The East African Community (EAC) economy will is expected to rebound in 2021. But this will only happen , if EAC Partner States Governments strengthen macro-economic policy coordination and adopt a regional coordinated approach in handling the COVID-19 pandemic, a regional business body has said.

According to the East African Business Council (EABC) secretariat, COVID-19 disruptions in 2020 provided a learning curve, on the need to have sustainable EAC regional value chains integration for the development of finished products with a view of reducing industrial and trade risks arising out of external shocks.

EABC Chairman Mr. Nick Nesbitt noted that the region is projected to recover steadily but it was dependent on how the pandemic is handled.

According to the AfDB East Africa Economic Outlook 2020, the East Africa region is projected to recover to 3.7 percent in the baseline scenario and 2.8 percent in the worst-case scenario under the …

Regional business umbrella body has called for harmonization of COVID-19 charges to boost intra EAC trade. 

The East African Business Council (EABC) has said that in a bid to ease the cost of doing business and boost intra-EAC trade emerging costs such as the COVID-19 related charges in the East African Community should be standardized.  This is set to support businesses to be more resilient and rebound amidst the COVID-19 pandemic. 

Also Read: Kenya’s president calls on African leaders to harmonise Covid protocols

This comes days after Kenya’s president Uhuru Kenyatta called on African leaders to harmonise COVID-19 protocols.  According to the president, harmonising the protocols will determine whether the African Union (AU) meetings will be virtual or physical given the challenges occasioned by the COVID-19 pandemic. 

Currently, COVID-19 tests are priced differently in each Partner State, while containment measures are varied. For instance, Tanzania …

In the words of Charles Dickens these are “the best of times and the worst of times” – the financial world is suffering severe labour pains but is also pregnant with possibilities. It appears that the East African business world is breaking early for Christmas but I am sure that all of us are desperately trying to predict the future for both our local economies and the world in general. Here in Uganda we are seeing a significant increase in Covid-19 cases which is, of course, in no way linked to the frantic and socially un-distanced political campaigns currently taking place!! Frankly nothing is certain except considerable uncertainty. 

So if there aren´t any certainties then what are the likely economic and consumer trends for 2021? 

Economic Trends  

It is inarguable that a world economy that was already approaching its peak pre-Covid-19 period has moved rapidly into recession. The effects …

A regional business umbrella body has called upon East Africa’s partner states to harmonise investment incentives and market the region as a single investment destination. 

The East African Business Council (EABC) is counting on the six heads of EAC member states to merge marketing of the bloc and attract investors in the various opportunities available. One of the aspects the EABC recommends is harmonising incentives to make it easier for investors to pick the bloc from the rest of the continent.  

East Africa has often been referred to as one of the fastest growing trading blocs in Africa. With a population of more than 177.2 million people the region presents a readily available demand for products and services that emerge from the prospective investments. The region also has a combined GDP size of more than US$147.5 billion. 

A recent report by South Africa’s Rand Merchant Bank …

A bill seeking to provide guidelines to the transboundary movement of livestock as well as control of animal diseases within East Africa is in the offing.  

This comes after East African Legislative Assembly member Dr. Woda Jeremiah Odok introduced the envisaged EAC Livestock Bill 2020. 

If effected, the bill will grant a coordinated identification, characterization, mapping and enumeration of livestock.  It will also strengthen the detection, prevention and control of transboundary animal diseases and provide for a regulatory framework to monitor pastoral ecosystems.  

Livestock sector in EAC 

To understand why this bill is important one must appreciate the bloc’s livestock sector’s potential. East Africa’s livestock sector generates more than US$1 billion annually through the export of live animals and meat to the Middle East and North Africa. 

Livestock is primarily owned by pastoralists in East Africa, who mainly own camels, cattle, sheep, and goats. 

According to a recently …

 The East African Business Council (EABC) is urging for tax regime harmonization within the East Africa Community (EAC) and improve ease of doing business to lure more investors in the region.

East African countries such as Kenya, Rwanda and Tanzania are ranked in the top 7 by “Where to Invest in Africa” 2019 report of the Rand Merchant Bank (RMB).

Speaking on the second day of the Virtual Conference on Trade & Investment Opportunities in East Africa Beyond COVID-19, EABC CEO, Dr. Peter Mutuku Mathuki urged EAC Partner States to continue creating a favorable business environment in the region.

Also Read: Tanzania: Electronic stamps improving tax collection

“Addressing the cost of doing business such as energy and infrastructure issues and ensuring stable human capital development will entice investors to come to East Africa,” he said.

The conference attracted Investment Promotion Authorities, Senior Government Officials, Industry Champions, Development Partners and Investors …