Month: February 2020

Somaliland economic growth is on the rise despite the country’s unique economic constraints.

Somaliland President Musa Bihi during his annual address to the nation, said in fiscal 2019 its revenue increased by 4.5% which shows the efforts and capabilities of the National Revenue Authority.

“The economy is the basis for the development and transformation of life and society in every country. Therefore, the government is focusing on the development of the Republic and the promotion of the national economy,” Bihi said.

“The GDP growth rate in the UK has increased by 2% in the last two years, whereas the economic growth in Africa is estimated at 3.4% in 2019 by the United Nations. This indicates that Somaliland’s economic growth is on the rise, despite the unique economic constraints of the Republic of Somaliland.”

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President Bihi said that in 2019, his government …

Egypt, one of Africa’s vibrant tourism destination, has recorded a 5.6 per cent Gross Domestic Product (GDP) in the past six months, to December 2019, Reuters said a government statement revealed the information.

Tourism has been attributed to Egypt’s economic growth in the last three years, strong remittances from Egyptian workers abroad and recently discovered natural gas fields coming on stream.

Hence, the nation’s growth has mainly been driven by the state sector. The World Bank (WB) spotlighted the nation’s economy and noted that, on the sectoral side, gas extractives, wholesale and retail trade, real estate and construction have been the main drivers of growth.

Unemployment decreased to 7.5 per cent in the fourth quarter of FY19 (from 9.9 per cent a year earlier), although accompanied by shrinking labour force participation.

According to Reuters January poll, the economy is expected to grow 5.8 per cent in the fiscal year ending …

Gareth Grobler is a digital currency entrepreneur and founded the cryptocurrency exchange iCE3X in 2013. He is a founding member of the UK Digital Currency Association. Gareth has over 15 years of experience in IT infrastructure & architecture development. He started iCE3X as a proof of concept and has been involved with other ventures including Merkeleon, a software company that builds exchange and processing software based out of Austria, with offices in Minsk and London. In this Q&A, Grobler provides clarity on developments in the industry within Africa and shares his views on cryptocurrency adoption on the continent. Edited excerpts follow:

What are the biggest obstacles for the mainstream adoption of crypto?

As humans, we are attracted to “easy”. Crypto is not easy because being your own bank requires responsibility and it is not something that is automatically within everyone’s skillset instinctively. As things progress and become more mainstream this …

Uganda Airlines and Uganda Tourism Board signed a memorandum of understanding(MoU) to combine efforts to promote the tourism potential of Brand Destination Uganda in the next three years.

The MoU signing was witnessed by the First Deputy Prime Minister and Deputy Leader of Government Business in Parliament, Moses Ali, among others. According to the agreement, the two entities will both develop the tourism industry in Uganda and will work together to promote the country as a destination, its culture, people, environment and attractions.

Uganda Airlines will promote Brand Destination Uganda in all its platforms, in-flight, online and on the ground at its sales offices in airports and cities across the world with Brand Destination Uganda messages, among other commitments.

Through their respective tourism promotional campaigns and platforms, the Uganda Tourism Board will present Uganda Airlines as the most convenient way to travel to Uganda.

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Pearl of Africa Tourism Expo 2020 was hosted in Kampala Uganda where Tourism players from across Africa gathered to discuss the industry’s future prospects.

This was the 5th Pearl of Africa Tourism Expo (POATE), it was under the theme ‘promote intra-Africa tourism’ organized by the Uganda Tourism Board (UTB).

The event attracted around 57 international hosted buyers, 140 domestic and regional tourism operators as well as international and domestic media.

The Expo was officially opened by Moses Ali, the first deputy prime minister and deputy leader of Government Business in Parliament, on behalf of President Yoweri Kaguta Museveni.

Uganda’s President said POATE would go a long way in expanding business opportunities in the tourism sector in Uganda and the entire East African region.

