Category: Economy

We live in a world where money is everything — or almost everything if you may.

A lot of people have low-income jobs and feel that the only way they can increase their earnings is to get a better paying job. While a better paying job might provide you with more money, you would be faced with even more problems and higher bills that you wouldn’t really feel the impact of the increased income — this might bring you to the normal man’s money wish ‘if only I had more money’.

Below are ways you can increase your earnings, no matter your level of income.

1. SAVE MORE

Most people have a negative reaction to savings, but savings is an important part of finance and money that you can’t toy with. Earning more wouldn’t necessarily make you richer, but saving more would definitely leave you with more money.

2. SPEND LESS

Spending less goes hand in hand with saving more. More often than not, its how you spend your money that makes it not enough for you, no matter the increment in your wages. Block the loopholes that are swallowing your money, look for ways to reduce your expenditure and you would notice that your earnings would seem as if it has increased even though it hasn’t in the real sense.

3. STOP IMPULSE PURCHASE

Impulse buying is one of man’s biggest financial weaknesses. If you can calculate the amount of money you spend annually on impulse purchase, you would be shocked. Saving the money spent on impulse purchase would go a long way, no matter how little it is.

Also, stop buying what you don’t need. A lot of money goes wasted in items we know we don’t really need. You would save yourself a lot of money when you do this.

4. ADOPT A DO-IT-YOURSELF LIFESTYLE

It would do you a world of good if you can handle some simple home tasks that would need you paying money for it. When you learn some of these tasks, like simple electrical and plumbing works, you save yourself a lot of money in the long run.

5. START A SIDE BUSINESS

Starting a side business is one sure way of increasing your earnings that not everyone ventures into. You can use your skills, talents or abilities to start a simple business venture that would make you some money.

6. DON’T BE QUICK TO SPEND YOUR PROFITS OR SALARY RAISE

This is another area a lot of people get it wrong. When you have a raise in salary or an increase in profits, don’t be quick to move to a bigger house or buy a new car or purchase one luxury item or the other. Live as though there wasn’t any increase and save up the extra money. Do this for at least six months to one year, then you can gradually increase your expenditure. You would be surprised at the amount of money you would have saved within that timeframe.

A lot of people are always in a hurry to spend more and that’s where they get it wrong.

With these six simple tips, you can easily increase your earnings — it only takes discipline.

Source:Elcrema:6 SURE WAYS TO INCREASE YOUR EARNINGS

When it comes to being rich and wealthy, people look for the easier options like gaining an inheritance, winning a lottery, gambling and betting and so many other quick fixes. But how many really get wealthy from the aforementioned quick fixes?

You can genuinely get wealthy when you practice certain financial habits.

1. BE AWARE OF YOUR FINANCIAL SURROUNDINGS

This is one simple financial habit that many people pay little or no attention to. Many people enter businesses and make investments without having a background knowledge of their business / financial environment. Interest rates, tax laws and changes in tax laws, changes in customer perception, stock market, loans, investment opportunities and so many things surrounding the business climate or an intended business are highly important.

Having this knowledge of your financial surroundings would help you make wiser decisions.

2. BUILD YOUR BRAND

Branding is an important part of making wealth, and it’s one that not everyone pays attention to. Whether you are a career person or a business person, branding is highly important. Your brand is what would make you wealthy or not. Build a brand that people would value and appreciate.

3. QUIT BEING IN DEBT

You can’t live a financially free life when you are always in debt. Learn to spend within your means — this is an important habit that every wealthy person knows.

4. HAVE A PICTURE OF WHERE YOU WANT TO GO

You ought to have goals, ambition and drive. Create that mental image of where you are going and what you want to achieve. Having this image would set your mind to work and remind you daily of where you are going and what you ought to do to reach there — in other words, it keeps you motivated.

