Browsing: African Union (AU)

• Bolstered by the support of President William Ruto, Odinga outlines his vision for Africa—a continent united, resilient, and thriving.
• Kenya has established a secretariat to facilitate Odinga’s AU Commission Chairmanship campaign.
• Odinga’s bid launch attracted presidents Yoweri Museveni, Salva Kiir, Samia Suluhu, and former presidents Jakaya Kikwete and Olusegun Obasanjo.

In a forum graced by Heads of States and senior Government officials from across Africa, Kenya’s Raila Amolo Odinga has officially launched his bid for the Chairperson of the African Union Commission (AUC).

Bolstered by the support of Kenyan President William Ruto, Odinga outlined his vision for Africa—a continent united, resilient, and thriving.

In the current contest, the role of the AUC Chairmanship is reserved for a candidate from the East African region to replace Moussa Faki, a career politician from Chad who has served since 2017. Recently, the African Union issued a statement listing the four competing candidates as …

• The latest Nairobi Securities Exchange monthly Barometer shows month-on-month growth comparing January this year and December last year, with prospects looking much better after a bear run last year.
• Market capitalisation increased by 0.08 per cent in January to $9.11 billion from $9.05 billion in December 2023.
• The NSE 20 and NSE 25 Share Index recorded increases in activity of 0.89 per cent and 1.32 per cent, respectively, while the All-Share Index experienced a 0.08 per cent increase.

Nairobi Securities Exchange showing recovery signs

Kenya’s capital market is showing a sign of recovery this year, with the Nairobi Securities Exchange (NSE) recording a gain in January, albeit minimal, as large stocks pay investors.

This is despite interest rates in advanced economies remaining high into 2024, a trend that has seen foreign investors focus on home markets, mainly the United States.

The latest NSE monthly Barometer shows month-on-month growth comparing January …

• The primary purpose of the OAU was to promote the unity and solidarity of newly independent African states.
• Agenda 2063 is an economic master plan to transform Africa into a global powerhouse within the next decades.
• The AfCFTA is the world’s largest free trade area that unites an entire continent and eight Regional Economic Communities.

Every year on 25th May, the world celebrates Africa Day, a special occasion that commemorates the foundation of the continent’s most development-oriented organization, the African Union.

African Union has been advocating for continuous economic development and has achieved notable milestones. To commemorate Africa Day, we shall be taking you down memory lane highlighting AU’s role in championing the continent’s growth. (https://artandhistory.org/)

Flashback: the journey to Africa Day

At the height of political and social freedom, 32 African countries met on 25th May 1963 in Addis Ababa, Ethiopia, to form a front for economic …

• 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.

Kenya’s …

• 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 …

• They will closely collaborate in trade facilitation and financing in order to grow trade across the continent.
• The organizations are keen to support implementation of the Africa Continental Free Trade Area (AfCFTA) which became effective in 2021.
• The AfCFTA aims to create a continent-wide market of USD3.4 trillion and 1.3 billion people.

Leading aid for trade organization TradeMark Africa -TMA (formerly TradeMark East Africa), global government advisory organisation, Tony Blair Institute (TBI) and catalytic fund Trade Catalyst Africa (TCA) have come together to support trade in Africa.

TCA is a subsidiary of TMA.

The three have signed a Memorandum of Understanding (MoU) to closely collaborate in trade facilitation
and trade finance in order to grow trade across the continent.

The organizations are keen to support implementation of the Africa Continental Free Trade Area (AfCFTA) which became effective in 2021.

The AfCFTA aims to create a continent-wide market of USD3.4 trillion …

Until substantial reforms are implemented, and remittance flows channelled towards long-term economic prospects, the diaspora will continue to be a net negative for weak African economies. Africa cannot depend on exporting its brilliant people abroad to bring money home forever. Thus, governments must establish vibrant economies that appreciate the continent’s human capital and enable bright individuals to prosper.…