority.

 

What's more, she herself appoints, with the consent of the Treasury Select Committee, the three members of the Budget Responsibility Committee, who lead the OBR.

 

When Labour entered office in 2024 it passed a new law giving it new powers to initiate forecasts, even when the government does not ask it to. This was prompted by the Conservatives' mini-Budget of September 2022, which promised big tax cuts but did not say how they would be paid for, and spooked financial markets.

 

At the time I reported that the then-Chancellor Kwasi Kwarteng had brushed away the offer from the OBR of an official forecast, which could either have given some comfort to the markets that the plan had been fully costed, or impeded the Truss administration's ability to announce those policy changes. The new law ensures this could not happen again.

 

It also gives the OBR the ability to question government assumptions about spending by departments, which it did not have before, and provides direct access to Treasury data to help them do this.-bbc

 

 

 

 

 

 

 

Carney says trade talks with Trump to resume 'when it matters'

Canada's Prime Minister Mark Carney says trade talks with the US will resume "when it's appropriate", dismissing questions about his most recent communication with President Donald Trump .

 

Asked when he last spoke to Trump, Carney responded: "Who cares? It's a detail. I'll speak to him again when it matters."

 

The prime minister's remarks come after trade talks were derailed last month when Trump took offence at an anti-tariff advertisement featuring Ronald Reagan, which was aired by the province of Ontario.

 

Talking on the sidelines of the G20 meeting in Johannesburg on Sunday, Carney suggested that talks with the president could take place "probably in the next two weeks".

 

 

Despite tensions, Trump is yet to impose a threatened additional 10% tariff on Canadian imports over the Ontario ad.

 

The ad, which featured clips of former President Ronald Reagan's 1987 radio address in which he argued that tariffs would hurt America's economy, was interpreted by Trump as an attack on his policies. Trump argues tariffs will boost American manufacturing and create jobs.

 

Since Trump's announcement of tariffs against several key allies, Canada has become the only G7 nation without a trade deal with the US despite being a major trading partner.

 

The US has a imposed a 35% levy on all Canadian goods - though most are exempt under an existing free trade agreement. It has also slapped sector-specific levies on Canadian goods, including a 50% levy on metals and 25% on automobiles.

 

Ottawa is seeking to lower those sector specific tariffs.

 

Conservative leader Pierre Poilievre criticised Carney's dismissal of the urgency around US trade talks in a social media post, saying it's "tough luck" for those in the sectors hardest hit by the levies.

 

What tariffs has Trump announced and why?

Canadian boycott of US travel shows no sign of slowing

Canadian PM Carney apologises to Trump over anti-tariff advert

 

Currently, three-quarters of Canada's exports are sold to the US, making the Canadian economy particularly vulnerable.

 

Carney has sought to diversify the country's trade away from the US.

 

Over the weekend, alongside Indian Prime Minister Narendra Modi, Carney announced a new agreement to begin negotiations on a long-anticipated trade deal.

 

This follows a period of strained ties between the two countries, which were tested in 2023 by the killing of a Sikh separatist leader in Vancouver.

 

Carney is expected to visit India next year.

 

The prime minister also met President Sheikh Mohamed bin Zayed Al Nahyan of the United Arab Emirates (UAE) late last week, announcing progress on a critical minerals deal. Both sides expressed hopes of significantly increasing trade in the coming years.

 

Carney has faced criticism for seeking deeper business ties with countries like the UAE and India, which has been accused of interference in Canadian affairs.

 

The UAE has been accused of arming the Sudanese paramilitary Rapid Support Forces in the country's civil war, which the UAE denies.

 

Carney said earlier on Sunday he considers India a reliable trading partner, but acknowledged "there will be some sources of friction".

 

He also said on Friday that the UAE has been an important partner, such as in efforts to deliver aid to Gaza, but the war in Sudan was part of the discussions.-bbc

 

 

 

 

 

 

 

Machu Picchu hit by a row over tourist buses

Machu Picchu, the remains of a 15th Century Inca city, is Peru's most popular tourist destination, and a Unesco world heritage site. Yet a continuing dispute over the buses that take visitors up to the mountain-top site recently saw some 1,400 stranded tourists needing to be evacuated.

 

Cristian Alberto Caballero Chacón is head of operations for bus company Consettur, which for the past 30 years has transported some 4,500 people every day to Machu Picchu from the local town of Aguas Calientes.

 

It is a 20-minute journey, and the only alternative is an arduous, steep, two-hour walk.

 

He admits that in the past few months "there have been some conflicts between people from different communities here".

 

This conflict revolves around Consettur losing its licence to a rival bus firm in this remote part of Peru, where, unless you want to hike over Andes mountains, the only access is by public transport.

 

To get to Machu Picchu without walking, tourists must first take a train to Aguas Calientes, which takes from two to three and a half hours. And then transfer to a bus for the final leg.

 

 

Wilson Chilo Buses in Aguas CalientesWilson Chilo

A fleet of buses ferry tourists to Machu Picchu from the local town of Aguas Calientes

Back in September, local protestors angry that Consettur was being replaced following what they saw as an insufficiently open bidding process, blocked the railway line to Aguas Calientes with rocks.

