Browsing: AfCFTA

The African Continental Free Trade Area (AfCFTA) has presented a distinctive opportunity to bolster economic growth, alleviate poverty, and decrease Africa’s reliance on volatile commodity cycles. According to a World Bank report from 2020, the AfCFTA can increase the continent’s income by 7 per cent by 2035 and elevate around 40 million individuals out of extreme poverty. This positive impact is primarily attributed to the stimulation of intraregional trade, termed the “AfCFTA trade scenario” for this analysis.…

A recent report has revealed that the ban on second-hand clothing, also known as mitumba, might not enhance Kenya’s textile industry as previously anticipated. The report commissioned by the Mitumba Consortium Association of Kenya (MCAS) on the Second-Hand Clothing Industry in the East Africa Community has cautioned against protectionism towards importing second-hand clothing.…

In May 2023, Zimbabwe released a gold-backed digital currency for peer-to-peer and business transactions. It acted as a store of value as the Zimbabwean dollar continued its steep depreciation. International gold prices controlled by the London Bullion Market Association will dictate the local pricing of Zimbabwe’s digital currency tokens.…

Africa’s automotive market size is expected to grow from 1,325.89 thousand units in 2023 to 1,777.69 thousand units by 2028, at a CAGR of 6.04 per cent, during the forecast period between 2023 and 2028. According to a recent report by the Globe Newswire, the market is expected to reach the pre-Covid demand rates from customer industries only in the second half of 2023. This is because the African automotive market was severely affected by the Covid -19 pandemic.…

Population growth and economic development have necessitated speeding up and scaling up infrastructure development in Africa. Over 28 African nations have seen population growth of more than double in the last 30 years. The population of 26 other African countries will quadruple over the next 30 years. Consequently, funding for the continent’s infrastructure has become essential.…

• Japan’s Export Credit Agency, NEXI is the newest shareholder of ATI, with a $14.8 million capital injection.
• The two organisations have a long-standing strategic partnership of boosting Japanese investment and trade across Africa.
• NEXI provided reinsurance support to ATI for Sumitomo’s investment in Safaricom Ethiopia.

The African Trade Insurance Agency (ATI) has welcomed Nippon Export and Investment Insurance (NEXI) as its latest shareholder, as Japan’s export credit agency joins the Pan-African guarantee institution.

NEXI’s capital injection of $14.8 million further strengthens the enduring and expanding partnership between Africa and Japan. The deal syncs within the framework of the Tokyo International Conference on African Development (TICAD). Through this collaboration, ATI and NEXI will facilitate Japanese trade and promote Foreign Direct Investment (FDI) into Africa.

Promoting Japan-Africa trade

“Our strong collaboration with NEXI in recent years fostered within the TICAD framework has been instrumental in promoting trade and investment between Japan and …

• Key staff in Eswatini and Zimbabwe have gained critical skills on how to harness Africa Continental Free Trade Area (AfCFTA).
• The training will be rolled out in Kenya, Seychelles, Rwanda, and DRC starting June, this year. It is critical for helping businesses identify and compare emerging opportunities in Africa.
• The programme equips staff with integrated and reliable trade intelligence on international market performance and opportunities as well as market access conditions.

Staff from over 80 companies and public agencies in Eswatini and Zimbabwe have gained critical skills on how to harness opportunities under Africa Continental Free Trade Area (AfCFTA). The training was undertaken by the African Trade Observatory, one of the five operational instruments of AfCFTA charged with driving intra regional trade of small businesses.

The online dashboard is critical for helping businesses identify and compare emerging opportunities across the continent. It provides integrated and reliable trade intelligence on international …

• By enhancing intra-African trade, AfCFTA estimates that the continent with gain $195 billion by 2045.
• These gains are projected to be mainly realised in industry, services, agrifood, and energy sectors.
• By collaborating under AfCFTA, countries can greatly boost regional supply chains for the global electric vehicles market.

African countries need to embrace a set of reforms critical in driving Africa’s free trade plan, AfCFTA. The call comes even as more African leaders sign the agreement on the African Continental Free Trade Area (AfCFTA).

AfCFTA has the potential to transform regional trade and thereby lift billions of livelihoods in Africa out of poverty. To realise these benefits however African leaders need to go beyond blueprints.

“It is not for lack of blueprints that Africa has not structurally transformed,” United Nations Economic Commission for Africa (UNECA) Secretary-General Antonio Pedro said.

Mr Pedro was speaking at the Africa Regional Forum by UNECA on …

• XRP Healthcare is the first Pharma and Healthcare platform to be built on the XRP Ledger and will be investing in privately owned clinics, care homes, pharmacies, and hospitals through XRP Healthcare Africa
• These establishments will operate under one roof, with access to improved systems, doctors, and medical provisions that will utilize XRP Healthcare’s developing blockchain technology
• The patient will be at the centre of the healthcare ecosystem thanks to blockchain technology, which will also improve the security, anonymity, and interoperability of health data

In order to build a sustainable, first-rate healthcare network, XRP Healthcare has declared its entrance into Africa’s healthcare market through its subsidiary, XRP Healthcare Africa.

The move is aimed at providing easier access to healthcare services and medication in pharmerging countries and revolutionizing the healthcare industry.

XRP Healthcare is the first Pharma and Healthcare platform to be built on the XRP Ledger and will be …

Africa is a strong contender for developing technologies such as blockchain and cryptocurrency owing to the continent’s growing mobile tech adoption rates. Considering the turbulent global financial markets, expensive remittance costs, and restricted banking access, blockchain in Africa offers alternatives to tackle their day-to-day issues.…