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Kenya’s forex reserves dipped to $6.2 billion on May 19, an eight-year low, before a slight improvement to $6.4 billion on May 26. At…
According to SWIFT, African regions with strong integration saw increased use of local currencies and decreased use of hard currencies such as the US dollar. For instance, the use of the West African franc by the eight countries in the West African Economic and Monetary Union has overtaken the South African rand and the British West African pound.
This implies that boosting the use of regional currencies will shield the African trade market from adverse global conditions associated with the performance of US dollars. However, further regional coordination remains necessary to build a continental payment system that encourages the use of local correspondent banks and local currencies. These moves can help in managing currency depreciation to boost African trade finance.
Into a menacing economic quick sand African economies have been…
The AfCFTA presents a significant opportunity for African countries to bring 30 million people out of extreme poverty and to raise the incomes of 68 million others who live on less than $5.50 per day. The AfCFTA is the new anchor to pull multinationals to invest in Africa.
This agreement not only brings hope to African governments but also encourages current efforts on the ground, which improve jobs in Africa.
The World Bank points out that the AfCFTA will create the largest free trade area in the world, measured by the number of countries participating. The pact connects 1.3 billion people across 55 countries with a combined gross domestic product (GDP) valued at $3.4 trillion.
It has the potential to lift 30 million people out of extreme poverty, but achieving its full potential will depend on putting in place significant policy reforms and trade facilitation measures.
Tourism is one of key economic sectors championed by President Samia At present the economy…
In this context, it is only intelligent and strategic for any country, especially developing economies, to start laying down foundations on how they will work in the coming future. We take a look at Tanzania.
The WEF argues that new technologies, demographic shifts, and the impact of COVID-19 on the labour market have been radically transforming how organizations conduct business and the type of skills their human capital needs to support them thrive in this new era of work.
“Nearly 50 per cent of companies expected that by 2020, automation will lead to some reduction in their full-time workforce, while more than half of all employees will require significant re-skilling and upskilling,” notes WEF.
Since the advancement of the standard of living, most parts of the world have experienced…
The entertainment and media industry has evolved to become one of the most profitable sectors…
More people are becoming poor while few are getting extremely wealthy The pandemic has exacerbated…
