• The proposed AGOA extension signals a commitment to bolstering trade relations between the US and Africa.
• US Senators Chris Coons and James Risch have introduced the bipartisan Agoa Renewal and Improvement Act of 2024, aiming to integrate AGOA with the AfCFTA.
• Bill aims to refine AGOA’s eligibility criteria, increase transparency, and hold US agencies accountable for their advice to the president: Senator Risch

AGOA extension proposal

The US Congress has proposed extending the African Growth and Opportunity Act (Agoa) to 2041, covering all 54 African countries. Senators Chris Coons of Delaware and James Risch of Idaho introduced the bipartisan Agoa Renewal and Improvement Act of 2024, aiming to integrate Agoa with the African Continental Free Trade Agreement (AfCFTA) to foster intra-African supply chains.

Originally enacted in 2000, Agoa is set to expire next year. However, the proposed extension signals a commitment to bolstering trade relations between the United States and …

We all know the emergence of blockchain technology has transformed the landscape of finance offering new opportunities for social and economic empowerment globally.  What we fail to realize is that this is especially important in the developing world, where millions are unbanked, unemployed and underserved, yet nothing is being done. In light of this, under the aegis of the Humanity Protocol, a new venture is surfacing that seeks to change this space. Known as the Dream Play, the initiative seeks to provide income opportunities for African and Asian entrepreneurs, setting a new standard for sustainable employment.

A New Horizon for Entrepreneurs

Originally known as the Africa Startup League, the rebranded Dream Play, represents a significant evolution. As a platform for showcasing entrepreneurial skills it has morphed into a comprehensive ecosystem where young innovators will access jobs and create substantial economic impact. This transformation aligns with the broader goals of …

• Market size of Africa’s digital economy could reach $712 billion by 2050.
• In 2022 only 36 percent of the African population had access to broadband internet.
• Mobile Network Operators (MNOs) are streamlining adoption of 5G services.

Africa is on the verge of an economic revolution. From the north to the southern part of the Saharan desert, nations are striving to eliminate poverty and gain a strong foothold in global markets.

In the same vein, the continent is banking on the potential held by the digital economy. Reports ping the sector to higher standards, including a report from non-profit Endeavor predicting that the market size of Africa’s digital economy could reach $712 billion by 2050.

The growth is propelled by the massive engagement of the continent’s younger population, rising smartphone adoption and increasing internet penetration.

Read also: World Bank backs Smart Africa’s Digital Academy with $20M grant

Digital economy in

• Africa private capital deals fell to to 450 deals in the past one year.
• The continent’s total private capital deal value stood at $5.9 billion, the fourth largest value on record since 2012.
• Decline in Africa private capital deals marked the continent’s steepest year-over-year decline in volume in 12 years.

Africa recorded a 28 per cent year-over-year (YoY) decline in the total private capital deal volume for the first time since 2016, falling to 450 deals. This downturn is attributed to the global economic turmoil, which led to inflation spikes and the devaluation of continental currencies.

In Kenya and Nigeria for instance, the Shilling and the Naira plunged to historic lows in 2023, while in Egypt, a shortage in foreign currency led to increased controls over its usage in the country.

According to the 2023 African Private Capital Activity Report, the depreciation of local currencies and the depletion of foreign …

• The funding is designated for the construction of a bridge spanning the River Nile in northwest Uganda and the enhancement of roads stretching over 105 kilometers.
• Uganda has encountered obstacles in accessing financial support from international institutions like the World Bank, primarily due to policy differences.
• The loan holds the potential to stimulate job creation, foster entrepreneurship, and spur innovation

Uganda has finalized an agreement with the Saudi Islamic Development Bank (IDB), securing a $295 million loan to bolster infrastructure development, particularly road construction projects across the country. This landmark agreement, signed by Uganda’s Finance Minister, Matia Kasaija, and IDB President Muhammad Al Jassar in Riyadh, underscores Uganda’s strategic shift towards diversifying its sources of external funding amidst ongoing negotiations with traditional lenders such as the World Bank.

The financing agreement, which was formalized during Minister Kasaija’s attendance at the 2024 Islamic Development Bank Group Annual Meetings in Riyadh, marks …

• AfDB asks policymakers to put in place an orderly and predictable way of dealing with Africa’s $824Bn debt pile.
• According to AfDB, Africa’s ballooning external debt reached $824 billion in 2021.
• AfDB president says there is urgent need for increased concessional financing, particularly for low-income countries. 

Africa’s immense economic potential is being undermined by non-transparent resource-backed loans that complicate debt resolution and compromise countries’ future growth, African Development Bank (AfDB) President Dr Akinwumi Adesina has said.

Adesina at the Semafor Africa Summit taking place on the sidelines of the International Monetary Fund and World Bank 2024 Spring Meetings, highlighted the challenges posed by Africa’s ballooning external debt, which reached $824 billion in 2021, with countries dedicating 65 per cent of their GDP to servicing these obligations.

He said the continent would pay $74 billion in debt service payments this year alone, a sharp increase from $17 billion in 2010. “I …