Museveni added that Uganda has significantly invested in creating “peace and stability, good road networks, enough electricity supply, better telecommunications networks and internet.” he added that these …

Uganda National Oil Company (UNOC) to invest $840 million in joint infrastructure projects in the oil and gas sector in Uganda, said Proscovia Nabbanja, the Chief Executive Officer.

Nabbanja signed a memorandum of understanding with Stanbic Bank to facilitate the two entities collaborating to train local entrepreneurs ahead of oil developments.

She said a significant amount of money either through loans or the national budget will go towards investments in the refinery, pipeline, bulk trading, storage tank as well as the industrial park.

“We hope that this level of equity will be spread in a period of five years in our national budgets to ease pressure on the country’s debt burden,” she said. “The investment will be based on the medium-term expenditure framework.”

Also Read: Uganda projected growth too ambitious, World Bank

Out of the planned $4 billion in the oil refinery and $3.5 billion investment in the pipeline, UNOC …

Eurafrican has just announced the theme edition for this year’s edition of its acclaimed forum: In Search for a Common Ground.

Now on its third edition, the forum remains one of the most insightful gathering of minds to bridge the relations between Europe and Africa that I’ve ever had the privilege of participating.

The 2020 edition promises to look for new opportunities for both continents as it unveils its theme In Search for a Common Ground. The program will focus on key topics as Africa and Europe relations, Free Trade Agreements, Climate Change, African Arts and Culture, Infrastructure, Connectivity and Off-grid solutions.

Over 700 African and European changemakers are expected at the event, including entrepreneurs, artists, activists, public and private decision leaders. The event will take place in Cascais, Portugal, on July 2nd and 3rd 2020.

“It is now time to establish a structured cooperation between Africa and Europe, …

Rwanda is set to construct its first powdered milk factory in an attempt to boost profit for its livestock sub-sector.

This came after a joint venture firm owned by Rwandan investors and South African in collaboration with dairy farmers in Gicumbi District agreed to invest $38 million towards the development.

The powdered milk factory will be situated in Byumba Sector of Gicumbi District in Northern Province of Rwanda. Construction of the plant is expected to start by the end of 2020 and it will take a year for the factory to be completed so it will be completed by the end of 2021.

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The planned factory is set to be the largest milk-processing factory in the country and will offer major relief to the dairy farmers, it is the first of its kind in Rwanda.

The installed capacity of …

Uganda’s Cabinet agreed to borrow about €108 million from China for the construction of oil roads.

Uganda’s government will borrow the money from the Industrial and Commercial Bank of China to finance the construction of Hohwa-Nyairongo-Kyarusesa-Butoole and Masindi-Biiso, Kabaale-Kiziranfumbi roads.

“Upgrading and constructing the national oil roads will facilitate the efficient development of the strategic national oil resources,” said Denis Katungi, Uganda Media Centre communications and media relations manager.
Mr Katungi did not give more information on the interest rate the government will pay on the loan or the loan period.

Also Read: Uganda’s economy growing but not braced for shocks, says World Bank

He also added that the upgrade will add to the network of road infrastructure required for the movement of construction materials, consumables and workers from other parts of the country to the oil region.

Early last year, Uganda’s government signed a contract with China Railway Seventh …

The Democratic Republic of the Congo (DRC ) and General Electric (GE) announced the signing of a Memorandum of Understanding (MoU) in infrastructure projects that will see the increase in health modernisation programmes and the supply of electric energy.

Under the MoU, General Electric will work with the government of DRC to look into power solutions that will increase electricity in the country’s power grid and benefit thousands of homes.

General Electric will also work with the ministry of health for the modernisation of the Congo’s health system at the primary, secondary and tertiary levels. It will look into the infrastructures and equipment for maternal and child health, oncology and cardiology.

Also Read: Dalbit bags US$7.9 million WFP Jet fuel tenders in Uganda and DRC

According to the agreement, there will be focus on training and capacity building of local talent for the sustainability of the initiatives.

“Partnership with governments …