 

This resulted in Peruvian authorities having to clear the tracks and evacuate tourists on special train services.

 

A number of local people, who didn't want to go on the record, say the protestors were unhappy that Consettur had a monopoly on the lucrative bus service, and that its position as sole provider was simply due to be transferred to new company San Antonio de Torontoy. A round-trip bus ticket costs $24 (£18) for a foreigner and $15 for a Peruvian.

 

 

BBC Business Daily: Monetising Machu Picchu

Although Consettur's licence ran out in September, it is continuing to run its buses. And due to legal challenges, San Antonio de Torontoy has yet to start.

 

It's a complex situation, involving people from different local communities wanting a slice of the bus income, but Mr Caballero is adamant that Consettur is not a monopoly.

 

"The owners of the business have been running the company for the past 30 years, and they are people who come from around here," he says. "This is not a monopoly. Consettur is made up of 12 different companies with various partners."

 

These partners include the local district council, which owns 38% of Consettur.

 

Meanwhile, San Antonio de Torontoy is based slightly further away in the wider Urubamba Province.

 

 

AFP via Getty Images A train at the station in Aguas Calientes, with people standing on the platformAFP via Getty Images

Unless you fancy a long hike, the only way to get to the town of Aguas Calientes is by train

As the row and legal dispute over the buses rumbles on, Australian tourist Annalise Jaksic complains about the cost of the trains to Aguas Calientes. The cheapest round-trip ticket is $140, rising to $2,000 for luxury first class.

 

Speaking in Aguas Calientes, she says: "We thought it was one train [all the way to Machu Picchu]. And we thought if there was any more transport to get up there it would all be included, because you pay so much money for the train."

 

Her friend and travelling companion Todd Carland adds that buying the entry tickets for the site "was a nightmare for us". He says it was difficult to arrange because they weren't doing it through an expensive guided tour. A standard adult price for Machu Picchu is $57.

 

The mayor of Aguas Calientes, Elvis La Torre, is also unhappy about the entry tickets, because he says that most of the revenues do not stay locally.

 

"Only 10% of the ticket sales stay in the region. The rest of the money goes to the Ministry of Culture to look after other archaeological sites around Peru and pay for wages."

 

He wants more money to go to his community and the surrounding region to help improve tourism and fund more projects to help the locals. The Ministry of Culture was asked for a comment.

 

 

Wilson Chilo Cristian Alberto Caballero Chacón, head of operations for bus company Consettur, standing in front of one of its vehiclesWilson Chilo

Cristian Alberto Caballero Chacón says Consettur would welcome the competition

Outside on one of the side streets that are full of stalls offering tourism souvenirs, like fluffy alpacas and scarves, Dina Huillca is sitting on the pavement selling roses, tomatoes and mint. She travels from her village to get here, and says that "more needs to be done for the local communities".

 

She adds: "We don't have basic services like running water, or a hospital, and the schools need to be in better condition."

 

Carlos González is president of the chamber of tourism for this region of Peru, the Department of Cusco. He wants to see more state oversight of public transport in Peru.

 

"We are pushing for an update in the law so that the vice ministry of tourism can take care of all the travel resources in our country," he says. "If we don't have a unified approach to Peru as a destination we can't be competitive in the long term."

 

He also wants to change tourists' experiences in Machu Picchu, with more entrances, and separate areas where different types of visitors can gather.

 

"[Such as] spiritual travellers going and having meditative rituals in one area," says Mr Gonzalez. "And let's not forget the younger crowd who are more inclined to do their Tik Toks and their stories for Instagram. They also need a place for doing that and enjoying themselves in a young fashion."

 

 

But he says that Peru's unstable national governments make change difficult. The country has had six different presidents in the past six years.

 

"I've been a leader of the tourism sector for five years now, and I have lost count of how many ministers, vice ministers and congress people I have spoken to."

 

Back in Aguas Calientes, Mr Caballero says he'd be happy to see both Consettur and San Antonio de Toronto run buses to and from Machu Picchu.

 

"If they are given the final approval we don't have a problem with working with them. We won't stop them."-bbc

 

 

 

 

 

 

What can nervous businesses expect from the Budget?

Business leaders face a nervous final few days before the chancellor's second Budget, having borne the brunt of a brutal set of tax hikes this time last year.

 

Firms are still reeling from those: the £25bn National Insurance increase and an inflation-busting rise in the minimum wage.

 

Confidence in boardrooms has grown increasingly fragile as the Budget nears. Almost all measures of sentiment among chief executives and finance bosses in the last six months have shown alarm bells ringing.

 

So what can nervous business owners and leaders expect from Rachel Reeves?

 

 

We are certain taxes will rise, and that takes money out of the economy. Research firm Capital Economics estimates the Budget will knock 0.2% off GDP in 2026 – a meaningful hit to an economy that only grew 0.1% in the third quarter of this year.

 

However, as the chancellor pulls money out of the economy, the Bank of England is likely to push money back in by lowering interest rates, encouraging people and businesses to borrow and spend.

