#DiamondFund

[newsbites]

News from southern Africa, 3 July.

Cenored, a regional electricity distributor in Namibia, is increasing its electricity rates by 7.6% from July.

This increase follows a 9% tariff hike by the national power utility, NamPower.

The Electricity Control Board granted Cenored an average tariff increase of 7.6% and 7.3% for the Cenored Okahandja joint venture.

2. Botswana and De Beers have agreed on a new diamond sales deal that gradually increases Botswana's share of rough stones to 50% over the next decade.

The agreement includes a 10-year sales deal for Debswana's rough diamond production and a 25-year mining license.

De Beers will contribute $75 million towards a diamond fund and increase its investment over the next 10 years to benefit the Botswana economy.

3. President Mnangagwa of Zimbabwe has accused businesses of creating artificial shortages of basic food commodities amid an inflation crisis.

The government had previously lifted restrictions on the importation of basic goods, but prices have continued to rise and products are disappearing from shop shelves.

Zimbabwe is experiencing high food inflation rates and a weakening currency, making it difficult for many citizens to afford basic food items.