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Markets

The Zambia Forestry and Forest Industries Corporation (ZAFFICO) plc has made a profit after tax of K229 million in the financial year ended December 31, 2020, up 67% when compared to K137 million recorded in 2019.

The recognition of compensation of K134.35 million payable by the Government included in other income significantly contributed to the recorded profit uptick of 67%.

ZAFFICO Company secretary Chanza Sikazwe in a statement made available to the Zambian Business Times – ZBT said the compensation is due from the Government and represents the value of the felled trees from a section of the plantation on which the new international airport in Ndola has been constructed.

According to information made available to ZBT, Sikazwe said the Corporation reduced the annual harvest of Pine roundwood from 448,621m3 in 2019 to 299,219 m3 in 2020, representing a reduction of 33% as part of the it’s efforts towards the attainment of sustainable forestry management.

However, the forestry company has indicated that it intends to expand its plantations in Luapula, Northern, Muchinga and North-Western provinces to support its sustainable forestry products agenda. Historically, its main plantations have been on the copperbelt but a strategic decision was made to expand to all the provinces with suitable climatic and weather conditions.

Additionally, “despite the Company having issued additional shares via a combined initial public offering (IPO) and third-party sales of shares during the reporting period under review, the EPS is still expected to increase primarily due to the recognition of K134 million compensation payable by the Government,” he said.

Sikazwe said during the year, the Corporation continued executing its revenue diversification strategy which included the promotion of the use of Eucalyptus as an alternative to Pine and optimizing the operations of the Pole Treatment Plant.

He said total operating expenses, after the capitalization of qualifying expenditure to the Plantations in Formation (PIF), amounted to K92.73 million during the year under review compared to K 73.45 million in the prior year.

Sikazwe said the increase is largely driven by the general inflationary pressures as well as additional costs inspired by the Covid-19 pandemic.

“Total assets increased to K1, 228 million as at 31 December 2020 compared to K 880 million as at the close of 2019. The increase in assets is mainly attributed to the investment in the Plantations in Formation.

“The increase in shareholders’ funds to K1, 024 million as at 31 December 2020 from K 690 million in 2019, is attributed to the issuance of new shares at a premium and higher retained earnings,” he said.

Sikazwe said the generation of cash from operating activities remains very strong, having generated K162 million during the year under review.

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The Zambia Forestry and Forest Industries Corporation

Agribusiness

The Dairy Association of Zambia (DAZ) has disclosed that the importation of milk concentrates which is being used for most prepacked milk products on the Zambian market suppresses the growth, development and maturity of the local dairy industry.

The concentrates are leading to most suppliers preferring to import than developing facilities to buy, process and package milk and diary products locally thereby suppressing local demand and development. The concentrates also affect the pricing and the profitability of locally produced milk , as some of the imported milk is cheaper because some of it is subsidized and some of it given away at a low price when there is excess production in their countries of origin.

Association Project Manager Victor Ng’andu said the importation of milk concentrates supports the dairy industries in countries where the concentrates are imported and kills the thriving of the local dairy industry. Zambias milk consumption continues to increase but the herd of diary animals is not commensurate. These import of concentrates are not only dampening growth of the local industry, but is also a drain on foreign exchange for a product that can be processed locally.

Ng’andu said Zambia mostly produces local fresh milk but some processors are reconstituting a certain percentage and such kind of milk and this type of milk is normally labelled, adding that this is the milk where powdered milk and water is mixed, reconstituting into fresh milk so it is up to consumers to choose the kind of milk they prefer.

He said the importation of milk concentrates does not only kill the local industry and deprive the country of forex but also discourages creating entrepreneurship opportunities in the country adding that the per capita consumption of milk is quite low. He said there is need to have people venture into locally processed milk in communities and if there is importation of powdered milk, people will be discouraged from venturing into such industries.

Speaking in an exclusive interview with the Zambian Business Times-ZBT, Ng’andu said the association is not in support of the importation of milk powder or milk concentrates for further processing but instead supports locally produced milk as that creates availability in terms of milk products on the market and creates employment.

He said the country cannot depend on imports of such products as they are not consistent noting that occurrences like the Covid-19 pandemic which caused a stoppage of movement of goods and people can easily destabilize the supply of such products.

