Browsing: Africa

Kenya has become one of the latest countries to strengthen the fight on tax evasion and profit shifting with signing of a tax treaty, in the wake of rising malpractices by global multi-nationals.

Kenya has become one of the latest countries to strengthen the fight on tax evasion and profit shifting with signing of a tax treaty, in the wake of rising malpractices by global multi-nationals.

The national efforts to strengthen the country’s bilateral tax treaties, have received a boost with the signing of a multilateral convention to end tax avoidance in France.

This week, the country signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting Convention at the 10th Anniversary Meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum) in Paris.

The Convention is the first multilateral treaty of its kind, allowing international collaboration initiatives to end tax avoidance among multinational firms under the OECD/G20 BEPS Project.

READ ALSO:Kenya’s tax evaders put on notice by President Kenyatta

The OECD/G20 BEPS Project delivers solutions for governments …

KNCCI

Trade and investment between Kenya and the United Arab Emirates is set for a major boost after chambers of commerce from the two countries reached a new agreement.

The Sharjah Chamber of Commerce & Industry and Kenya National Chamber of Commerce and Industry have signed an MoU to open a satellite trade office in the United Arab Emirates.

READ ALSO:Kenya seeks mineral market in the United Arabs Emirates

The agreement will enable and provide strategic bilateral cooperation between the business communities in Kenya and UAE with an objective to foster cooperation in trade, investment, joint activities, information and services and trade policy support programmes.

The agreement was announced at the UAE-Kenya Trade and Investment Forum where Kenya hosted a delegation of over 20 top companies from the United Arab Emirates.

READ ALSO:UAE tightens its grip over Zanzibar

The Forum organized by Sharjah Chamber of Commerce & Industry and …

Exploring how AfCFTA can avail cheaper medicines for Africa

A high-level meeting of policymakers, regulators and industry experts in the field of pharmaceuticals and trade has discussed a bold path towards affordable pharmaceuticals through leveraging the African Continental Free Trade Area.  The Continent is home to 11% of the world’s population yet it carries 25% of the world’s burden of disease.

If implemented, pooling procurement of essential drugs and products and expanding local pharmaceutical production on the continent is seen as a critical pathway to the prosperity of African citizens, thereby achieving universal healthcare in Africa.

Executive Secretary of the Economic Commission for Africa Vera Songwe told the meeting that 50 % of all children who die before the age of 5 in the world are in Africa. “We cannot build a prosperous Africa if we have such a high mortality rate. The pharma initiative seeks to reduce costs and increase healthcare access.”

“The tragedy is that these diseases …

$2.6 trillion Africa’s energy gap provide investment opportunities

Africa needs cumulative investments of $2.6 trillion between 2019 and 2040 to meet the rising energy demand and provide more accessible facilities to citizens as the continent’s population expands report shows.

The International Energy Agency (IEA) released its Africa Energy Outlook 2019 report, in which it said that Africa is experiencing the fastest progression of urbanisation in the world. While accounting for half of the global increase, the report said that Africa’s overall population is projected to expand by 600 million before 2040.

According to the report, the shifts will drive the continent’s economic growth, infrastructure development and energy demand, which is predicted to rise by 60 per cent.

“While this energy gap remains a significant barrier to Africa’s sustained economic development, it inversely presents several opportunities for many African nations such as current advancements in the liquefied gas (LNG) market, potential for realising onshore value, while simultaneously driving …

More than 66 per cent of total employment is Sub-Saharan Africa is from the informal sector, the International Labour Organization (ILO) has revealed, the biggest provider of employment in Africa.

More than 66 per cent of total employment is Sub-Saharan Africa is from the informal sector, the International Labour Organization (ILO) has revealed, the biggest provider of employment in Africa.

Informal economies are typically characterised by low productivity and non-exportable goods and services.

READ ALSO:Sectors that will grow West Africa’s 15 economies

On the other hand, the sector also provides crucial livelihoods to the most vulnerable of the urban poor.

