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Browsing: African Union (AU)
- 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.
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.…
African air transport
Seven days ago, a High-Level Webinar on African Aviation in the Aftermath of COVID-19 was held by the African Union (AU) and aviation industry players.
The webinar focused on looking at options that are at the continent’s disposal when it comes to opening up the aviation industry after a shaky phase following by the global pandemic.
“Recovery of aviation is essential to a rapid and sustainable recovery of Africa economies post-COVID19. Restoring confidence, stimulating demand, consistency and harmonization in applying health measures, as well as innovation are building blocks for successful restart” stated H.E. Dr Amani Abou-Zeid, Commissioner for Infrastructure and Energy at the opening of the High-Level Webinar on African Aviation in the Aftermath of COVID-19.
Also Read: $8 billion revenue loss for Africa’s aviation
The webinar aimed at exploring strategies to build back a safe, secure and competitive air transport sector while highlighting the role …
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).
Also Read: Africa asks World Bank, EU and IMF for debt relief support
“High-quality and harmonised statistics are essential to support economic activity and regional integration as a way to address …