“When you have that kind of milk brought into this country, it will suppress the local industry because you are competing with a product that is heavily subsidized or just dumped, that has just been let go of in it’s country of origin”, he said.

“If we grow our own industry here, it will be sustainable because we have our own cows, grass, we will support the industry, there will be job creation and income levels for the locally based farmers will increase which will reduce the poverty in the rural community”, he said.

Ng’andu said the association is engaging all stakeholders involved so they can also contribute towards the development of the local dairy industry by education or investing in the local farmers adding that stakeholders need to see the importance of promoting the local dairy industry and government should put a prime on locally produced foods.

He mentioned that the engagements have received positive response with government increasing tax on the importation of dairy products from five to fifteen percent which has made the concentrates arriving at quite a competitive price making it more expensive compared to locally produced milk which is giving an incentive to farmers to actually invest more and produce more.

Analysts have called for large Zambian based milk companies such as Varun Beverages Creambell, Lactalis (formerly Parmalat), Trade Kings Diary Gold and FINTA milk to invest in local facilities that can concentrate on growing the local production and processing of milk as opposed to importing milk concentrates and exporting the much needed jobs.

There is need for local brands of milk to come up so that they can compete with some of the re-constituted milk products. The labelling also needs to be clear with consumer education on how to ensure that they buy fresh milk and not confuse it with reconstituted ones.

Some consumers have complained of some milk brands that are almost water but being retailed as milk. Only the color seems to be milky but cream and milk concentration levels are too low – One consumer told ZBT.

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The Dairy Association of Zambia (DAZ) has

Markets

The recent announcement by the central bank (Bank of Zambia) on the adjustment to foreign exchange limits may have appeared insignificant, but when one looks at the details and expected impact on the ground, you will note that its effect will be far reaching and has potential to deliver increased forex inflows into the Zambian formal banking system if well implemented.

The Bank of Zambia (BoZ) has exclusively told the Zambian Business Times – ZBT that the recent increase in the over-the- counter transaction limits will go a long way in enhancing structured trade through licensed financial service providers at Kasumbalesa border and other active border facilities.

The Central Bank recently adjusted upwards the daily limit for over-the-counter cash transactions for customers from the current US$1,000 to US$5,000 to allow customers to sell or buy forex over the counter up to a maximum limit of US$5,000.

The central bank also adjusted upwards the daily limit for over-the-counter cash transactions for commercial bank account holders from US$5,000 to US$10,000 to allow customers to sell or buy forex over the counter up to maximum of US$10, 000.

Analysts say that those that are familiar with the Kasumbalesa border trade know that its a net gainer for forex for Zambia as its a trade route for exports to the Democratic republic of Congo. This means that most of the forex that has been in the informal market will now be channeled into the formal financial system, which will boost Zambia’s US dollar holdings or reserves.

BoZ has told ZBT that the central Bank expects that this increase and also encourage more financial service providers to set up operations at the border. “Kasumbalesa border is the busiest crossing point for travelers and cargo between Zambia and the Democratic of Congo and that thousands of Congolese traders cross into Zambia on a daily basis to buy huge quantities of merchandise for resale in the DRC.

“Given the limited access to financial services, it is difficult to pay for their purchases using electronic means such as bank transfers and debit cards, traders cross into Zambia with either Congolese Franc cash or US Dollars cash to purchase merchandise,” Mwanza noted.

She said going forward, the Bank will continue to engage relevant authorities responsible for improving the physical and security infrastructure at Kasumbalesa as this will also incentivize Financial Services Providers – FSPs to open up their branches.

The Central Bank also allowed non-commercial bank account holders to sell or buy forex in the commercial bank up to a maximum limit of US$5, 000 is consistent with the limit set for BDCs. In arriving at the decisions above, BoZ held extensive consultations with various stakeholders including the association of BDCs.

The bank also undertook a regional and international comparative analysis of presently obtaining over the counter forex limits in different and came to a conclusion that the proposed changes are long overdue and appropriate to ensure smooth operations of over the counter forex transactions.

These limits were last revised 20 years ago and business dynamics have changed. The central bank further revised downwards the daily maximum limit that Bureau De Changes -BDC’s can source from banks to US$20,000 from the US$100, 000.

The rationale behind this move is that BDCs should now be able to source forex from their customers in light of the upward revision to US$5, 000 on OTC limits for BDCs in addition to the US$20, 000 they can source from commercial banks. These decisions will ensure smooth and efficient operations and provide convenience to customers in sourcing and selling of forex, the Central Bank Governor Christopher Mvunga has stated.

