Browsing: premium

For the longest time, Africa took a back seat in the world economy. Albeit for various reasons, some beyond the continent’s control, Africa was not recognized as an active economic participant by developed countries. However, there has been a paradigm shift in the past few decades as Africa has begun to forge its destiny and implement policies that benefit its economic status in the world. Africa has been recognized as the world’s second-fastest-growing regional economy with anticipated annual growth of about 3.9% by 2022. …

In addition, many African countries are increasing their internet speeds creating an opportunity for the world to outsource to Africa. The continent’s population is largely youth with estimates showing that almost 60 per cent of Africans fall into this category going by 2019 estimates. This effectively makes Africa the world’s youngest continent where the average age is 25. 

The biggest challenge for the continent is youth unemployment which is a ticking time bomb. Unemployment has been a big talking point but not much has been done to move the pin towards substantive employment for the youth who remain in the grim under-employment statistics. …

The country’s changing demographics and improved business environment are among factors contributing to increasing consumption. Continent-wide, this consumption is predicted to hit US$2.5 trillion by 2030.  

In less than 10 years, seven Sub-Saharan African countries including Kenya, Tanzania, Ethiopia, the Democratic Republic of Congo (DRC), Nigeria, Egypt and South Africa will be home to half of Africa’s population. Of this, an estimated 43 per cent of Africans across the continent will be in the middle or upper classes.

The country’s changing demographics and improved business environment are among factors contributing to increasing consumption. Continent-wide, this consumption is predicted to hit US$2.5 trillion by 2030.  

In less than 10 years, seven Sub-Saharan African countries including Kenya, Tanzania, Ethiopia, the Democratic Republic of Congo (DRC), Nigeria, Egypt and South Africa will be home to half of Africa’s population. Of this, an estimated 43 per cent of Africans across the continent will be …

Africa is missing out on the wealth of opportunity offered by cashew nuts which have a booming global demand. 

This reality is despite the fact that the continent grows most of the world’s raw cashews. The losses come about because cashew nut producing countries in Africa only process a fraction of them.

Cumulatively, African countries grow more than half the world’s supply but they are not cashing in on the opportunity due to their lack of processing industries.…

The US has administered close to 300 million Covid-19 vaccine doses in comparison to the less than 50 million doses administered in the entire African continent. 

Data from the Africa Centre for Disease Control and Prevention (Africa CDC) shows that the US which is used as a benchmark by many African nations is doing far better but there are many factors favouring this including but not limited to manufacturing and transport logistics. …

Barely a month after the tragic and unexpected death of Tanzania’s outspoken and visionary leader Dr. John Magufuli, the country has gone ahead and inked an oil pact with neighbouring Uganda.

The move puts a lid on speculations of how the country’s first woman President Mama Samia Suluhu Hassan will handle duties of the top office. The new president, who was former vice president under the Magufuli regime, sat with her Ugandan counterpart Yoweri Museveni and together shook hands for French Total E&P and China’s CNOOC and signed key agreements for the East African Crude Oil Pipeline (EACOP).…

The opportunities for trade in the DRC are huge for the EAC—the value of goods the country imported in 2019 stood at US$6.6 billion.  EAC exports to the DRC in 2018 stood at US$855.4 million, representing 11.5 % of total DRC imports while China dominated as the top exporter with a 31.2% share. 

In June 2019, through a letter to the EAC Chairman, Congo officially made a request for its admission into the EAC.  This is obviously because the country wants to reap from the benefits presented by the bloc as it has tremendously expanded in the past two decades, growing from the original three partner states which are Kenya Uganda and Tanzania to its present six member states. 

 …

Africa’s aviation industry represents a huge market that the continent’s airlines need to exploit more fully; however over the years, the sector has competed unfavorably with other international carriers.  This is because of high air transport costs, poor intra-Africa connectivity/market access limitations as well as the high costs of operations. 

Last month, the African Aviation Industry Group (AAIG) held a high-level webinar to weigh in on practical solutions to reduce the high cost of air transport operations in Africa. The webinar themed “Achieving Affordable Air Transport across Africa”, saw stakeholders converge to determine what ails the industry as well as recommendations to propel the industry ahead.

  …

Kenya’s exports of cut-flower ornamentals to the United Kingdom could be subject to additional tariffs by the end of this year if the Economic Partnership Agreement (EPA) is not ratified.  The Kenyan parliament has refused to ratify it citing certain clauses that have raised concerns from some stakeholders.  A section of parliamentarians consider that the EPA, having been adapted from that of the East African Community (EAC) and the European Union (EU), should be ratified with other member states doing the same.  

The Kenya-UK trade deal worth £1.4 billion signed on December 8, 2020 provides Kenyan businesses duty-free access to the UK market. Meanwhile, Kenya will start phasing out duty and quota barriers on a set number of UK products 12 years after the EPA has come into force. 

 …

The new automated issuance of import and export services which has gone live this month is aimed at providing efficiency and compliance among importers and exporters. 

AFA-IMIS which stands for Agriculture and Food Authority of Kenya Integrated Management Information System was collectively launched by Kenya’s Ministry of Agriculture, Livestock, Fisheries and Cooperatives, TradeMark East Africa (TMEA) and AFA  to automate agricultural business processes including issuance of permits and licensing. …