5. MONITOR YOUR EXPENDITURE

Keep track of what’s coming in and what’s going out. This is another important aspect of wealth creation that people don’t pay enough attention to. Sometimes it’s how you spend your money that makes it unable for you to save, invest and stay out of debts. When you keep track of where your money is going, it would be easier to curb those unhealthy money habits and cover those loopholes.

6. SAVE

You can’t run away from savings, no matter how wealthy you are. Everyone saves, even the rich and the wealthy — this habit separates them from the ordinary people. Savings come with so many benefits and can be the key to you being wealthy if properly utilised.

7. WRITE DOWN YOUR GOALS

Write down your goals; your daily goals, weekly goals, monthly goals and yearly goals. Also, write down your financial goals for saving and spending your money and also your investment goals.

Goal setting makes you ambitious and reminds you of where you want to be and it helps you know if you are actually working towards it. When you don’t write your goals, you would probably live and act carelessly. One of the best ways to motivate yourself is by goal setting, and even if you don’t meet those targets, you know how far you have come.

8. MAINTAIN STRONG RELATIONSHIPS

This is one simple trick every wealthy person knows. No man is an island, we all gain off each other, and keeping strong relationships would definitely keep you in business — their importance always come in at the time you need them most, that is, only if you know how to create and maintain strong relationships.

These are basic habits that can take you further than you can imagine.

Conservation International, in partnership with Starbucks and other industry leaders, announced a call to action to make coffee the first sustainably sourced agricultural product in the world.

Today’s launch of the Sustainable Coffee Challenge, at the U.N. climate negotiations in Paris, comes as ministers gather to write a new climate agreement and as momentum builds for businesses to take direct action to combat climate change.

Currently nearly half of the world’s coffee is being produced according to a sustainability standard, a figure that does not yet account for a number of recent significant investments made by the sector to support farmers in their transition to more sustainable practices. Yet only 12 percent was sold as sustainable coffee in the market.

“We need a common definition of sustainability for the coffee sector,” said Peter Seligmann, chairman and ceo of Conservation International (CI). “This will require commitments by roasters to support increased demand for sustainability. It will also require improved measurement of how far the sector has come in the sustainability journey and just how far we have to go.”
Ensuring Farmer and Family Livelihoods for Generations to Come

The Sustainable Coffee Challenge will convene industry and conservation partners to develop a common framework for sustainability in the coffee sector.

“The longevity of the coffee industry is directly linked to the social, economic and environmental conditions of coffee communities around the world, and at Starbucks we are committed to sourcing all of our coffee in the most ethical way possible that is good for the planet,” said Craig Russell, executive vice president, Starbucks Global Coffee. “We are proud to be a part of the Sustainable Coffee Challenge, a call to action for the industry focused on creating meaningful and lasting solutions to ensure farmer and family livelihoods for generations to come.”

The Sustainable Coffee Challenge comes at a time when nearly every major coffee producing region of the world is feeling the impacts of climate change. As demand increases – with consumers drinking 600 billion cups of coffee every year – warming temperatures, drought and changing weather patterns are impacting coffee production.

In addition to stimulating economic development across the industry, the effort will benefit the lives of 25 million coffee producers, the majority of whom are small-scale farmers. The Sustainable Coffee Challenge will also provide environmental benefits, including the conservation of vital forests that help fight climate change by storing carbon dioxide from the atmosphere and protection of freshwater resources.

CI kicks off the challenge with Starbucks and these key partners: Specialty Coffee Association of America; IDH the Sustainable Trade Initiative; 4C Association; Allegro Coffee Company; Ceres; Committee on Sustainability Assessment; Counter Culture Coffee; ECOM Agroindustrial Corp. Ltd.; Finance Alliance for Sustainable Trade; Humanist Institute for Co-operation with Developing Countries; Keurig Green Mountain Inc.; Lutheran World Relief; Pelican Rouge Coffee Roasters B.V.; S&D Coffee & Tea; Solidaridad; and SustainAbility.
What Others are Saying about the Sustainable Coffee Challenge

