Browsing: East African Community (EAC)

The Malaba OSBP. The EAC has operationalized 13 One Stop Border Posts.

The East African region has a long history of cooperation stretching back to 1900 when a Single Customs Collection point was established at Mombasa. Still, Non-Tariff Barriers remain a challenge to trade. The first instance of regional integration dates back to 1917 between Uganda and Kenya.…

Kenya-EU trade deal
  • Kenya will progressively allow more imports from the EU into its market.
  • An EU official terms the trade agreement with Africa’s seventh largest economy “a partnership of equals”.
  •  Under the Kenya-EU trade deal, Nairobi’s exports to European bloc will be tariff-free from day one.

A new Kenya-EU trade deal will see Nairobi’s exports to the European bloc enjoy tariff-free status from day one, while tariffs on EU exports will be liberalised over time but not on all products. The Kenya and European Union trade deal will provide new opportunities for Kenyan and European businesses, including the micro-, small- and medium-sized enterprises.

The two parties have concluded negotiations on the much awaited Economic Partnership Agreement. A new era of Kenya-EU trade ties will start in post-Brexit world where Brussels is exerting more influence across Africa.

European Commission Executive Vice-President and EU Trade Commissioner Valdis Dombrovskis and Cabinet Secretary of Kenya’s Ministry …

Plastic pollution. Recycling funding does more to address the challenge. www.theexchange.africa
  • Leaders are meeting in Nairobi for the Eastern Africa ‘Waste is Wealth’ conference.
  • The inaugural Waste is Wealth Series is organised by Taka Ni Mali, East African Business Council, and Alliance for Science.
  • The three-day conference is themed: Promoting Effective Waste Management Practices for Environmental Conservation and Climate Change Mitigation.

The concept of a circular economy is fast gaining momentum in East Africa with both the private sector and government’s stuck on the drawing board shaping policies and regulations to help realise the shift.

World business leaders, policy makers, academics and NGOs have argued that a move towards a more circular economy is necessary to help solve global environmental and economic challenges.

Moving towards a more circular economy could increase competitiveness, and stimulate innovation. It will also boost economic growth and create jobs across economies.

Waste is Wealth

It is against this background that leaders are meeting in Nairobi for …

Stock market defies disputes over presidential poll results www.theexchange.africa
  • 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 …

East Africa Trade
  • Kenya’s President William Ruto says the free movement was necessary for sustainable growth in the Horn of Africa.
  • Dr Ruto calls on member states in the region to eliminate national boundaries that are chocking growth.
  •  EAC Secretary General Peter Mathuki notes EAC can address challenges in advancing movement of goods and labour.

Barriers to free movement of goods and people are chocking East Africa’s regional integration. To unlock the bloc’s trade potential, Kenya’s President William Ruto is calling in the East African Community (EAC) and the Intergovernmental Authority on Development (IGAD) to remove barriers to free movement. Dr Ruto urges that free movement of people, goods and services can significantly enhance East Africa’s regional integration.

The Kenyan President notes the free flow of goods and capital was necessary for sustainable growth across East Africa.

The President is now challenging regional member states to eliminate national boundaries that have since become …

Kenya's tea sector
  • Across the East Africa region, Rwanda posted the strongest performance.
  • Uganda’s economy grew by 4.4 percent in 2022 compared to a 6.7 percent uptick in 2021.
  • Tanzania’s real GDP expanded by 4.5 percent in 2022 compared to 4.9 percent growth in 2021.

Kenya’s economy recorded a slower growth of 4.8 percent last year as agriculture slumped due to severe drought. In 2021, Kenya posted 7.6 percent growth as the country emerged from Covid-19 induced economic fallout.

Latest data from the Kenya National Bureau of Statistics show that East Africa’s economic powerhouse growth outpaced its neighbours. Kenya saw its nominal GDP increase to $98.24 billion, from $87.98 billion in 2021, retaining its pole position over East African peers.

Uganda’s economy grew by 4.4 percent in 2022 compared to a 6.7 percent growth in 2021. The marginal drop was partly on account of recovery in hospitality and other service sectors as schools …

The much acclaimed African Continental Free Trade Area (AfCFTA) that came into being last year may just have saved Africa from the new unfolding World trade order. Photo/UN
  • 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 …

US Dollars
  • Usable foreign exchange were recorded at USD 6.56 billion last week, which is equivalent to 3.66 months of import cover.
  • The shilling has continued to weaken against the US Dollar to a record 130 units to a dollar.
  • The country has witnessed a dollar shortage in recent months.

The Kenyan government has put in place a number of measures to tame the country’s dwindling forex reserves and a biting dollar shortage that is being witnessed in the market.

The East African Community (EAC) economic powerhouse is also grappling with a weakening shilling that has dropped by about 12 per cent against the US dollar, the highest in two decades.

It has breached the 130 mark to a dollar, which is a record high. Importers are however accessing the dollar at Ksh145 to the dollar, which has impacted on the cost of imports and commodity prices.

Usable foreign exchange was recorded …

The Democratic Republic of the Congo (DRC), about the size of Western Europe, is sub-Saharan Africa’s biggest nation with great economic potential. www.theexchange.africa

The challenge facing the EAC is not the lack of natural resources but the lack of high-tech industries. China is a perfect example of a country that transformed from an agricultural civilisation to an industrial one. More than 850 million individuals have been lifted out of poverty due to recent economic growth brought about by China’s industrialisation.

Without involvement in the fourth industrial revolution, the East African Community would never be able to escape its state of backwardness. Therefore, the DRC will catalyse industrial transformation inside the East African Community, Africa and the world.…

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President Ruto's administration has enough space to execute its plan regarding the advancement of information technology and growth of the ICT sector in Kenya. www.theexchange.africa

Kenya has not been left behind in the growth and development of technology. East Africa’s richest economy stands tall in the development of digital technology. However, a lot needs to be done, and the new administration has enough space to execute its plan regarding the advancement of the Kenyan digital space.…