- Twiga Foods raises undisclosed funding despite massive layoffs
- No more excuses: Commonwealth to call for accelerated action on climate crisis at COP28
- London’s Verto and UBA spearhead cross-border payments in East Africa
- Mozambique’s $80 Billion Green Energy Gamble: A Strategic Shift with Global Implications
- Financial professionals must lead Africa’s switch to sustainable growth
- Africa-Europe team pioneers study for severe malaria response in isolated rural areas
- Building bridges: President Biden invites Angolan counterpart João Lourenço for talks
- Russia’s charm-offensive for ties with Africa continues
- The East African Community (EAC) will approach the upcoming COP 28 Climate Summit, to be held in Dubai from November 30th to December 12th, 2023, as one bloc.
- No country should have to choose between its development aspirations and climate change mitigation; there is a need for complementarity as opposed to competition among Partner States.
- The move comes as the continent faces the most severe challenges, including the ongoing El-Nino floods and drought that have caused havoc due to climate change.
The East African Community has revealed its intention to present a united front at the upcoming COP 28 Climate Summit scheduled to take place in Dubai, the United Arab Emirates, from November 30th to December 12th, 2023.
Addressing participants at the EAC High-Level Forum on Climate Change and Food Security in Arusha, Tanzania, EAC Secretary-General Peter Mathuki emphasized the significance of the EAC having a unified stance as it …
Across East Africa’s vibrant economic landscape, Kenya and Tanzania hold a prominent position as both trading partners but also nations engaging in a fierce economic rivalry. Collectively, the two countries collaborate in business, yet never-ending feuds often erupt into disruptions that hurt cross-border trade. Overall, their trade wars slow regional integration while limiting the nations’ ability to exploit the full potential of the East Africa Community (EAC) market.…
The Confederation of African Football (CAF) has selected Kenya, Tanzania, and Uganda to host the 2027 Africa Cup of Nations (AFCON) over bids from Morocco, Algeria, Senegal, Botswana, and Egypt. The East Africa joint bid, commonly called the “Pamoja AFCON Bid,” has won the hosting rights for the 2027 AFCON as Morocco takes the rights for the 2025 showpiece.
CAF president Patrice Motsepe announced the news on Wednesday morning, 27 September, shortly after the body held an executive committee meeting in its headquarters in Cairo, Egypt. Recommendations from several nations boosted the East Africa Pamoja AFCON Bid. In a move that will elate East African sports enthusiasts, the CAF Executive Committee chose the Pamoja Afcon Bid.…
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.…
Subscribe to unlock this article
Login to read this article for free and get 3 free premium articles. Subscribe today for unlimited premium articles and more.
Digital Subscription – Monthly
You can cancel anytime.
Digital Subscription – Annually
- AfDB projects mid-term economic growth across EAC will accelerate to 5.1% in 2023 and 5.8% in 2024. This will be the highest growth area in Africa.
- The region will largely be powered by growth in Rwanda, Uganda, Ethiopia, Kenya, Djibouti, and Tanzania.
- East Africa’s real GDP is riding on a strong services sector that contributed almost 50% of the economic growth in 2022.
According to the newly released African Development Bank economic outlook, the East African Community (EAC) economies will post the highest regional economic performance on the continent in 2023 and 2024, with growth rates of over 5 percent.
AfDB’s 2023 East Africa Economic Outlook projects that EAC’s mid-term economic growth will accelerate to 5.1 per cent in 2023. The region will further post 5.8 per cent economic expansion in 2024, outpacing all other African regions. The region will largely be powered by growth in Rwanda, Uganda, Ethiopia, Kenya, …
A recent report has revealed that the ban on second-hand clothing, also known as mitumba, might not enhance Kenya’s textile industry as previously anticipated. The report commissioned by the Mitumba Consortium Association of Kenya (MCAS) on the Second-Hand Clothing Industry in the East Africa Community has cautioned against protectionism towards importing second-hand clothing.…
- The Kenyan shilling has fallen to a new low of 140.04 against the US dollar.
- Central Bank of Kenya data shows the unit is also losing to other major currencies including British Pound and Euro.
- Last year, the Kenyan shilling depreciated by about 7.5 per cent against the US dollar, the UAE dirham (7.5%), Saudi Riyal (7.4%) and the Chinese Yuan (3.1%), the Kenya Economic Survey 2023 shows.
As developing market currencies continue to suffer from the worldwide increase in interest rates, which is being spearheaded by the US Federal Reserve, the Kenyan Shilling has dropped to a historic low in relation to the US Dollar.
The Fed has increased the benchmark rate ten times in a row, or a total of five percentage points, since March of last year. In the last 40 years, these increases are the most abrupt. In an effort to combat US inflation, interest rates…
- Ongoing wars in Africa are bleeding billions from poor economies as investors flee the region.
- Sudan army is spending about $1.5 million per day fighting the Rapid Support Forces.
- IMF says Ethiopia’s GDP contracted from 9 percent in 2019 to 6.1 percent in 2020 as Tigray war intensified.
Wars in Africa are costing an arm and a leg, and throwing an awful wrench on poor economies that are hardly providing the bare minimum to their citizens. Take for instance the latest ongoing war in Sudan. Sudan Tribune notes that it is costing roughly $1.5 million every day for the Sudanese army to fight the Rapid Support Forces (RSF).
For Sudan, a country whose poverty rate rose from 64.6 percent in 2021 to 66.1 percent last year, $1.5 million is a huge sum of money to be wasted on senseless fighting.
Wars in Africa yielding economic crisis
Sudan is one of …
- Kenya is among the top three countries receiving the most international remittances across sub-Saharan Africa, after Nigeria and Ghana. Overall, the US, Saudi Arabia and UK account for nearly three-quarters of total annual inflows into Kenya.
- Kenyans living abroad sent home $357 million in March 2023, a 15.5 percent increase compared to February.
- As a whole remittances from the African diaspora are estimated at $95.6 billion annually, making it a key foreign exchange earner.
Diaspora remittances have risen to become Kenya’s largest foreign exchange earner, surpassing the country’s key exports such as tourism, tea, coffee and horticulture. According to Central Bank of Kenya (CBK) data, diaspora remittances rose by 8.34 percent to $4.027 billion in 2022. In the same period under review, tea exports earned the country $1.2 billion, horticulture $901 million, chemicals $521 million, coffee $301 million and petroleum products $77 million. The widening disparity highlights the crucial role …
- The programme, being implemented with the support of the World Customs Organisation (WCO), is aimed at bolstering the region’s private sector by encouraging participation in both regional and international trade.
- Intra-regional trade within the East African Community (EAC) is on an upward trajectory, standing at $10.17 billion as of September 2022 while total trade with the rest of the world stood at $62 billion, highlighting a need for further improvement. This represents a 20 percent share of Intra-trade to global trade.
- The digitisation of the CETs will see the region’s business community — exporters and importers- gain access to trade information from the private sector in international trade.
The East African Community (EAC) secretariat has embarked on the digitising its Common External Tariffs (CET) a move that is billed to encourage the countries’ participation in regional and international trade.
The CET is meant to protect the member countries of the …