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- Making waves: Zanzibar’s quest to become Africa’s new tech hub
- Costly loans loom large as Kenya’s Central Bank hikes rate to 12.5 per cent
- Falling commodity prices dampen Zimbabwe’s 2024 economic growth prospects
- Youth-led African enterprises awarded $800,000 at COP28 for climate solutions
- Kenya’s Bluewave Insurance readies entry into five African markets in $6 million plan
- The UAE Banks Federation plans to raise $270 billion in sustainable finance by 2030
- Africa must own carbon offsets value chain amid market failures
- Opportunities for South Africa in becoming the medical tourism hub of the SADC region
Countries
- Reduced commodity prices will hamper Zimbabwe’s economic growth aspirations in 2024. Commodities produced by Zimbabwe include platinum, gold, and diamonds.
- Over the last two years, the country earned record foreign exchange export receipts due to booming commodity prices. However, exports have started to slow and are expected to continue into 2024.
- Zimbabwe will face a perfect storm of economic headwinds, combining factors such as persistent soft commodity prices, anticipated El Nino conditions leading to reduced agricultural output, and lower power generation, all contributing to a reduction in economic growth.
Zimbabwe’s economic growth in 2024 will face challenges due to headwinds within its economy, compounded by external factors undermining its growth aspirations. Global commodity prices have recently decreased, posing a significant concern for countries dependent on producing these commodities for economic sustenance.
Over the last two decades, mining has increased significantly in Zimbabwe’s economy. While agriculture was once central to the …
- They will also receive comprehensive mentorship and coaching as part of a 12-month accelerator program.
- This year’s focus was on female-owned enterprises pioneering Fourth Industrial Revolution (4IR) technologies such as artificial intelligence, big data analytics, virtual reality, robotics, IoT among others.
- The winning ventures, led by women from across Africa, focus on sectors affected by climate change.
African enterprises have triumphed in the 2023 YouthAdapt challenge, with eight dynamic women-led businesses securing victory. Each of these enterprises is set to receive grant funding of up to $100,000.
They will also receive a comprehensive mentorship and coaching as part of a 12-month accelerator program. Since its launch in 2021, the YouthADAPT initiative has provided more than $5 million to 33 young entrepreneurs from 19 African nations.
Jointly organised by the African Development Bank Group (AfDB) and the Global Center on Adaptation, supported by the Africa Climate Change Fund, YouthADAPT is …
- Designed using a science-based approach and harnessing new technological innovations, the programme aims to promote long-term tree health, increase biodiversity of flora and fauna, and generate an economic boost for local communities.
- The reforestation project in Kenya will cover more than 3,500 hectares across six counties in the west of the country, adjacent to the Rift Valley.
- Aside from Kenya, AZ Forest’s global program, which aims to span 100,000 hectares worldwide targets Ghana and Rwanda.
AstraZeneca is committed to planting and maintaining up to six million trees in Kenya, employing an Artificial Intelligence (AI) deep learning model to monitor tree health, long-term survival, and carbon sequestration.
This initiative supports climate action, human health, and community resilience. AstraZeneca’s flagship AZ Forest program aims to plant the trees in western Kenya and was announced at COP28. The project builds on the company’s recent expansion of African reforestation initiatives in Ghana and Rwanda.…
In a world grappling with the urgency of climate action, the UK has long been a beacon of progress in environmental policy. However, the European country appears to be taking a perplexing step in the opposite direction.
In his maiden speech on 07 November 2023, King Charles III unveiled his intention to further dilute environmental protection regulations. This motive was initiated by Prime Minister Rishi Sunak. In the plan, the moratorium on North Sea oil and gas extraction, lifted by Sunak in July, is set to be followed by a new law that mandates annual issuance of oil and gas drilling licenses in the North Sea. Sunak government’s argument revolves around protecting jobs, lowering dependence on foreign fuel, and enhancing energy security.…
- To lessen its carbon footprint, Tanzania is adopting the use of vehicles that run on compressed natural gas (CNG).
- Plans are underway to set up CNG refilling stations in Dar es Salaam, Morogoro, and Dodoma cities.
- Tanzania’s $42 billion Liquid Natural Gas (LNG) project makes the transition to natural gas-powered vehicles a viable initiative.
In Tanzania, a new revolution to reduce carbon footprint is underway. The government is rolling out a plan to cease the use of crude oil for its government vehicles. This is part of a larger national initiative to reduce carbon footprint and adopt a more environmentally friendly system.
Instead of oil, the Tanzania Government Procurement Services Agency (GPSA) will now purchase vehicles that run on compressed natural gas (CNG).
A CNG vehicle is a car powered by natural gas rather than gasoline or diesel fuel. These cars are not specially manufactured to use CNG. Instead, automakers …
- Traders across East Africa are shunning the Port of Mombasa in favour of Dar es Salaam Port citing higher fees.
- Uganda complains that up to 50% of their traders’ costs go to port clearance and transport expenses from Mombasa.
- The entry of DP World into the Dar es Salaam port promises improved vessel discharge times, lower fees, and increased profits, a move that will significantly challenge Mombasa.
In the shadow of rising cranes and towering cargo ships, the Port of Mombasa faces a formidable rival in the form of the Dar es Salaam port in Tanzania. Both harbours have set their sights on becoming the primary entry point to the promising opportunities in East African Community, a market of approximately 500 million people. The competition is fierce, and the stakes are high.
Mombasa port vs Dar es Salaam: The battle for East Africa’s gateway
As of 2022, cargo handling at …
In the hushed corridors of history, where the whispers of the past echo through time, there comes a moment when a monarch must confront the spectres of his lineage and reckon with the shadows that dance upon the pages of his family’s legacy. As King Charles III embarked on his maiden tour to Kenya and Africa, a voyage cloaked in the promise of a brighter future, he found himself standing at the precipice of a poignant encounter.…
- In his business tour, President Steinmeier is leading government officials and investors from over 12 German companies.
- Tanzania expects to see an increase in trade relations with Germany, which has remains in favour of the European country.
- To further cement bilateral ties, German has agreed to return the remains of Tanzanian freedom fighters held in museums in Germany.
Germany’s President, Frank-Walter Steinmeier, is on a three-day state visit to Tanzania. With the high-profile visit, Tanzania expects to see an increase in trade ties with Germany, a relationship that has for decades remained in favour of the European economic giant.
President Steinmeier is leading government officials and investors from over 12 German companies. Tanzania hopes that his visit will serve to strengthen diplomatic, development and bilateral trade relations. Germany and Tanzania have shared a long history given that the later was a colony of the former until 1919.
President Steinmeier pledges
- Chancellor Olaf Scholz says German companies are looking for gas deliveries from Nigeria.
- At the moment, Germany imports huge volumes of crude oil from Nigeria, but no gas.
- Nigeria boasts the largest confirmed natural gas reserves in Africa, estimated at 202 trillion cubic feet.
Europe’s economic powerhouse Germany is considering the prospect of importing natural gas from Nigeria. This plan was revealed by Chancellor Olaf Scholz during an interview with Nigerian newspaper, The Punch.
Scholz is visiting Nigeria on a mission to reinforce bilateral relations with Africa’s largest economy. His visit, the third to Africa since he took power in 2021, marks a significant milestone in fostering economic cooperation. This trip holds particular significance as it is the German leader’s first visit to Nigeria since President Bola Tinubu’s election.
“Nigeria has the biggest gas supply in Africa,” Scholz told The Punch. “German companies are interested in gas …
