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Regional Markets
- AGOA has been a cornerstone of the U.S trade policy in Sub-Saharan Africa since the year 2000.
- The non-reciprocal trade preference programme that provides duty-free access to the U.S market.
- A range of manufactured goods and processed mineral products account for the bulk of exports.
African countries are pulling together to lobby the U.S Congress to approve the renewal of the Africa Growth and Opportunity Act (AGOA) this year.
Kenya and South Africa are leading the push to have a 10-year extension on the pact that allows a select number of African countries to export finished products to the US.
AGOA has been a cornerstone of the U.S trade policy in Sub-Saharan Africa since the year 2000.
The non-reciprocal trade preference programme that provides duty-free access to the U.S market, for about 40 eligible African countries, is set to expire in 2025.
Initially, it was intended to last 15 years …
Most of the countries have no choice but borrow to bridge budget deficits. According to the IMF, the major EAC nations, namely Kenya, Uganda, Tanzania, Burundi and Rwanda, together, had borrowed more than $100 billion in both external and domestic borrowing.
With the global economy in teeters post Covid-19 and the impact of the Ukraine-Russia conflict, economies worldwide are contracting, leaving East African nations in a perilous situation.
According to the IMF, about
- Kenya’s Athi River Mining Cement PLC administrators have called for a creditors meeting to discuss liquidator’s acts and dealings.
- The Company was placed under Administration effective 17 August 2018 and subsequently placed in liquidation effective 1 October 2021.
- Creditors entitled to attend the meeting are entitled to appoint a proxy to attend and ask questions on their behalf.
Kenya’s Athi River Mining Cement PLC administrators have called for a creditors meeting to discuss liquidator’s acts and dealings, and the conduct of the liquidation during the preceding year.
The Company was placed under Administration effective 17 August 2018 and subsequently placed in liquidation effective 1 October 2021.
“Section 413 (1) of the Act provides that, if the liquidation of the Company continues for a period of twelve months or more, the Liquidator shall convene a meeting of the Creditors. In line with the above, notice is therefore hereby given that a …
But what is expected of
According to the Central Bank of West African States (BCEAO), growth should accelerate in the WAEMU economic region in the medium term. The increased production in the tertiary and secondary sectors remains crucial. These sectors should benefit from controlling the current health crisis in the Union and the continued implementation of the NDPs.
Growth in the Union is expected to drop from 6 per cent in 2021 to 5.9 per cent in 2022 before settling at 7.2 per cent in 2023. The contribution to growth from the tertiary sector should stand at 3.5 per cent in 2023, up by 0.3 points compared to 2022. The contribution of the secondary sector should grow by 0.9 points between the two years to settle at 2.6 per cent in 2023.…
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Should a common currency in the EAC come to fruition, the trade will be fueled by a reduction, albeit limited, in transaction costs, the elimination of exchange rate risk and region-wide price harmonisation – all of which will undoubtedly be underpinned by policy incentives.
- Monetary Union is the third stage towards EAC regional integration, capped through Political Federation.
- Considering individual economies are relatively small, currency harmonisation might play a significant role in improving intra-African trade.
- The IMF, through its chief Christine Lagarde, previously warned the EAC not to rush into a currency union, pointing to the issues faced in Europe.
Interest in regional integration, including monetary, in Africa has remained intense over the decades since independence. Consequently, various regional groupings have been formed. Those initiatives were stimulated by the generally small size of individual economies. This led to a desire to promote economies of scale in production and distribution. A…
AfCFTA’s successful implementation can boost trade and promote Africa’s economic recovery and growth. The AfCFTA is the world’s most extensive free trade area in terms of size and number of nations, with a combined GDP of around $3.4 trillion.
Increased integration would improve incomes, generate employment, stimulate investment, and make establishing regional supply chains easier. In comparison to Africa’s external trade, intra-African trade remains tiny. In 2020, just 18 per cent of exports went to other African nations.…
Lake Victoria’s fisheries support more than 3 million livelihoods and bring in US$500 million in revenues annually.
Nile Perch is the main fish caught in Lake Victoria. Fish maw - the air sack that aids the Nile Perch in floating and a Chinese delicacy - has been a major export source. Statistics from the Uganda Ministry of Agriculture indicate an increase in fish maw exports earning from US$27m in 2015, to US$31m in 2016, US$48m in 2017 and US$52m in 2018. These earnings exclude the earnings from Nile Perch and its eggs.
However, the lake has been invaded by water hyacinth - the floating, green mats of waxy leaves with purple blossoms - depriving the waters below of oxygen which makes it hard for aquatic life to survive.
That, plus overfishing which occurs when fishermen use undersized nets that catch fish before they reach maturity, rapid population growth, and pollution…