Browsing: African Union

Ramaphosa added that Africa is now taking concrete steps to write its own economic success story and the Intra-African Trade Fair is part of that story.
With Africa opening up new fields of opportunity, Ramaphosa said that seeing more of ‘made in Africa labels’ is critical if the continent is to change the distorted trade relationship that exists between African countries and the rest of the world.
He emphasised that the situation where Africa keeps exporting raw materials while importing finished goods from those materials is no longer tenable. By promoting trade in Africa, he said, “we strengthen our own industrial base and produce goods for ourselves and for each other”.…

As part of the requirements under the Kenyan Act, the government additionally established an Integrated Monitoring Reporting and Verification (Integrated MRV) system and published Kenya’s National Climate Change Action Plan 2018-2022 (NCCAP). The five year plan requires the government to develop “action plans”, providing mechanisms to assist stakeholders in bringing about low-carbon climate-resilient development. 

Angola boasts some of the most ambitious targets for transition to low carbon development in Africa, albeit having ratified the Paris Agreement in November 2020. Since then the country has launched a national development plan, established a climate observatory and implemented a continuous national emissions monitoring system.

In addition, Gambia is committed to reducing its GHG emissions unconditionally, by 2.4 per cent by 2025 having implemented the Sustainable Energy Action Plan in 2015, which sets out the country’s renewable energy targets and corresponding measures necessary for their achievement. It has also committed to terminating oil importation …

Albeit marred with difficulties, green manufacturing in Africa is possible and the continent stands to greatly benefit from the transition. It will promote inclusive economic transformation through domestic manufacturing and a commodity-based industrialization process, capitalizing on the continent’s resources and opportunities presented by the dynamic nature of the global structure of production.

Green industrialization has been identified as the holy grail of Africa’s socio-economic transformation; infusing green initiatives into value chain activities for instance, during sourcing and processing of raw materials to the marketing and selling of finished products. The Economic Commission for Africa (ECA) economic report on Greening Africa’s Industrialization, deduces that it is imperative for African countries to identify green industrialization entry points, set policies that support green industrialization and mobilize resources from the public and private sectors, as it is a precondition for sustainable and inclusive growth. …

The pan-African payments infrastructure was commissioned after a successful pilot phase in the West African Monetary Zone (WAMZ) countries where live transactions were done instantly.

Afreximbank worked with the West Africa Monetary Institute (WAMI) to launch the system in the WAMZ.

Following this successful milestone, PAPSS is now engaged in advanced discussions with other national and regional institutions for its rapid expansion across the continent.…

Africa’s blue economy has been hailed as the ‘new frontier of African renaissance’ due to the maritime industry’s huge economic potential across the continent. The significant economic opportunities in the blue economy on the continent include seabed mining, fisheries, oil drilling, trade, aquaculture and tourism whose potential can drastically transform Africa’s future.

The African Union (AU) highlights that thirty-eight of Africa’s 54 states are coastal, and maritime zones under Africa’s jurisdiction.…

With an estimated 150,000 and 300,000 tonnes of fish swimming throughout the EEZ, Kenya lies within the lucrative tuna belt. This is one of the most pressing reasons why Kenya is investing in blue-economy principles and increased investment in the sustainable development of its tuna resources.
In addition, Kenya can invest in blue-forest habitats like the mangrove forests where carbon storage offers the country a unique opportunity for financial gain through the blue-carbon markets incentives.…

The International Air Transport Association (IATA) highlighted three main priorities that governments in Africa can work on to ensure the survival of African aviation, travel and transport and be able to support economic growth, recovery and development.

IATA highlighted the priorities as: the safe reopening of borders, planning safe restart of operations and the release of committed aid and blocked funds as well as constant financial relief.

IATA noted that in 2020 African airlines received $2.04 billion in government aid which was mostly distributed through cash injections, direct government loans and equity financing. Despite this support, eight airlines in Africa filed for bankruptcy or entered into business administration last year.

In 2020, Air Mauritius (AM) was the first African airline to enter voluntary administration due to the pandemic. South African Airways (SAA) which racked up more than $3.9 billion in debt since 1994 followed as well as South African Express …

Creative industries are a job multiplier in Africa and generate US$4.2bn in revenue across the continent. …

Africa has a sustainable development opportunity for business valued at US$7.7 trillion by 2030.…

The African Union agenda 2063 is on course. After some delays due to covid, the African continental free trade area has become a reality. As part of the free trade area, the African Union passport will be availed this year. The passport launched in 2016 had been available only for diplomats and AU officials. It will now be rolled out to ordinary citizens of the African Union. 

What will an African Passport mean? 

The rationale for the passport is for African citizens to be able to cross all borders on African soil without a visa. The passport will facilitate easier movement for people to ease trade relations.

As African countries strengthen ties and seek to reap strength in numbers, the passport will spell an easier transition into seamless trade on the continent. 

Modelled along the lines of the European Union passport, the passport will be biometric to prevent fraud and …