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Browsing: African Union (AU)
On the 1st of June 2023, African ministers for trade and industries adopted a protocol that prevents trading second-hand clothes across the continent under the preferences of the AfCFTA. This was during the high-level African Union – East African Community and the private sector forum, the second Ministerial Retreat of the Council of Ministers on the AfCFTA, held in Nairobi, Kenya, to assess the progress and address critical aspects of the agreement's implementation.…
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- With tightening monetary policies globally, many African economies are struggling with falling forex reserves.
- Low reserves have sent governments back to the drawing board strategising on how to survive future trends while balancing trade.
- With this, leaders and policymakers in Africa are engaging in the de-dollarisation conversation.
Kenya has sent a strong message to economies in Africa on the need to accelerate dedollarisation of cross-border trade, further amplifying the global conversation on reducing reliance on the US dollar as the main mode of payment.
For over a decade, China and Russia have sought to drastically lower their usage of the US Dollar in what is commonly referred as “dedollarisation”.
This is in a move intended at shielding their economies from possible trade-limiting US sanctions. The strategy also reduces their exposure to adverse effects of US economic and monetary policy, while also asserting global economic leadership.
China, Russia slowly cutting dollar
- 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.
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 and political growth …
- 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.
- 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.…
Over the past decade Africa has been rife with infrastructure developments that hitherto continue to steadily transform the continent, spurring the much-needed economic development. This is well aligned to aspiration 2 of Africa’s Agenda 2063, which advocates for ‘an integrated continent politically united based on the ideas of Pan Africanism and the vision of African Renaissance’ with the key priority area of developing world class infrastructure that crisscrosses Africa.
Inadequate infrastructure in Sub-Saharan Africa has remained an existential hurdle to the continent’s achievement of robust economic growth. According to a report by Deloitte, this status quo has reduced national economic growth by two percentage points every year, and cut business productivity by as much as 40 per cent. In reiteration, another report by McKinsey and Company highlights that Africa faces an infrastructure paradox, in that there is need and availability of funding together with a large pipeline of potential projects…
The Ghananian government officially handed over the headquarters of the African Continental Free Trade Area (AfCFTA) Secretariat to the African Union.
The ceremony which was held in Accra, Ghana was attended by Ghanaian President Nana Akufo-Addo, Moussa Faki Mahamat, African Union Commission Chairman and AfCFTA Secretary-General Wamkele Mene.
Ghana was selected as the venue for the headquarters by African leaders during a Summit of AU heads of states in July 2019, to launch the implementation phase of the African Continental Free Trade Area.
“The economic integration of Africa will lay strong foundations for an Africa beyond aid. Africa’s new sense of urgency and aspiration of true self-reliance will be amply demonstrated by today’s ceremony,” Akufo-Addo said.
He also appealed to 28 member states that have not ratified to do so before the next AU summit in December so as to pave the way for the smooth commencement of trading from …
The World Bank gave $379 million to help balance and strengthen statistical systems in seven West African countries.
The seven countries include Cote d’Ivoire, Burkina Faso, Sierra Leone, Ghana, Cabo Verde, Togo and Liberia.
The project “Harmonizing and Improving Statistics in West Africa (HISWA)’ is funded by the International Development Association (IDA) credits and grants.
The project key objective is to strengthen the statistical systems of the participating countries, regional and sub-regional bodies, in order to help them balance, produce, distribute and enhance the use of core social and economic statistics.
With World Bank’s efforts to deepen regional integration in Africa, the funding will also support the Economic Community of West African States (ECOWAS) and the African Union (AU).
“High-quality and harmonised statistics are essential to support economic activity and regional integration as a way to address …