Browsing: Doing business in Arica

The forum is being organised by the government of Barbados and the African Export-Import Bank (Afreximbank) under the theme “One People, One Destiny: Uniting and Reimagining Our Future”.

Other conveners are the AfCFTA Secretariat, the Africa Business Council, the CARICOM Secretariat, and the Caribbean Export Development Agency.

The conference will give business communities in Africa and those in the Caribbean Community (CARICOM) region an opportunity to develop strategic partnerships and enhance bilateral cooperation in trade, investment, technology transfer, innovation, tourism, culture, and other sectors.…

For the first time in 25 years, growth in Sub-Saharan Africa (SSA) could fall to -5.1 per cent this year due to the Covid-19 which will cost the region anywhere from US$37 billion to US$79 billion in lost output. 

This is a sharp drop from last year’s figure of 2.4 per cent showing that SSA is now facing its first recession in two and a half decades. Politically unstable countries are the most adversely impacted with those dependent on the export of commodities such as oil and metals, as well as the tourism sector coming in second. 

An analysis by the Global Trade Review (GTR) shows that the risk of sovereign default is growing across Africa because of higher debt levels and currency risk. 

In addition, reduced demand and lower commodity prices have affected oil and metals export pushing some African countries which are particularly reliant on these commodities into