“USAID is a strong supporter of the Sustainable Coffee Challenge and related efforts aimed at enhancing both environmental stewardship and the livelihoods of smallholder coffee farmers in developing countries. Under the U.S. Government’s Feed the Future initiative, USAID partners with local governments, NGOs, researchers and private companies to support coffee farmers in a dozen countries around the world. Efforts like this to better define, measure and expand the market for sustainable coffee are most welcome.” Kathryn Garcia – chief of the Private Sector Engagement Division of USAID’s Bureau for Food Security

“For all the progress made in the coffee sector of the past two decades, there is much work to be done. For all the great efforts of the standards setters, NGOs and farmers themselves, sustainability in the coffee sector will ultimately depend upon the commitment of the industry itself to drive and demand better practices. This initiative will help drive demand for sustainable coffee and in so doing can accelerate progress to an agricultural product that benefits the entire supply chain. This will be to the benefit of consumers and the entire industry, including the millions of farmers whose livelihoods depend upon coffee.” Rob Cameron – executive director SustainAbility

“Sustainable agriculture is a critical component of solving the climate challenge, and to get it right we must simultaneously raise agricultural productivity, cut greenhouse gas emissions, increase climate resilience and respect the human rights of farm workers. The Sustainable Coffee Challenge offers great promise and could serve as a prototype for solving pressing sustainability challenges throughout our global agricultural system.” Mindy Lubber – president of the nonprofit sustainability advocacy organization, Ceres

“Root Capital has been working on improving farmer’s livelihoods for over 15 years. The Sustainable Coffee Challenge is an effort that goes hand to hand with our mission of delivering social, environmental and financial returns.” Willy Foote – Founder and CEO Root Capital

“The Bank is constantly exploring innovative ways of partnering with key stakeholders focused on improving the living conditions and resilience of smallholders across Latin America and the Caribbean. Demand-driven efforts such as the Sustainable Coffee Challenge can certainly complement our own efforts that will be implemented through the Sustainable Agriculture, Food and the Environment (SAFE) Platform.” Alejandro Escobar – lead agribusiness specialist, Multilateral Investment Fund, InterAmerican Development Bank

We commend an industry-wide effort to seek ways to make coffee sustainable. And just as we have farmers at the heart of Fairtrade America’s decision making, we urge stakeholders to have them at the heart of this initiative. For us, sustainability means building a better future for farmers, their families and their communities. Hans Theyer – executive director, Fairtrade America

SOURCE:STARCUCKS:Making Coffee the World’s First Sustainably Sourced Agricultural Product

The Swedish International Development Cooperation Agency (SIDA) through the Swedish embassy in Kigali has signed a grant to support financial inclusion and enhancing livelihood opportunities for low income people, especially women, through Access to Finance Rwanda (AFR).

The grant agreement is worth SEK 25 million (USD 2.9 million), part of Phase II of AFR activities. AFR has also received funding from Dfid, Kfw and the World Bank.
With the fund, AFR is expected to increase the supply and utilization of appropriate and affordable financial services available to the low income bracket of the Rwanda population, targeting 1,440,000 beneficiaries of who 826,500 are women.

“Sweden is committed to supporting inclusive economic development in Rwanda, and the cooperation with AFR will offer a good window of opportunity to work with different actors to achieve the development results. The specific targets of having 60 percent of the beneficiaries as women are well in line with our work on women’s economic empowerment and a way to put the Swedish gender foreign policy into action,” says Maria Håkansson, chargé d’Affaires at the Swedish Embassy.

“AFR recognizes that financial services need to be tailored to the needs of the low income households so that poor people can actively contribute and benefit from Rwanda’s economic development. We work with SACCOs, commercial banks, microfinance institutions, insurance companies, mobile network operators and the Government of Rwanda to promote the development of a diverse and inclusive financial market in Rwanda,” says Judith AgugaAcon, Technical Director at AFR.