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The recent announcement by the central bank

Agribusiness

Zambia Sugar Plc has disclosed that its operating profit has increased to K768 million compared to K235 million in the previous year for the half-year financial performance for the year 2021. However, the revenue and profit increase in Kwacha terms has largely bee attributed to exchange gains from export sales.

Zambia Sugar Country Managing Director Rebecca Katowa thanked the management team for executing the company strategy that was beginning to bear fruit and assured stakeholders that the company would continue to reduce debt levels in the business and pursue meaningful investment opportunities.

At a function held in Lusaka attended by the Zambian Business Times – ZBT, Katowa who was addressing shareholders, analysts and the media said that the company will continue to focus on attaining the right gearing for the business, which ensures that the company begins to look at further meaningful investment opportunities.

Katowa commended employees, management and government for the performance of the company inspite of the impact the COVID-19 pandemic had created on the environment.

Speaking at the same event, Company Finance Director, Raphael Chipoma commended the stakeholders and the employees for the 52% growth in revenue moving to K2.121 billion compared to the prior period.

Chipoma stressed that the growth in revenue was largely driven by a 28% growth in domestic sales volume and a higher realisation of export sales amounting to 51% (foreign exchange effect).

He also commended the hard working staff and management for the focus on cost containment initiatives introduced over the years, which was now yielding fruit. The Finance Director emphasized that part of the growth in operating profit was attributed to 230% increase in non-cash fair value of growing cane, which was because of good yields following good rain season and good supply of power from ZESCO.

He mentioned that although finance costs were at K102 million, this was a 37%  decrease compared to 2019 period, largely as a result of repayments of long term loans echoing the Country Managing Directors’ comments that the company would continue to de-gear the business which was now sitting at 32% compared to 40% in prior period.

Chipoma further said the company observed that COVID-19 pandemic would continue to have an adverse effect on the business in the input side including the area of employee productivity and especially that major inputs such as fertilizers, pesticides, process chemicals and factory spares continue to be imported and border restrictions continue in neighbouring countries.

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Zambia Sugar Plc has disclosed that its

Agribusiness

Government through the Food Reserve Agency (FRA) has increased the buying price of a 50Kg bag of white maize from K110 in the 2020 crop-marketing season to K150 in the 2021 crop-marketing season, effectively acknowledging a 36% increase in mealie meal prices on the Zambian market.

FRA Board Chairperson Kelvin Hambwezya said the agency will purchase three commodities this year, which are white maize, with a quantity between 500, 000 to 1 million metric tonnes, a minimum of 50,000 metric tonnes of soya beans and at least 10,000 metric tonnes of paddy rice.

Hambwezya said the agency has fixed its buying price of soya beans at K500 per 50Kg bag and K200 per 40Kg bag of paddy rice, adding that the agency will operate 1,200 satellite depots in 105 districts to mop up its volumes for strategic food storage.

Hambwezya has implored management to pay farmers within 48 hours of them delivering the product adding that the farmers would be paid through designated banks upon presentation of appropriate documentation with the funds made available on first come first serve basis.

Speaking during a press briefing in Lusaka, Hambwezya said the agency will this year replenish the strategic grain reserves that will cushion the effects of threats emanating from climate change, pest infestation, fall armyworm attacks and locust invasion and ensure that the stock losses by the agency are below 1% which has always been the case.

He said during the 2021 crop-marketing season, the agency will actively participate and make an early entry into the market to ensure that national strategic food reserve requirements are met and farmers are protected from uncompetitive prices.

He added that the local farmers who are mostly the small and medium scale farmers have contributed 93% of the 2020/2021 crop production will get a fair share of the market and improve their incomes at household level by being offered good prices.

He noted that these are not floor prices but FRA prices and the private sector can offer their own prices. The FRA board chairperson that as of 5 May 2021, the combined maize carry over stock is 840, 000 metric tonnes which demonstrates that the country is food secure and will continue to be adding that the agency will make sure farmers get a competitive price.

President Lungu has further confirmed that government will continue with the quarterly allowance of maize exports to neighboring countries such as Democratic Republic of Congo. The Govt will allow the quota system to continue for both maize and mealie meal so that both farmers and millers benefit from better export prices.

