Nairobi — Prices of teas from KTDA-managed factories improved marginally at the Mombasa Tea Auction this week, selling at an average of $2.43 per Kg compared to $2.29 at the previous auction.
At the auction held Tuesday 2nd August, KTDA managed factories offloaded 84% of all teas offered at the market, down from 87% sold the previous week as the market continues to positively embrace the minimum price regime that was introduced in July 2021.
The teas sold at $1.90 prior to the introduction of the minimum reserve price, indicating the market is warming to the new regime.
The introduction of the minimum reserve price by the new KTDA Holdings board was informed by the need to improve farmers’ earnings that had for a long time taken a beating from low prices.
In his market update last week, KTDA Holdings Acting CEO, Wilson Muthaura noted that the improvement in price and absorption of KTDA teas is welcome, and is a reflection that tea buyers appreciate the need for sustainable tea farming.
Prices of tea at the Mombasa Tea Auction have been on a downward trend since 2018 and had this year slid below USD2 which threatened to push farmers to losses as low selling prices cannot cover production costs.
KTDA however notes that the factories it manages are exploring ways of reducing operational costs, including instituting energy-saving measures and installing more efficient tea processing machines.
Amani National Congress party leader Musalia Mudavadi on Saturday unveiled an ambitious economic blue-print that he said would prioritise job creation, fight corruption and reduce public debt as he seeks the country’s top seat in next year’s election.
Mr Mudavadi who has already announced his candidature for the presidency, yesterday said that if elected, his administration will not only create millions of jobs for Kenyans, but will also restructure the ballooning public debt, weed out corruption and bureaucracy in government as well as generate enough funds to sustain and run the economy without much borrowing.
He said that his job creation plan will focus on a model known as "uchumi bora kwa wote na pesa mfukoni or a better economy; that works for all," that will target clear, decisive and practical steps for accelerated economic recovery and revival to create jobs and opportunities for Kenyans.
"While pursuit of long-term strategic goals is critical for sustainable development, the immediate well-being of Kenyans is paramount before the prosperity envisioned under "uchumi bora kwa wote […]