Productive employment and improved living conditions for the poor are key priorities for the Swedish development cooperation with Rwanda.

Access to financial services, such as savings, loans, insurance, and pensions are important prerequisites for the economy to grow – and for the low income households to start and grow their business. Access to Finance Rwanda (AFR) has a goal to contribute to increased financial inclusion and enhance livelihood opportunities for poor women and men.

As the goals of AFR and the Swedish development cooperation are well aligned, Sweden signs a grant agreement to support AFR for their upcoming activities during 2016-2020.

The blockage of Kiboga River will see a decline in rice harvests to be suffered by farmers of Mugonero, Mahembe sector, Nyamasheke district, Western Province since the irrigation canal can no longer flow to and supply water for irrigating the 50 ha farmland.

Production, farmers say, has been on a gradual decline since China Load, a Chinese company, rebuilt the bridge of on Kiboga River, blocking water from flowing through the canal feeding rice plantations.

“Before the bridge reconstruction we had a good irrigation system that supported rice production but has since been obliterated, negatively impacting production,” explains Akingeneye Jeanne, one of the farmers.

Another farmer Naho Felecité Nikuze has expressed worries over the declining production due to canal blockage since rain-fed farming cannot flourish well around Mugonero swamp.
“I used to harvest 100 sacks of processed rice before, which has since declined to only 50 sacks. It is disappointing,” she worriedly explained.

The western region representative from Rwanda Agriculture Board (RAB), Nuwumugeni Jeanine has promised to look into the issue and it with utmost urgency.
“In collaboration with district leadership and Chinese road construction company, China Load, we have agreed on revision of the construction,” she promised.

She added that a group of engineering professionals ion from RAB will assist the company to reconstruct the bridge in a way that doesn’t interfere with the irrigation system.

Small and Medium Enterprises have to wait longer to access lower cost funds as plans to operate the much awaited Rwanda’s first cooperatives bank continue to delay.

The bank, according to the Rwanda cooperative Agency-RCA, perhaps, might begin operations early in 2016, but that is still ‘hopes’, and not an ultimate plan.

Members of Rwandan cooperatives had in May told KT Press that they didn’t expect the project to “come through” almost a year after President Paul Kagame had promised to have this bank operational.

About 4000 cooperatives with 2.5 million members across the country are coordinated by the Rwanda cooperative Agency-RCA.

They urgently need a bank from which they can borrow at lower interest rates than those of other local commercial banks.

For such a bank to be established, the investor must have about $7million (Rwf 5 billion). The Rwanda cooperative Agency had already made an initial deposit of 60% (Rwf 3billion). They needed an experienced investor to take up 40% (Rwf 2billion).

Rwanda Cooperative Agency has a total investment capacity of over Rwf 150 billion ($216 million), but lacks expertise to run a bank.

Trade Minister, Francois Kanimba, told KT Press on May 5, 2015 that bids for a potential investor were issued late last year, but there had been no prospective investor; “We have no investor to take 40% yet,” he said then.

“The idea of a cooperative bank is still there and its establishment is set for next year,” Damien Mugabo, Director General at Rwanda cooperative Agency told KT Press earlier today.

According to RCA, the delay was because some Saccos were still operating manual systems. They are required to implement automated systems which would enable them to work with the bank.

“Saccos should first be automated and this is what we are now doing. Once the automation is completed, we will move to establish the bank,” Mugabo says adding that; “We are already working-out a business model for the cooperative bank which is a prerequisite for its establishment.”

The bank was expected to begin at the end of 2014, but was later pushed to the first quarter of 2015. This was not possible and attracted alot of pessimism from partners.

The bank will increase financial inclusion, but the government has advised members that the expected cooperative bank has to bring together all micro-finances and cooperatives.

This way, members of the various cooperatives will easily access credit as opposed to current establishment under the commercial banks.

The microfinance sector has 493 institutions, including 13 limited companies and 480 SACCOs of which 416 are Umurenge Saccos.

