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- Nigeria’s Union Bank gets $30Mn loan from IFC to lend to SMEs
- African countries open to cheaper flights to boost domestic travel
Browsing: economic development
The PAE – Economic Acceleration Stimulus Package consists of 22 measures divided into two sets of reforms, the first being fiscal and economic stimulus and the second the improvement of its business environment, transparency, governance, and the acceleration of strategic infrastructure.
The fiscal and economic stimulus interventions include the reduction of selected taxes with a direct impact on the main productive sectors.
The measures announced lower the IRPC from 32 per cent to 10 per cent in agriculture, aquaculture, and public transport, and VAT from 17 per cent to 16 per cent and include a VAT exemption on imports for agriculture and electrification to boost renewable energy.
The Mozambican head of state also signalled the introduction of tax incentives for new investments over the next three years but did not mention the rates of these incentives.…
- The economy is now projected to grow by 4.6% during 2022, a downward revision from the original 5.5% projection
- Reserve money stock has increased to ZW$33.6 billion as of June 30, 2022.
- Merchandise exports and imports increased by 33% and 15% to US$3 516.5 million and US$3 746.8 million. Exports are expected to reach US$7.3 billion
- The country is doing well in terms of budget transparency and is now ranked third in Africa, after South Africa and Benin.
Zimbabwe’s Finance and Economic Development Minister, Mthuli Ncube, presented the 2022 supplementary budget on Thursday amid skyrocketing inflation that has since eroded this year’s national budget.
This is the first time that Minister Ncube has presented a supplementary budget since he was appointed Finance Minister by President Emmerson Mnangagwa in 2018.
The economy is now projected to grow by 4.6% during 2022, a downward revision from the original 5.5% projection, and follows …
- There is a huge need for business owners, policymakers, and African leaders, in general, to capitalise on the investment in more research, higher education and science
- Academic institutions need to build skills and knowledge of young professionals in areas of research, innovation, science and technology in order to benefit from the natural resources and improve the livelihoods of East Africans
- Africa has the strongest growing scientific production currently at 38.6 per cent since the start of 2012 with the number of authors subsequently growing at a slightly higher rate of 43 per cent over the same period
The Academic Public-Private Partnership Forum (APPPF) has called for more funding to be availed to Africa’s researchers and innovators. This will largely drive up the continent’s sustainable economic development.
According to data by statista.com, despite Africa comprising 12.5 per cent of the global population, the continent still only accounts for less than 1 …
In practical reality, it aims at creating a continental market for goods and services, with free movement of businesspeople and investments in Africa.
Several reports indicate that the summit strives to bring Africa and Europe closer together through strengthening economic cooperation and promoting sustainable development, with both continents co-existing in peace, security, democracy, prosperity, solidarity and human dignity.
It is against this backdrop that the two partners are determined to work together on a strategic, long-term footing to develop a shared vision for EU-Africa relations in a globalized world.…
Apart from the absence of a public strategy for the continent, there is a lack of coordination among various state and para-state institutions working with Africa.
Despite the growth of external players’ influence and presence in Africa, Russia has to intensify and redefine its parameters. Russia’s foreign policy strategy regarding Africa has to spell out and incorporate the development needs of African countries.
Unlike most competitors, Russia has to promote an understandable agenda for Africa: working more on sovereignty, continental integration, infrastructure development, human development (education and medicine), security (including the fight against hunger and epidemics), normal universal human values, the idea that people should live with dignity and feel protected.…
EAC Partner States still have a critical role in enabling MSMEs growth to ensure long term sustainability and recovery by promoting programmes that prioritise MSMEs to spur demand for quality finished goods and progressively improve the region’s competitiveness.
“As the Community, we have the responsibility of enabling MSMEs growth to ensure long term sustainability and recovery,” said Dr. Mathuki.
The EAC Official informed the Exhibitors that the theme for this year recognises the impact of the Covid-19 pandemic on trade and places greater emphasises on quality and innovation as critical paths to enhance competitiveness. …
There are fears that Kenya will soon be facing challenges of food insecurity yet again despite the lack of a coherent plan on addressing this annual occurrence.
Coming at a time when food imports from neighbouring countries are continually increasing, the shilling is weakening making it even worse for millions facing starvation.
This food deficit is not unique to Kenya but it also characterises many African countries stuck in a cycle of inadequate food.
Maputo Declaration on financing agriculture
Ironically, many countries in Africa have vast arable land and a favourable weather. This means that it is easy to sustain agricultural activities. But, there is no political will to make this a reality.
Africa has the potential to feed not only itself but also the world but investments towards agriculture have been limited. Governments have failed to meet the Maputo Declaration on financing agriculture.
In the 2003 declaration, African governments …