Author: Joseph Kangethe

The western countries have halted overseas fossil fuel financing, a decision that has raised the alarm among Africa’s largest exporters of hydrocarbons A BP Statistical Review of World Energy 2021 reveals that oil and gas produced about 48 per cent of Africa’s total electric power generation in 2020 At the COP26 climate summit held in Glasgow, the United Kingdom, in November, several countries agreed to stop the direct public financing for overseas fossil fuel development and extraction by the end of this year The western countries have halted overseas fossil fuel financing, a decision that has raised the alarm among…

The CET maximum rate was a realization by the EAC Secretariat on the proposed Common External Tariff (CET) rates of 30 per cent, 33 per cent and 35 per cent classified under the fourth (maximum) band, which include textiles, iron, steel and motor vehicles.

The East African Business Council (EABC) urges the partner states- Kenya, Uganda, Tanzania, Burundi, Rwanda and South Sudan- to adopt the maximum CET tariff trade to spur industrialization and strengthen the regional value chain.

In 2020, the total intra-EAC trade stood at 11.8 per cent, amounting to US$6.39 billion. The proposed 35 per cent tariff is set to boost the trade between EAC member states to US$6.4 billion.

The first National Payments Strategy implemented in 2004 through to 2008, was aimed at addressing challenges across risks due to the absence of a real-time settlement system, limited trust in payment instruments such as high-value cheques and an under-developed policy, legal and regulatory framework.

The NPS is motivated by a desire to meet the diverse needs of the Kenyan people and its economy and support our nation’s ambition for a digital, inclusive and 24/7 economy. The Strategy will also be the basis for consolidating and extending Kenya’s global leadership in digital payments and innovation. Finally, the Strategy will provide the overarching policy framework that will guide the work to strengthen the NPS legal and regulatory framework.

The processing factory set up by Indesso may propel Tanzania to become the largest clove oil producer in Africa.

Aloyce Elia Kibiriti, the Chairman of the Msasa IBC village, said that representatives from Indesso camped in the area and chose their village to construct the proposed clove leaves-to-oil producing factory significantly for export to Indonesia.

Chairman Kibiriti added that they had already secured land for the project, saying it would create employment for the farmers who lost their farms after creating the Derema Conservation Corridor.

There are two types of businesses that African Americans attempt to boost Africa’s economy and create income.

Businesses seeking to venture into importation and exportation and set-ups creating and investing in production manufacturing in Africa.

Rosa Whitaker, the first assistant United States trade representative for Africa, says that there is so much synergy between Africa and African American business because the region is growing in the areas where African American firms are competitive.

African American companies made a gross profit of about US21.8 billion in the industrial sector in 2013. There is a higher potential for the companies in Africa where consumerism and competitive states are favourable.

Cryptofund is part of UNICEF’s innovation fund, which allows the organization to hold, receive and disburse funds in cryptocurrency. The CryptoFund is a pooled fund of bitcoin and ether, distributed only in crypto, targeting to create visibility and transparency accounting to donation distribution and investment processes.

CyrptoFund will facilitate startups registered in UNICEF’s 190 programme countries as a prototype Fund that seeks to explore the use of digital currencies in these countries. Forty-one of the nations are African.

Startups registered in the 190 countries and have an operational, open-source blockchain prototype or are willing to make their startup open source are eligible to get the fund.

According to the Mohamed Ali Al Shorafa Al Hammadi, Khalifa Fund, and the Abu Dhabi Department of Economic Development Chairman, the directive of Sheikh Mohamed bin Zayed Al Nahyan to establish a centre for innovation and tech-focused entrepreneurship in Kenya comes as part of the UAE’s ongoing commitment to contribute towards empowering talented innovators and entrepreneurs globally.

“With centres such as these, we provide entrepreneurs with resources, support and guidance to contribute to their local and global economy, bringing about positive economic implications and security,” Al Shorafa said.

He added that the collaboration between the United Arab Emirates and Kenya through the Khalifa Fund would see Kenya having the same levels of achievement as has been experienced in the United Arb Emirates.

Smartphones are now the primary gadget where most people are playing video games 95 per cent of the playing population are mobile gamers The global crypto gaming industry was valued at US$321 million in 2020. The number of gamers in Sub-Saharan Africa rose from 77 million in 2015 to 186 million in 2021 For the longest time, most African parents have viewed video gaming as a waste of time and resources. As a result, African gamers mainly played on consoles and computers in gaming joints and cyber cafes. However, in the last five years, the video game market has lucratively…

South Sudan joined the East African community joined the EAC in April 2016, after being the youngest nation to gain independence on July 9, 2011. In 2020, South Sudan’s exports summed up to US$87 million to the EAC member states, while imports amounted to US$573 million.

In contrast to the year 2016, the exports and imports to the same stood at US$2.6 million and US$400 million respectively.

According to the International Trade Center, South Sudan exported US$86 million and imported US$357 million from Uganda in 2020.

Smart Africa represents over 815 million people and more than 40 Private Sector members committed to Africa’s vision and advancement. The Annual Investment Meeting (AIM) tops in platforms offering a powerful and flexible combination of virtual and live environments in the world. The International Telecommunication Union reports that an increase of 10 per cent of broadband connectivity results in an increase in the GDP per capita by 2.5 per cent. Smart Africa and the United Arab Emirates’ Annual Investment Meeting (AIM) have reached a Memorandum of Understanding to stimulate Africa’s digital transformation investment. The signed partnership opens an avenue for…