The sector plays a critical role in fostering economic development by offering financial services, particularly loans and opportunities for savings to those who can’t access or afford commercial banks.

Micro-finances and Saccos deposited Rwf50.0 billion in commercial banks as of June 2014 from Rwf 42.9 billion the same period of 2013.

Once the cooperative bank begins its operations, such huge funds will go directly to the bank and benefits its members.

But this to happen, all institutions must go digital. “A cooperative bank cannot work with Saccos that still use manual procedures,” Mugabo said.

KT PRESS

Rwanda prepares to host the second summit of investors in infrastructures and energy development.

The summit is meant to offer investment opportunities in energy, infrastructures and mine extraction in Rwanda to private investors, entrepreneurs, experts and donors.

Over 200 regional and international investors will attend the two days meeting scheduled from 5th to 6th November. Global experts in energy will also be part of the meeting.

Organizers of the summit argue that talks will revolve around offering markets in energy development projects including Methane Gas extraction and Biogas among others.

Minister of infrastructures James Musoni is expected to preside a talk on developing private investment in infrastructures and industry during the summit.

The government of Rwanda and the World Bank have signed the financial agreement of 26 million US$ dollar(Rwf19billion) to facilitate its cross-border trade between Rwanda and Democratic Republic of Congo (DRC).

The loan is part of International Development Association(IDA) to provide aid and loan equivalent to 79 million US$ in the region as it was approved by the World Bank Group’s Board of Executive Directors for six regional countries.

IDA Supports anti-poverty programs in the poorest developing countries with long-term, no interest loans.

The fund will support Great Lakes Trade Facilitation Project to smooth the progress of traders including the majority of business women doing business across Rwanda and DRC border.

Throughout the ceremony of signing the contract, Ambassador Gatete Claver, the Minister of Finance and Economic Planning (MINECOFIN) said that Rwanda heads towards Western part unlike the past dominated by cooperation with Tanzania and Uganda.

Talking to the usage of the fund Ambassador Gatete said “The fund will help to renovate Kanombe airport and support cross border trade between Rwanda and Democratic Republic of Congo, which is practiced unlawfully.It is profitable for cross border traders, especially women.”

“We are looking forward to improve requirements on the border to help traders generate profit from their business.”He added.

The project will not only help Rwandans but also Congolese will benefit from it.
Carolyn Turk, the representative of World Bank in Rwanda stressed the need to prioritize trade in landlocked countries.

“I am delighted with the support Rwanda is receiving to promote cross border trade in the Great Lakes Region.It is a project of 79 million US$ of which 26 will be transferred to Rwanda to facilitate cross border investment.”He said.

She also noted that the fund will facilitate between 20,000 and 30,000 women crossing the minor border known as (Petite Barrière) in Rubavu district.

As she said, Rusizi district is subjected to be recognized within the budget of the fund.
Renovations of Kamembe airport will take 14.2 million US$ to the extent that it gets capacitated to work day and night within the region.

The fund will help in the construction of markets in Nyamasheke and Rusizi districts to ease commerce of agricultural products. Five million US$ will be spent on such activities expected to bring a powerful market and empower farmers carrying loads on their heads.

Other activities include projects providing youth’s occupation, boosting agricultural production in a bid to eradicate poverty as well as advancing service delivery across borders.

The National Bank of Rwanda has printed new banknotes of One thousand Rwandan Francs (1000FRW) to strengthen the banknote’s security features.

On the front there is a design of National Museum of Rwanda to represent the Government of Rwanda’s effort to promote Rwandan Culture and history; while on the back there is a monkey in the Volcano National Park to represent the Government effort to promote tourism sector.

A design of flying dove changes colour from green to blue and a bright ring can be seen moving around a central point, replacing the Holographic band on current and circulating banknote.

The new banknote of One thousand Rwandan francs (1000 FRW) will be circulating together with other existing banknotes series which are legal tender in Rwanda.