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Government through the Food Reserve Agency (FRA)

Agribusiness

Zambia’s Agro production is aggressively expanding with stakeholders calling for sustaining of these growth rates which will see the country becoming a notable agro production giant in the region.

The Tobacco Board of Zambia-TBZ has confirmed that Tobacco production in Zambia has increased by about 50% from 30 million kilograms (Kgs) last year 2019/2020 agricultural season to 45 million kgs this year’s 2020/2021 season.

With sustained cumulative annual growth rates of over 30% year on year and value addition to improve export prices, this crop can deliver over US$1 billion in forex earnings for the country and become a notable success story of Zambia’s economic diversification.

TBZ Chief Executive Officer-CEO James Kasongo said there was a lot of private sector investment in tobacco last year adding that the industry has new entrants who all invested heavily in terms of promoting out-grower tobacco production at community level as they have increased the number of tobacco growers in response to the demand.

Kasongo said the conducive environment and weather has also made it possible for farmers to increase production and the new Act that the Ministry of Agriculture is working on will only compliment and help realise the country’s vision of improving the tobacco industry.

TBZ has attributed the increase in tobacco production to the high demand on the international market. Kasongo told ZBT that this increase in production will earn the the much needed country foreign exchange and contribute as the tobacco produced in Zambia is mostly destined for the export market.

Speaking in an exclusive interview with the Zambian Business Times-ZBT, Kasongo said 90% of the tobacco produced in Zambia is exported, which means that export prices will be able to support local farmers to get better prices. He added that the quality of tobacco produced this year is also very good, meaning that farmers will get better prices after its graded.

“Before, it was very difficult for you to trace tobacco from a farmer up to the market and that way Zambia was sometimes losing tobacco to neighboring countries through vending and site selling, but now we have put in place an electronic system that can trace a farmer from production to marketing. The booking system is also electronic meaning, whatever crop of tobacco is produced in Zambia is not pilfered out to other countries”, he said

He said the good quality crop has also contributed to the high prices with the average price being US$2.40 per kg for flue cured Virginia tobacco and the highest being US$5. Air cured barley tobacco going at US$1.68 per kg. So, there is need for stakeholders to provide solutions to improving tobacco curing for local farmers.

He noted that TBZ worked together with various companies and intensified training for local farmers on how to grade tobacco, which can help them increase on the quality and therefore revenue earned from tobacco sales as well as the attentiveness on the curing of tobacco.

Kasongo told ZBT that the board together with its stakeholders has been working on the use of improved technology in terms of curing tobacco, which does not require the use of timber but instead uses coal and electricity and has adopted efficient curing facilities called rocket barns from neighboring Zimbabwe, which has contributed to improved quality of curing and reducing on environmental degradation.

He added that there is need to ensure that stakeholders together with government come up with suitable and modern legislation, which should be very competitive compared to Malawi, Zimbabwe and other countries in order to attract more investments so that the country can increase the forex generated from exports of this crop.

“If we have a very competitive legislation it means that we are going to have a lot of investors such as large scale buyers and global traders who are going to come in in terms of funding outgrower schemes, purchasing of tobacco, in terms of processing and that’s going to pull up production”, he said.

Kasongo said there is need to encourage local farmers to enter into irrigated tobacco growing which will help them escape the effects of adverse weather in case there is a drought as well as increase productivity.

When asked about which regions and areas recorded the highest production of tobacco, Kasongo stated that Eastern Province was number one (1), followed by Western, Central, Southern, Lusaka, Muchinga, North-Western with Copperbelt being the last. Luapula and Northern provinces are currently not active producers.

See article on 2019 tobacco production in Zambia

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Zambia's Agro production is aggressively expanding with

Markets

Zambeef has posted supernormal earnings and is expecting to record higher earnings per share – EPS of 3,290% in kwacha (2,167% in US dollars) compared to the half year period ended 31 March 2020. The company half year revenues have hit K2.2billion (about US$103 million).

According to information obtained by the Zambian Business Times-ZBT, the increase in earnings per share are predominantly due to the strong start that the company had to the financial year, delivering results of pre-pandemic levels.

However, analysts have challenged the company’s pricing decisions and wondered whether zambeef has been too aggressive as meat and poultry prices have been sighted as one of the national food basket items which consumers have been complaining about. The recent Zamstats report sighted beef and meat products as being the highest drivers of inflation in Zambia.