 

And, as one senior government adviser told the BBC, that means a lot of the "big things" that affect business confidence, including inflation, are expected to fall next year. I would expect the chancellor to accentuate those positives.

 

When it comes to business, the government will in part want to be judged on what it does not do in this Budget: no more nasty surprises, no blanket tax rises.

 

The head of the CBI business group, Rain Newton-Smith, has said "stability is the only road to growth" and urged the government not to hit businesses with more taxes.

 

Speaking to the CBI's annual conference, she said the government needed to make "hard choices for growth now before they get harder, having the courage to take two tough decisions rather than 20 easier ones".

 

"It means one or two broad tax rises, rather than death by a thousand taxes."

 

PA Media Rachel Reeves stands in front of the fruit aisle in a Tesco supermarket wearing a red zip-up topPA Media

Budget ingredients

So what might be in the mix?

 

Business rates are a bug-bear. Many firms have seen their bills almost double, after a pandemic-era discount of 75% for retail, hospitality and leisure businesses was cut to 40% last year.

 

The chancellor has previously promised reform. She could make the existing discounts permanent and remove cliff edges that see small businesses' rates bills shoot up when they expand. That could be partly paid for by increasing rates on the largest retail properties.

 

Everything you need to know about the Budget

Businesses 'punished by last Budget' fearful for what's next

Business Secretary Peter Kyle addressed the Confederation of British Industry (CBI) conference on Monday, and had a couple of business-friendly policies to announce.

 

He pledged to lower electricity bills for 7,000 British businesses, and said the British Business Bank would focus its lending on the eight "high potential" sectors identified in the industrial strategy.

 

He told the conference: "Let's not kid ourselves — actual growth, real growth, comes from enterprise and wealth creation.

 

"We will build a pro-business, pro-wealth creation, pro-growth Britain. This week's budget will take the fair and necessary choices to embed that further."

 

The chancellor is also likely to point to the upcoming Planning and Infrastructure Bill, a piece of legislation that she has described as "probably the biggest thing we will do this parliament", as a way of removing barriers to growth.

 

Bank profits are a tempting target and there have been mixed messages on whether she might hike taxes there. But ministers are concerned it does not fit the pro-growth, pro-investment narrative.

 

It is possible that the Treasury will reduce payments to the Bank of England that cover their losses on the sales of government bonds that were bought to support the economy during the pandemic and financial crisis.

 

That in turn reduces payments to commercial banks and would be seen by them as a bank tax in all but name.

 

The oil and gas industry has lobbied hard for some respite on the "windfall" taxes on their profits, arguing that, with oil prices low, there is no windfall profit to tax. They say investment in the North Sea is shrivelling fast, with knock-on effects in refinery and chemical plant closures. Firms say relief could preserve jobs.

 

The additional 38% tax, which is on top of a 40% tax rate specific to the industry, is due to expire in 2030. There is a chance it could be phased out earlier.

 

Getty Images Stock photo shows a woman on the phone looking at her computer in an office with others in the background and someone to the right sitting at a table with a cup of tea.Getty Images

Among bosses there is still concern over the government's flagship Employment Rights Bill, which promises sick pay and protection from unfair dismissal for new workers from day one.

 

Rain Newton-Smith told the CBI conference that the government should "change course" on the bill and that businesses were not being listened to.

 

There is no sign the government is backing off, but Kyle recently told a committee of MPs that there were 26 consultations to come on exactly how these measures will be implemented.

 

The business secretary told the BBC's Today programme on Monday that any changes to the law would "be implemented in a way that is benefiting business and benefiting the people who work in business".

 

"We do not see this as zero-sum," he said.

 

Conservative leader Kemi Badenoch criticised the bill her speech to the CBI, saying it would allow new hires to lodge claims with an employment tribunal "before they've even worked out where the toilets are".

 

She said this would make hiring "riskier, slower and a lot more expensive".

 

The chancellor is also expected to speak in the Budget about consumers having the "confidence to spend".

 

Some in the business community will interpret this as possibly heralding another higher-than-inflation rise in the national living wage, which also tends to push up other salaries in a firm's wage structure.

 

One other policy that will hit both employers and employees is a cap on salary sacrifice schemes which allow workers to put some of their pre-tax earnings into their pension pots.

 

Such schemes are widely used in larger companies and there is concern that cutting them will mean less generous workplace pensions in the years to come.

 

Restoring faith

What the government wants business to hear is that it is on their side, that it knows a lot was asked of them last time, and that this time they are being spared, even helped at the margin where possible.

 

After months of anxious waiting business may then breathe a collective sigh of relief.

 

 

According to a recent survey by Barclays, 55% of business leaders say they are delaying investment decisions until they have seen the Budget. But 43% say they expect to increase investment after it, a sign of possible pent-up optimism.

 

But confidence is still very fragile. The chancellor will need to handle with care.-bbc

 

 

 

 

 

 

 

 

 


 


 


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DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from s believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other  Indices quoted herein are for guideline purposes only and d from third parties.

 


 

 


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