It is projected that the informal sector is likely to absorb many of the continent’s young employment seekers who are mainly today’s millennial digital natives – educated, learned and very adaptive to global trends.

READ ALSO:Industry Review: Jua Kali sector in East Africa

The Inter Region Economic Network (IREN) recently has held its 18th Africa Resource Bank Forum in Nairobi in collaboration with the Friedrich Naumann Foundation for Freedom(FNF), under the theme: “The Future of Africa’s Informal …

Africa leaders in Dubai discuss harnessing technology

African governments are harnessing digital technologies to support ongoing reforms and better serve the interests of citizens, according to industry experts at the Global Business Forum Africa 2019 in Dubai.

Innocent Muhizi, CEO, Rwanda Information Society Authority who spoke during a session entitled Rethinking Government – Working with the New Guard, explained how the government agency partnered with companies to develop an e-procurement platform that handles proposals and contracts and said the government in Rwanda operates like a private sector entity by setting KPIs and working towards ambitious targets.

Hon. David J. Francis, Chief Minister, Republic of Sierra Leone, noted that his country was in the process of creating a “new direction government” built around digital innovation, science and technology. He explained that his department has piloted iPads to reduce stationery, introduced an automated public expenditure policy and expanding internet and mobile coverage, providing real-time data to citizens – …

MMC Africa Law has teamed up with Africa’s international law firm ASAFO & CO to form MMC ASAFO, in a merger likely to shake the continental space.

Kenya’s top commercial law firm MMC Africa Law has teamed up with Africa’s international law firm ASAFO & CO to form MMC ASAFO, in a merger likely to shake the continental space.

In order to provide a unique and integrated offering of top-tier legal services exclusively dedicated to the African continent, the MMC ASAFO team is based in different offices, with a balanced presence in France and in the major African business hubs of Nairobi, Abidjan, Casablanca and Johannesburg.

The merged entities are keen tap on the African Continental Free Trade Area which came into effect this year, congregating over 1.2 billion people in the world’s largest free trade zone.

READ ALSO:How East African businesses are going to lead the AFCTA

According to MMC ASAFO East Africa Team Leader Edward Muriu, African economies are among the fastest growing in the world today with a powerful industrial revolution which is …

Wefarm secures $13 Million in funding to scale its Smallholder Agricultural Ecosystem

East African based WeFarm the digital network for global small-scale agriculture, have announced it has raised $13 million in a Series A financing round led by Silicon Valley venture capital firm True Ventures.

This financing round will help Wefarm further scale its network of 1.9 million farmers, and its newly created Marketplace, to connect farmers in Africa, even those without internet access, to the information, products and services they need to be more successful. Investing alongside True Ventures are AgFunder and June Fund, among others. The company received significant follow-on investments from LocalGlobe, ADV and Norrsken Foundation.

Founded in 2015, Wefarm is on a mission to create a global eco-system for small-scale agriculture. With more than 1 billion people directly involved in small-scale farming, it is the biggest industry in the world. Wefarm is building the network of trust for those farmers.

Wefarm Marketplace allows farmers to easily access quality …

Africa must capitalise from recent global attention - The Exchange

Recently, Africa has enjoyed a lot of global attention. Overtures from partners all over the world have been relentless. Africa has had summits with China, Japan and Russia.

To take stock of the importance or lack thereof, it is politic to look at Africa’s continental vision and how international relations could help to realise it. The transformation of the Organisation of African Unity (OAU) into the African Union (AU) was not a mere exercise in shorter nomenclature; it signalled a break from some of the imponderable challenges that Africa could not solve through the OAU.

The AU said it differs from the OAU because it envisages “an integrated, prosperous, equitable and well-governed and peaceful United States of Africa, effectively managed by its own citizens and representing a creative and dynamic force in the international arena”. The First Strategic Plan of Action Horizon 2007 was meant to shape strategic relations with …