Zambeef company secretary Mwansa Mutimushi said the results are expected to report revenue of about K2.2 billion and a reported Profit After Tax for the period of about K54 million. Mutimushi said the cost containment embarked on by management also continues to yield significant savings and contributed positively to the earnings.

She said improvements in the load shedding situation, following the good rains, resulted in reduced generator fuel expenditure and improved production efficiencies.

“The board of directors of Zambeef advises the Shareholders of the Group that the Earnings per Share (EPS) for the half-year period ended 31 March 2021 is expected to be 3,290% higher in Kwacha (2,167% higher in USD) than that for the half year period ended 31 March 2020.

The increase in earnings is predominantly due to the strong start that the Company had to the financial year, delivering results of pre-pandemic levels,” Mutimushi said.

She also said the half year period continued to present challenges in the operating environment, resulting from the Covid-19 pandemic and the previous 2020 economic uncertainties, despite greater stability compared to the second half of the 2020 financial year.

The Zambeef company secretary said the rising inflation put pressure on consumer disposable incomes and reduced the share of wallet going towards food spend. She said supply constraints on some of Zambeef’s product lines further put pressure on cost of inputs.

Mutimushi said despite the challenges, demand for products, particular poultry products, remained strong allowing the Company to remain in line with revenue expectations.

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Zambeef has posted supernormal earnings and is

Markets

The Bankers Association of Zambia (BAZ) says the introduction of the Central Bank regulatory sandbox will give banks an opportunity to refine new products and services before obtaining regulatory approval and putting them on the market thereby avoiding market credibility risks.

The Bank of Zambia (BoZ) identified the need to develop sandbox regulations for FinTech companies and financial institutions, to foster innovation whilst managing the risks that these technologies may present and set up a sandbox regulatory framework to allow for controlled live testing of innovations under its supervision.

A regulatory sandbox is a framework set up by a regulator that allows financial technology – fintech start up or new product innovations to conduct live experiments in a controlled environment under a regulators supervision. According to BoZ, the Regulatory sandbox is one of the initiatives that falls in its strategic plan and is an enabler of development in terms of financial products and services.

Speaking in an interview with the Zambian Business Times-ZBT, BAZ chief executive officer Leonard Mwanza said the regulatory sandbox would allow the testing of new innovations before they are fully ready for the market.

Mwanza said by operating in the sandbox, banks and startup companies will be able to test a variety of innovative products, services and other emerging financial technologies that have the potential to transform the financial sector and promote financial inclusion before they are deployed on the market.

“As you may be aware, the process of developing a product requires the developer, which can be a bank or a startup entity to invest some money in the technology. So if the product is put on the market and then it fails to perform according to the expectations, it creates market credibility and financial losses if the product has to be withdrawn from the market.

“Banks usually come up with products that are technologically inclined and might want to test them or put them in an incubation before they can fully put them on the market,” he said.

Commenting on the Central Bank’s move to adjust upwards the daily limit for over-the-counter cash transactions for commercial bank account holders from US$5, 000 to US$10, 000, Mwanza said the banks are already complying with the new regulation.

“Commercial banks have already complied with the new regulation to allow customers to buy or sell forex over the counter up to US$10, 000. Before this, banks were only allowing US$5000 but now it’s US$10,000. “This move will help cross border traders who mostly deal with foreign currency for trade,” he said.

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The Bankers Association of Zambia (BAZ) says

Mining

ZCCM Investments Holdings (ZCCM-IH) has dispelled assertions that they are more focused on finding an equity partner than driving production and keeping Mopani Copper Mines in local Zambian hands.

ZCCM IH acquired Mopani Copper Mines from Glencore and FQM. The move received wide ranging support from the mining unions, suppliers and communities on the Copperbelt and accross the country as it was seen as a move to have a wholly owned Zambian Coppper mine. But comcerns have been raised after indications from the mines ministry that that foreign equity partners have expressed interest in taking over the mines.

However, ZCCM IH which is the holding company has told the Zambian Business Times – ZBT that they are currently focusing on ensuring the development and growth of Mopani Copper Mine Plc’s production to generate more revenue for the company. ZCCM-IH Public Relations Manager Loisa Mbatha-Kakoma said the focus for Mopani Coper Mine was on mining and producing copper to ensure more revenue was generated for both current and future operations.

