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Regional Markets

tourism market EAC

East Africa to market tourism as a bloc in new strategy

Investing
  • Annual tourist arrivals to the EAC are anticipated to increase to about 14.05 million by 2025, from the 7.2 million recorded in 2019. 
  • Kenya targets 5.5 million international tourist arrivals and a $6.3 billion annual contribution by 2028.
  • Fast-tracking of the EAC Single Tourism Visa remains critical to sell the region as a single tourism investment hub.

Diversification of products beyond traditional attractions and joint promotion of the region is a catalyst to revamping the East African Community as a single tourism market. This call on a single tourism market was underscored by regional Ministers responsible for EAC Affairs and Tourism and Wildlife Management who converged for the opening of the 3rd EAC Regional Tourism Expo (EARTE’23) and the Magical Kenya Travel Expo in Nairobi, Kenya.

The three-day Expo that kicked off on Monday provides an opportunity for EAC Partner States to create awareness of tourism investment opportunities and …

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Kenya and Uganda infrastructure deal

Kenya and Uganda forge infrastructure deal to streamline East African trade

Regional Markets
  • This strategic agreement aims to reduce border congestion, enhancing trade flow in a key African economic corridor.
  • Congestion at borders, especially in the Tororo and Busia areas, has long slowed the efficient transport of commodities throughout the region.
  • The idea calls for new border crossings to be set up at Mulwadda and Buteba to relieve traffic at Busia and Malaba.

Kenya and Uganda have signed a historic deal to reduce congestion at key border crossings, significantly boosting East African trade. To facilitate trade between Uganda, Rwanda, Burundi, the Democratic Republic of the Congo, and South Sudan, the highest-ranking officials have signed an agreement to build a dual carriage road along the Northern Corridor.

Congestion at borders, especially in the Tororo and Busia areas, has long slowed the efficient transport of commodities throughout the region; this project aims to alleviate this problem. The economies that rely on this route for …

Lake Tanganyika

Why Lake Tanganyika is vital to expanding trade between the DR Congo and Tanzania

Regional Markets
  • Kalemie, on the DRC side of Lake Tanganyika, is a vital connection point, linking the DRC with regional ports such as Bujumbura, Burundi, Mpulungu, Zambia, and Kigoma, Tanzania.
  • Tanzania's exports to Congo were worth about $280.54M in 2022, per the United Nations' Comtrade Database of International Trade.
  • Lake Tanganyika, an important geographical feature that serves as a natural boundary between the two countries, plays a crucial role in this developing relationship.

The trade between the Democratic Republic of the Congo (DRC) and Tanzania is growing rapidly. Both countries have great potential for economic growth and development. Lake Tanganyika, an important geographical feature that serves as a natural boundary between the two countries, plays a crucial role in this developing relationship.

Trade Corridors and Infrastructure

One particularly important corridor for trade connecting these countries is the Central Corridor in Eastern Africa. It links the DRC, Rwanda, Burundi, Uganda, and Tanzania with…

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South Africa | Africa's biggest economy | Egypt's economy | South Africa's economy | Nigeria's economy

South Africa to topple Nigeria and Egypt as Africa’s biggest economy

Regional Markets

South Africa is set to topple Nigeria and Egypt as Africa's biggest economy in 2024. This is according to forecasts from the International Monetary Fund. According to IMF's World Economic Outlook, South Africa's gross domestic product will reach $401 billion per current price in 2024. On the other hand, Nigeria's GDP will reach $395 billion, with Egypt's GDP reaching $358 billion.

South Africa, the continent's most industrialised nation, is expected to maintain the top spot as Africa's biggest economy for only one year. In 2025, the country will again lag behind Nigeria and fall to third place behind Egypt a year later. This is according to the IMF's World Economic Outlook, a report released last week.…

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EABLFY23

East Africa’s macro-economic slowdown hurts EABL earnings

Regional Markets
  • Counterfeits and the informal alcohol industry is increasingly eating into EABL’s mainstream market.
  • EABL net sales remained flat in the year at $769.5 million, impacted by thinning disposable incomes.
  • Uganda and Tanzania top line performance up 17% and 1% respectively, while Kenya declined by 4%.
  • EABL’s final dividend decreased by 50% from $0.077 paid in FY’22 to a total dividend of $0.039.

A tough macro environment in East Africa is to blame for subdued earnings posted by the East African Breweries (EABL) for the year ended June 2023. Higher excise taxes, rising cost of inputs and effects of the difficult macro-economic environment saw the regional brewer record mixed performance in Kenya, Tanzania and Uganda markets.

The Diageo–owned biggest manufacturer of branded beer, spirits, and non-alcoholic beverages in East Africa reported a 21 per cent drop in net profit for the year. The giant brewer said its sales for …

Port of Mombasa

Kenya under pressure to retain Mombasa Port as EAC’s  leading harbour

Regional Markets

Kenya's Mombasa port has for years remained the leading harbour in East Africa, serving traders in the country and neighbouring landlocked states. Uganda is the biggest destination for transit cargo through the Port of Mombasa, accounting for about 83.2 per cent of transit cargo through the Kenyan port. South Sudan takes up 9.9 per cent while DR Congo, Tanzania and Rwanda account for 7.2 per cent, 3.2 per cent and 2.4 per cent, respectively.…

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Carbon credits snapped up by Saudi firms in a Nairobi auction.

Africa’s carbon credit market

Industry and Trade

The demand for carbon offsets is rapidly growing in Africa, unlocking billions for the climate finance needs of economies. Kenya recently hosted a carbon credits auction. The auction is the world’s largest sale, where firms from Saudi Arabia bought more than 2.2 million tonnes of certified carbon credits.…

Zimbabwe’s stock market saw huge gains over the last week, investors flock to the stock market in search of a safe haven amidst the rapid depreciation of the Zimbabwean dollar. www.theexchange.africa

ZSE imposes consecutive trading halts amid stocks surge, currency dip

Regional Markets

The Zimbabwe Stock Exchange (ZSE) on June 7 announced a halt in trading for two consecutive days. This comes amid investors flocking to the stock market as an escape from the rapid depreciation of the Zimbabwean dollar. The ZSE All Share index surpassed the 10 per cent threshold on the upside. Consequently, the ZSE exchange had to take immediate action.…

President William Ruto

Kenya amplifies dedollarisation call at Nairobi AfCFTA talks

Regional Markets
  • With tightening monetary policies globally, many African economies are struggling with falling forex reserves.
  • Low reserves have sent governments back to the drawing board strategising on how to survive future trends while balancing trade.
  • With this, leaders and policymakers in Africa are engaging in the de-dollarisation conversation.

Kenya has sent a strong message to economies in Africa on the need to accelerate dedollarisation of cross-border trade, further amplifying the global conversation on reducing reliance on the US dollar as the main mode of payment.

For over a decade, China and Russia have sought to drastically lower their usage of the US Dollar in what is commonly referred as “dedollarisation”.

This is in a move intended at shielding their economies from possible trade-limiting US sanctions. The strategy also reduces their exposure to adverse effects of US economic and monetary policy, while also asserting global economic leadership.

China, Russia slowly cutting dollar

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