South Africa’s rand held steady against the dollar early on Monday, a day after President Cyril Ramaphosa announced a further easing of the coronavirus lockdown from June 1, allowing the vast majority of the economy to return to production.

At 0710 GMT, the rand traded at 17.6050 per dollar, compared with its close of 17.5970 on Friday.

South Africa’s economy has been largely shut down since late March, when the government enforced severe restrictions to stem the spread of the novel coronavirus which locally has so far infected 22,583 people and killed 429.

Ramaphosa said on Sunday following broad consultations the cabinet had decided to move the country to level three of its five-level lockdown system from June 1.

South African food producer Tiger Brands reported on Monday a 35% fall in half-year headline earnings and deferred its interim dividend due to uncertainty around the coronavirus pandemic.

Headline earnings per share from continuing operations fell to 501 cents in the six months ended March 31, from 773 cents in the same period last year.

it said in a statement that the group’s overall performance reflects the difficult trading environment and the challenges faced, particularly within grains, groceries, Value Added Meat Products (VAMP) and exports.

Tiger Brands said depending on the group’s trading performance for the full financial year and the financial outlook at that time, a dividend would be re-considered at the end of the year.

The Ghana Commodity Exchange (GCX), said it is working to reverse the drop-in activities on its platform due to the impact of COVID-19 on its operations.

The Exchange has seen a huge drop in trading on its platform since the outbreak of COVID-19 in Ghana, as farmers who used to supply it with commodities have stopped due to uncertainties in the market.

Chief Executive Officer of the Ghana Commodity Exchange, Dr. Alfa Kadri, told Citi Business News that new methods are being developed to encourage farmers to trade on the platform since it is the safest as the country tackles the pandemic.

He said there have been a substantial drop in membership who are signing on to work with the Exchange to be buyers or sellers of commodities.

Dr. Kadri said the development has affected the Exchange and negatively impacted pricing.

He however stressed that farmers, sellers and buyers are being sensitized and engaged to use technology in communicating to the Exchange.

The Agricultural Development Bank, adb, says it will replicate its investment model in the poultry industry for rice production to reduce financial challenges in the sector.

In 2019, Ghana’s rice farmers faced challenges that resulted in late harvest due to the inability of millers to mill their rice.

Some rice farmers had earlier called on government to build the capacity of players in the local rice value chain to boost production as Ghana risks a shortage of some Agric produce particularly rice by the latter part of this year and into 2021.

The agriculture-focused bank says it will use the investment model it designed for poultry farmers to tackle the challenges rice farmers face.

Managing Director of ADB, Dr. John Kofi Mensah, says investment in the rice sector will be more than what has been earmarked for poultry due to the multiple processes involved in rice production.

The Vice President of Ghana, Dr. Mahamudu Bawumia, said Ghana will work to become more self-reliant after the COVID-19 pandemic.

He said the Ghana Beyond Aid agenda which encapsulates policies such as the Planting for Food and Jobs, will enable Ghana recover much more quickly from the devastating effects of the pandemic.

He spoke to the state broadcaster, GBC, after the Virtual Eid-ul Fitr celebration at the station.

He said the President has already placed Ghana on a trajectory that allows us to come out of this crisis relatively quickly. As you know, the post COVID economic architecture in the world is going to be one of countries that are going to be more self-reliant.

He further said the country will be self-reliance in food production, manufacturing and in services.

Aviation workers have called for an extension of the duration given by the Federal Government to aviation agencies to relocate their headquarters from Lagos to Abuja.

The Federal Government had earlier ordered all aviation agencies to relocate their various headquarters to the Federal Capital Territory within 45 days.

However, aviation workers under the aegis of the National Association of Aircraft Pilots and Engineers told newsmen that the duration prescribed by the government was short and should be extended to about four months.

The Federal Government’s 45-day relocation directive was conveyed to the agencies by the Minister of Aviation, Hadi Sirika.

The National President, NAAPE, Abednego Galadima, while reacting to the order said that workers were not against the directive, but employees of the agencies would need enough time to comply.

Insurance companies have solicited one-year extension from the National Insurance Commission to meet up with its new capital requirements.

The underwriters said economic challenges resulting from the coronavirus pandemic had altered their recapitalisation plans and they would require more time to adjust to the realities in the country and global economy.

The Chairman, Nigerian Insurers Association, Mr. Tope Smart, said the COVID-19 pandemic definitely has impacted the recapitalisation initiative of the sector. To that extent, NAICOM is equally aware. They are all engaging NAICOM with a view to extending the period.

He said some of them had wanted to invite some foreign investors for them to be able to meet up with their recapitalisation requirement deadline. But because of this pandemic, lockdown in the whole world, that has been frustrated.

Ten Deposit Money Banks reported fresh investments valued at N46.2bn in software in the first three months of the year in order to deliver hitch-free digital banking services to customers.

This is an increase of 1129 per cent in software investment compared with the same period in 2019.

The banks surveyed are Access Bank Plc, First Bank of Nigeria Plc, Fidelity Bank Plc, First City Monument Bank Limited, Guaranty Trust Bank Plc, Sterling Bank Plc and Zenith Bank Plc,

Others are Union Bank Plc, Ecobank Transnational Incorporated (the parent company of Ecobank Nigeria) and Wema Bank Plc.

Experts described software as digital products, which form a critical asset of the financial institutions to carry out transactions, streamline banking processes and protect customers’ funds.

They stated that the new software acquisitions could be linked to the COVID-19 pandemic that had forced customers to reduce their visits to physical bank branches and adopt digital banking platforms as their new normal.

The Depot and Petroleum Products Marketers Association of Nigeria has said most fuel depot operators have been forced out of business as the Nigerian National Petroleum Company emerged the sole supplier of imported fuel in recent years.

The Chairman, DAPPMAN and Managing Director/Chief Executive Officer, Northwest Petroleum and Gas Company Limited, Mrs. Winifred Akpani, said less than 30 per cent of the operators were still in business.

Akpani, who spoke during the Nigeria Petroleum Downstream Consultative Summit held online, said, a lot of them are in one problem or the other with banks and the Asset Management Corporation of Nigeria.

She said in the past few years, there were quite a lot of investment in depot construction across Nigeria because opportunities presented themselves for people to make such investment.

According to Akpani, on the average, a depot cost between N3bn to N5bn.

She said some operators who were able to make subsequent investments into retail, haulage, marine vessels and pipelines, among others, had been able to continue to operate.

The Covid-19 Pandemic has disrupted many industries globally, and the widespread National lockdown has also brought about an unprecedented bottleneck within the logistics/transport industry. The CEO/Co-founder of PlentyWaka Lagos joins us in the studio to discuss how the logistic and transport industry in Nigeria is coping and adapting with the current realities. In addition, he also touched on the on-going expansion of Plentywaka on mainland Lagos Nigeria.