When asked on how far plans have gone to get onboard an equity partner and if the move confirmed fears that a local Zambian management cannot run the large copper mine, Mbatha-Kakoma said, “As you can understand, this is a high quality asset of which there are not many out there in the world. “Therefore it is not surprising that we were approached by several interested parties.

“Our focus for now is to ensure the development and growth of the mine in terms of production by the current Mopani management team who have so far had a provided a good track record,” she said. Mbatha-Kakoma said post deal closure, Mopani has continued operating normally and able to meet its operational needs.

She said all jobs have been retained with a new collective agreement concluded in record time. Mbatha-Kakoma said the Company is currently using its sales revenue to sustain its operations.

“Both Mining and Processing have continued without disruptions and the focus now is on mining and producing Copper so that more revenue is generated for both current and future operations,” he said. Government through ZCCM-IH acquired a majority stake in Mopani Copper Mine following a conclusion in negotiations with Glencore recently.

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ZCCM Investments Holdings (ZCCM-IH) has dispelled assertions

Agribusiness

The Lifting of the ban on importation of potatoes which was expected to result in market price reduction has had little to no effect on the obtaining market prices.

This has been confirmed by the the Zambian Fruit and Vegetable Traders Association who have exclusively told the Zambian Business Times – ZBT that the prices of potatoes in the country have remained the same despite the lifting of the ban. The traders association has attributed this policy failure to the exchange rate depreciation which has negated positive effect that would have resulted from flowing in of imports.

Association President Bernard Sikunyongana told ZBT that the price of potatoes has not gone down because of the Kwacha, which has not stabilized and continued to marginally depreciate, thereby making the cost of doing business or importing high.

Sikunyongana said whenever imports were allowed in the past, prices would come down to K85 and K90 but now the price of a 10Kg bag is K130 and looking at how much is being spent on the importation, prices are going to remain at above K120.

Speaking in an exclusive interview with ZBT, Sikunyongana said a 10kg bag of imported potatoes is going at K130 with locally produced potatoes being sold at K135 for the same quantity.

He noted that the exchange rate is limiting the price reduction but prices will not exceed K130 and if the kwacha can appreciate and come to 18.5 or 18, a 10Kg bag of potatoes can be sold below K100, which cannot be done now, as that would result in losses.

“The exchange rate here has continued to be high; the exchange rate in South Africa is dropping, as am speaking now it is at 14 rands to one US dollar, while here it is at 22.90 per one US Dollar, look at the difference, we are losing a lot of money”, he said.

“When we are buying there, we are buying in rands meaning when you get US dollars from here, you reach South Africa you have to change them into rands, rand is at 14, and here we are buying at 22 so look at the gap”, he said.

He further said if the local supply does not improve, government would extend the importation quota in order to ensure that the product is available in the country and prices remain stable adding that if the country completely runs out, prices may go to over K150.

Sikunyongana however commended the Bank of Zambia (BOZ) Governor Chris Mvunga for increasing the withdrawal amount as limiting withdrawals was a challenge, which has now reduced.

“Before the Bank of Zambia extended the figure, you were only allowed to withdraw K25, 000 and that K25, 000 you have to withdraw it through writing a letter to the bank. Imagine if I want K400, 000 to make a truckload, how many times will I be withdrawing that money for me to make K400, 000”, he said.

He said people were hesitating to keep money in the bank because it would take long for them to get huge sums of money adding that this increase will make it easy to make transactions with the bank. He mentioned that people would now increase their deposits, as they would be assured of easy access to the money when they need it.

The Bank of Zambia – BOZ has struggled to hold and defend the Kwacha which has led to imported inflation. This imported inflation has also driven local inflation and increasing of the cost of food and non food items.

Analysts have challenged the central bank to be more innovative and come up with novel ways to claw back some of the lost value of the Kwacha. It seems the Kwacha can only depreciate and never seems to claw back its value once lost, why is this the case in Zambia?

BOZ on paper boosts of having highly trained experts and technocrats who are well paid, yet the so called experts at BOZ never seem to come up with any innovative ways to defend the Kwacha. Yes there are some fiscal challenges but innovation is also needed as these times are compounded by the COVID pandemic.

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The Lifting of the ban on importation