Browsing: Sub-Saharan Africa

United States officials and politicians have shown much interest and support for renewing the African Growth and Opportunity Act (AGOA) as its expiration date approaches in September 2025. The fate of this landmark legislation, which provides duty-free access to the US markets for some African countries, remains uncertain for the next 22 months but has significant implications for trade between the United States and Africa.…

The latest Africa’s Pulse report by the World Bank presents a somber economic outlook for Sub-Saharan Africa. Escalating instability, lackluster growth within the region’s major economies, and persistent global economic uncertainties collectively overshadow the region’s economic resurgence prospects.

In its comprehensive analysis, the World Bank anticipates a slowdown in economic growth across Sub-Saharan Africa, with a projected rate of 2.5 per cent for 2023, compared to the 3.6 per cent recorded in 2022. This assessment underscores the multifaceted challenges currently facing the region’s economic landscape.…

According to Investopedia, a gig economy is a labour market mainly reliant on temporary and part-time work filled by independent contractors and freelancers rather than full-time permanent employees. A gig economy produces cheaper, more efficient services for those willing to use them.

A gig is a broad category that includes a wide range of positions. Work can range from cab driving or restaurant delivery to writing code or freelance essays. Instead of tenure-track or tenured professors, adjunct and part-time professors are contracted employees. By recruiting more adjunct and part-time teachers, colleges and universities can save costs while also better-matching instructors to academic needs.…

• The $100 million loan has been disbursed for onward lending.
• Coop Bank CEO says the funding “is most timely in view of the great need to better support our business customers.”
• The long-term tenure of the facility has significantly boosted Coop Bank’s ability to offer credit to SMEs.

The Co-operative Bank of Kenya has received a long-term seven-year funding amounting to $100 million from a consortium of financial institutions to empower Kenyan SMEs.

SMEs are a major source of employment in Kenya, providing jobs to a large number of people, especially in rural areas. They absorb a significant percentage of the labor force, thereby reducing the burden on the formal job market.

With a strong focus on climate and impact, the consortium lead DEG offers financing, advice and support to private sector enterprises operating in developing and emerging-market countries.

Loan to empower Kenyan SMEs

The loan is a Tier II …

• Africa only accounts for one per cent of the global digital economy. The US, China, and Asia hold dominant positions at 68 per cent, 22 per cent, and 27 per cent respectively.
• Ralph Mupita, President and CEO of MTN cites untapped opportunities in Nigeria’s digital economy, tipping that its potential will double by 2050 to $145 billion.
• Businesses must adapt to Africa’s evolving digital economy and embrace key trends to seize the vast opportunities in the continent.

There is a substantial gap between the digital economy of developed and developing countries in Africa. At the moment, Africa makes up one per cent of the global digital economy, while the US, China, and Asia occupy the top three spots with 68 per cent, 22 per cent, and 27 per cent of the total. This demonstrates how crucial it is for Africa to close the digital divide and capitalize on its growth …

• The new route will run on Monday, Wednesday, and Saturday every week using Boeing 787-9. This model is Air France’s leading aircraft in African skies.
• Airline’s expansion will offer travelers more choices and contribute to the growth of Tanzania’s tourism industry.
• Travel-related revenue in Tanzania nearly doubled to $2.56 billion in 2022 from $1.31 billion previously.

The first flight from Paris Charles de Gaulle to Dar es Salaam’s Julius Nyerere International Airport has been launched by Air France, the national airline of France.

Air France is demonstrating its belief in Tanzania as a destination for both business and leisure travel. The new route adds to the airline’s existing service between Paris and Zanzibar.

Air France to fly three times per week

The Boeing 787-9, a highly effective and environmentally friendly aircraft operated by Air France to sub-Saharan Africa, will fly the route on Monday, Wednesday, and Saturday every week.…

• Experts warn South Africa’s growth is too low to create enough jobs to absorb new workers entering the labor market.
• The country’s fiscal position is projected to deteriorate due to weakening mineral revenue. Utility Eskom’s debt bailout, wage bill, and rising debt pile more pressure.
• As a result, public debt is not expected to stabilise. And headline inflation will return to the midpoint of the target range by end 2024.

South Africa’s real GDP growth is projected at 0.1 percent in 2023, reflecting a significant increase in the intensity of power outages, and weaker commodity prices and external environment.

According to the International Monetary Fund (IMF), annual growth is expected at about 1.5 per cent over the medium term. The country is under vice-like grip of long-standing structural impediments.

South Africa’s power outage woes

For instance, South Africa is struggling with product and labor market rigidities. It …