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- The advent of BRICS Pay could further strengthen these ties, offering African nations an alternative to the dollar-dominated trade and financial systems.
- BRICS Pay is a bold step towards a more multipolar world economic order.
- Its impact on US-Africa trade will depend on various factors, including its adoption by businesses and financial institutions across the coalition of nations.
The launch of BRICS Pay, a digital payment platform developed by the BRICS nations (Brazil, Russia, India, China, and South Africa), marks a pivotal moment in international trade dynamics. This innovative system promises to streamline transactions among these emerging economies, potentially challenging the long-standing dominance of the US Dollar in global trade.
BRICS Pay is a testament to the growing influence of these five major emerging economies. By facilitating payments in local currencies, the system is poised to reduce reliance on the US Dollar, fostering a more diversified and resilient global …
- 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 …
- 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 …
- Weaker currencies make the fight to tackle inflation harder given Africa’s dependence on imports.
- According to the IMF, the average depreciation for the region since January 2022 is about eight percent, but events vary by country.
- Ghana’s cedi and Sierra Leone’s leone depreciated by over 45 percent. An analysis by The Exchange Africa shows the Kenya shilling has shed about 18.4 per cent since May last year.
Most African currencies have weakened against the US dollar, fanning inflationary pressures across the continent as import prices surge, IMF now says. This, together with a growth slowdown, leaves policymakers with difficult choices as they balance keeping inflation in check with a fragile recovery.
According to the IMF, the average depreciation across Africa since January 2022 is about eight percent though events vary by country. Ghana’s cedi and Sierra Leone’s leone depreciated by more than 45 per cent.
An analysis by The Exchange …
- Kenya’s Nairobi Securities Exchange posted drop in capitalization in April due to investor flight.
- Other poorly performing bourses were Uganda, Mauritius, Namibia, Morocco, Tanzania, Rwanda and Tunisia.
- Zambia, South Africa, Ghana and Egypt remained positive railing Zimbabwe and Malawi.
Zimbabwe has maintained the lead in the African equity markets returns by recording the highest gains at 112.33 percent year-to-date, the latest data shows. In the period under review, Malawi recorded the highest month-on-month value of 10.96 percent.
At the same time Kenya posted the highest drops both on year-to-date and month-on-month, Nairobi Securities Exchange (NSE) monthly barometer indicates, which stood at negative 15.56 percent and minus 3.52 percent, respectively.
Other poor performers across Africa were Uganda, Mauritius, Namibia, Morocco, Tanzania, Rwanda and Tunisia. In West Africa, Nigeria performed poorly on the month-on-month index but remained positive year-to-date. Zambia, South Africa, Ghana and Egypt remained positive railing Zimbabwe and Malawi.
- Rwanda and Kenya who have already started trading through the agreement.
- Mid-February, Tanzania also said it was ready to trade under the agreement.
- The implementation of AfCFTA is projected to increase intra-African trade significantly, especially in manufacturing.
Uganda has expressed readiness to join Kenya, Tanzania and Rwanda in trading under the African Continental Free Trade Area (AfCFTA) as the continent slowly embraces the pact.
The implementation of AfCFTA is projected to increase intra-African trade significantly, especially in manufacturing.
The share of intra-Africa exports to total global exports is expected to increase in Tanzania by 28 per cent, Uganda by 29 per cent, Rwanda by 33 per cent and Kenya by 43 per cent.
“As Ugandan private sector, we are ready to trade under the AfCFTA Guided Trade Initiative and follow our counterparts from Rwanda and Kenya who have already started trading through the agreement,” East African Business Council (EABC) Vice …
Currently, Africa is over-exposed to the impact of the US Dollar. Thus, African nations must either act individually or together to mitigate these effects. Dollar strength bursts are cyclical. Therefore, there should be enough time to implement efforts before the next one occurs. African governments have recognized the harm done in the previous year and should work round the clock to find a lasting solution.…