Browsing: Economic transformation

Africa’s agritech potential is immense. Agriculture can help solve various issues, including food security, poverty reduction, and economic transformation. However, technology is needed to revolutionise agriculture and solve farming and agricultural challenges.…

These gains will come from reduced tariffs which are stubbornly high among states in the region. More and greater gains will come from the reduction of trade costs by reducing non-tariff barriers and improving what the World Bank describes as hard and soft infrastructure at borders. The aim of these measures is to reduce red tape, lower compliance costs for traders and make the integration of African businesses with global supply chains seamless.  

AfCFTA is still in its infancy stages in terms of implementation with a lot still to be seen in terms of its success. These practical reforms will be difficult to implement given the sheer size of the trade area. The trade area encompasses 54 countries however, the successful implementation of the initiative will provide substantial rewards. In terms of employment, seamless and frictionless trade between African countries has the potential to lower the gender wage gap in …

The AfDB notes that high commodity prices have played a role in seeing the African economy’s take off but not only so, macroeconomic policies and sustained reform have also helped improved the growth. Other key factors that have contributed to this growth include stronger governance and better conditions for private sector development.
A damper to the rallying growth of the African economy is conflict which remains a concern though incidences have declined which has reduced the contagion for neighbouring countries and boosting investor confidence in many regions. …