Browsing: AfCFTA

Since the beginning of the Russia-Ukraine crisis, fertilizer prices have risen by 21 per cent.

It was noted that “the recovery of Africa has been impeded by greater inflation and tighter global financial conditions as well as rising interest rates,”

To counter external shocks, such as the Ukraine crisis, she urged public and private sector partnerships to enhance intra-African agri-food, industry, and service trade. She also urged the continent’s recovery from Covid-19 to get back on track.

When asked if Africa needs a second Marshall Plan, Keita said that Africa already has an effective one, in the AfCFTA, that may help it prepare for unpredictable times.

One of the major criticisms raised against his ambitious continent-wide free trade pact is the fact that it is bound to have disproportionate benefits for different countries.  There are already pre-existing inequalities that favour more developed countries.

Bluntly speaking, it is to be reasonably expected that it is the continent’s tycoons, large business owners that will benefit the most.

Consider this, only three of the agreement’s members i.e. Nigeria, South Africa and Egypt account for almost half (50%) of all of Africa’s GDP. Take for instance the fact that in 2020 alone, the continent of Africa as a whole, imported US$20 billion worth of goods from South Africa.

With the tariff-free movement of goods, South Africa will enjoy a tremendous increase in trade output to the rest of the continent at much lower costs.

UNCTAD World Investment Report 2021 specifically states that “Greenfield investments in industry and new infrastructure investment projects in developing countries were hit especially hard.”

These financial flows of investment dollars have deep-rooted implications for Africa in the sense that they are vital for sustainable development in less developed and poorer countries.

The decline in investment flows was disproportionately skewed towards developed countries where FDI fell by 58 per cent according to UNCTAD. Investment flows in developing economies fell by a moderate 8 per cent mainly because of resilient flows in Asia.

In practical reality, it aims at creating a continental market for goods and services, with free movement of businesspeople and investments in Africa.

Several reports indicate that the summit strives to bring Africa and Europe closer together through strengthening economic cooperation and promoting sustainable development, with both continents co-existing in peace, security, democracy, prosperity, solidarity and human dignity.

It is against this backdrop that the two partners are determined to work together on a strategic, long-term footing to develop a shared vision for EU-Africa relations in a globalized world.

To discourage the use of firewood and charcoal, the European Union (EU) has committed to fund renewable energy solutions specifically designed to set up and support a sustainable cooking solution program.

EU Head of Delegation to Tanzania, Ambassador Manfredo Fanti announced the EU led program late last year in the capital, Dodoma. At the launch, the diplomat said the initiative is part of the EU’s efforts to mitigate climate change through the use of renewable energy solutions for cooking.

However, what is interesting here is that increase in the use of firewood and charcoal is not in rural Tanzania but in the urban centres.

Africa is a busy geopolitical arena, with many players operating.
Russia has to compete against them, and distinctively remain focused its efforts. Russia welcomes diplomatic support from African countries, and unlike the West, it does not demand good governance or advocate for human rights reforms.
Russia likes to portray itself as not interfering in local politics or judging African countries, even though there is mounting evidence that it has been involved in meddling in elections in Africa through disinformation, fake news and attempting to exploit fault lines in societies through social media.

The AfCFTA agreement will boost East Africa’s manufactured exports to the rest of Africa Textiles & clothing exports will increase…

The Ghana.gov platform also serves the digitization and revenue-collection needs of other Ministries, Departments and Agencies (MDAs) and Metropolitan, Municipal and District Assemblies (MMDAs)

As of mid-July, 2021, about 624,000 users have logged in to pay for 37 government services, comprising taxes, levies, royalties and stamp duties, directly into Ghana Revenue Authority (GRA) accounts. 

The government of Tanzania is working on a blue print to increase sell of the country’s agro-produce by setting up…

On 1 January 2021, trade began within the African Continental Free Trade Area (‘AfCFTA’). After years of preparation, and being…