Author: Joseph Kangethe

Many exports from Ghana to the US benefit from duty-free tariff preferences under the American Growth and Opportunity Act (AGOA) and the Generalized System of Preferences (GSP) programme. Exports from Ghana to the US that have enjoyed AGOA preferences include yams, apparel and cocoa (beans, powder or paste).

Ghana has exported US$131 million worth of yams to the US since 2012, avoiding a standard import duty of 6.4 per cent under AGOA. Cocoa exported to the US has amounted to US$2.5 billion over the last two decades.

Miss Rosa Whitaker, the President and the CEO of the Whitaker Group (TWG), is significant to the success of AGOA in Africa, facilitating the export of over 9,000 agricultural and manufactured goods to the United States.

Whitaker advocates for African countries to research what the US market is demanding and be alert to new opportunities. She pointed out the success of Ghana’s cocoa …

• The trio bought bitcoins worth KSh5 billion (US$43 million) in the UAE, the United States and several other European countries, including at Kenya’s crypto exchange platform, BitPesa
• The three Nigerians were linked to Ksh25.6 billion (US$220 million) moved into Kenya between October and November 2020
• The Nigerians involved in the scandal are Mr Olubunmi Akinyemiju, Mr Eghosasere Nehikhare and Mr Olufemi Olukunmi Demuren
• From the US-based exchange Binance, the three bought cryptocurrencies worth $36,353,728 (Sh4.2 billion). They also went ahead to buy bitcoins worth $7,246,582 (Sh839.5 million) from Busha

On April 27, 2022, a report of a multi-billion dollar money-laundering syndicate surfaced from the asset recovery agency drawn from the financial crime and investigation unit, involving top companies and directors from both Nigeria and Kenya.
The culprits are said to have used bitcoin to secrete their transactions. According to a statement filed by European investigators, the Nigerians involved in the …

• Crypto experts predict that Ethereum (ETH) will surpass bitcoin (BTC) in market cap, and new market entries could look at the former as a better purchase.
• There is confusion among traders between buying, selling or holding (HODL) bitcoin
• A whopping 67 per cent of the experts in the panel agree that it is an excellent time to buy bitcoin, arguing that the currency is experiencing its lowest price for this year

Many people, especially those interested in joining crypto trading as newbies, are utterly confused about whether to buy crypto in these bearish conditions. Bitcoin, specifically, has been experiencing a downward trend since the digital currency hit its highest in November 2021, valued at US$69,000. As of April 29, the price of bitcoin was resting at around US$38,799.

After the weekend doldrums, the market pulled a good turnaround on April 25. Despite four weeks of downward action, Bitcoin popped its …

According to the Future Market Insights report, around 9.2 billion tonnes of plastic have been manufactured globally, out of which only 9 per cent is recycled!

The technology helps to protect manufacturers and consumers against food and drug counterfeits. 

 With the plastic waste menace causing unprecedented damage globally, there has been an ongoing movement to discover and use alternative packaging materials, such as paper, glass, and metals.

The dilemma facing the world right now is that even the processes of creating plastic-free solutions often release more significant carbon emissions than conventional plastics.…

The head of the Export Council for Engineering Industries, Sherif El Sayyad said that the highest hike in the sector’s history led the engineering industry’s exports to reach US$3 billion, compared to US$2.1 billion in the corresponding period in 2020.

The exports were distributed globally, with Europe accounting for 48 per cent (US$1.4 billion), Asia US$951 million, Africa $535 million, while South America and North America together contributed to a total of $77 million in exports.

Egypt’s engineering products have increased their exports to countries like the United Kingdom, Slovakia, France, Germany, Spain, the Czech Republic, Saudi Arabia, UAE, Iraq, Jordan, Kuwait and Lebanon. In Africa, Egypt’s engineering products importers include Morocco, Algeria, Libya, and Ghana. …

With the recent addition of the DRC to the East African region, landlocked countries have found an alternative port of entry in the Atlantic Ocean. The swiftness of trade with two ports of entry and the region’s strategic location will be incomparable to any other region on the continent.

The East African Federation would be the fourth largest country in both population and landmass, trailing after China, India and the United States. President Uhuru Kenyatta says that the federation would have over 300 million people.

The gross domestic product for the region will sum up to US$250 billion, the fourth-largest in Africa and the 34th biggest globally. Since the beginning of the last decade, East Africa has had the fastest growing economy globally. In 2019, the region’s economy grew by about 5 per cent. If the federation continues with this growth rate, the new country would quickly become the biggest …

• It is not easy to create a common currency since it needs the creation of a central monetary system for several nations
• The AU and ECOWAS should reconsider their approach—a common physical currency—and move their attention to building a common digital currency, as the EU is doing
• With the establishment of the Pan-African Payment and Settlement System (PAPSS), which allows for the simple conversion of numerous African currencies, some progress—or maybe too little—has been achieved
• When turned into digital money, Africa’s weak currencies have little chance against stablecoins backed by the US dollar

It is not easy to create a common currency and it would need the creation of a central monetary system for several nations.

This is a regime that, given the diverse economic demands of countries, may be judged undesirable for some member states. Africa’s desire for economic and monetary integration dates back many years.

African Union

• Degan Ali, has been advocating for a movement dubbed “decolonizing aid”, which seeks to decenter the voices of Western decision-makers and shift more power to nonwhite and local leaders in the global south.
• Ali said they were going to try and turn the US$5 million Scott grant and other funds they get in the next few years and grow Adeso into a US$30 million to US$50 million endowment in the next ten years
• Adeso is also planning to launch a new online platform, a website called Kuja Link, that will allow organizations worldwide to create connections with philanthropists

For the last decade, donors and funders worldwide have capitalized on non-governmental organizations (NGOs) and nonprofits to issue humanitarian aid in Africa at the grassroots level.

One such donor is billionaire philanthropist MacKenzie Scott.

Scott issues a US$5 million grant to Adeso

MacKenzie issued a US$5 million grant to Adeso, …

Afriex processes over US$5 million in monthly transfers. In comparison, Wise company transfers a monthly average of US$5.2 billion. However, Afriex has grown its customer base by 500 per cent in the last half a year, with half of its active users using the platform more than once a week.

Afriex makes money by arbitraging the currency and crypto exchange rates when a customer transacts. The startup raised a US$1.3 million seed round in May 2021 and has just closed a US$10 million Series A round at a $60 million valuation.

The financing was co-led by Sequoia Capital China and Dragonfly Capital, with participation from Stellar Foundation, Goldentree and Exceptional Capital, among others.…

• The Mining Indaba Professional conference 2022 is set to take place from May 9th to May 12th in Cape Town, South Africa
• The Indaba Conference will take at the Cape Town International Convention Centre, where African countries will lure investment into the mining sector that has remained resilient during the pandemic
• US Department of State will travel to the Indaba Conference 2022 with a delegation to reset and mend relationships between African countries and the United States

The 2022 Mining Indaba Professional Conference

The Mining Indaba Professional conference 2022 is set to take place from May 9th to May 12th in Cape Town, South Africa. The Conference focuses on the mining and energy sectors in Africa, the steps that the countries have taken and the moves they are about to make.

This will be the first meeting in person since 2019 when COVID-19 measures halted cross-border travelling and mass congregation. …