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Four African countries are staring at huge losses running into billions of dollars starting January 2024 following their expulsion from the African Growth and Opportunity Act (AGOA). The move will further worsen the unemployment crisis in the affected countries. Agoa offers thousands of jobs in apparels industry, especially to the youth.…
- Data centres are IT facilities that manage big organisations’ data. They house state-of-the-art computing infrastructure with very powerful machines.
- The new facility will be built on a part of the former Trade Fair showgrounds site, one of the key central locations in the city.
- This new facility is part of Africa Data Centres’ continental expansion plans spanning 10 of Africa’s major economic hubs.
Africa Data Centres, the largest network of interconnected data centre facilities on the continent, is set to open West Africa’s largest facility in Ghana in the next 12 months. The firm announced it will shortly start construction on its newly acquired land in Accra, Ghana.
The new facility has been designed for an initial 10MW, which can expand to 30MW depending on demand. It will be the largest facility in West Africa to date, outside of Nigeria.
“We continue to bring internationally recognised services and products through …
- The influx of used clothes from the west in effect affects the development of textile industries in the EAC
- Five years later, a new administration, Covid-19 and the Russia-Ukraine war not to mention a stronger China economy, the US may reconsider EAC state’s position.
- EA States have 2 years to consider if they want AGOA renewed
In 2015, all major economies in East Africa, Kenya, Uganda, Tanzania, Rwanda and Ethiopia proposed to ban the importation of second-hand clothes but the US would have none of it.
The intention was good, even noble: Banning second-hand imports would strengthen the domestic textile industry which would create jobs and other positive ripple effects.
“The US claimed this proposal goes too far and violates the African Growth and Opportunity Act (AGOA), which aims to expand trade and investment on the continent,” the media reported.
Once the US pulled the AGOA card, the East African …
- The change in patterns of trade triggered by these two major events is now forcing the MNCs to go back to the drawing board.
- MNCs need to reconfigure their trade routes. They have to re-lobby for assured capital and they have to broker new destinations for their goods.
- With the changing global trade polarities, the MNCs are rethinking China, and eyeing future giants like Africa.
The much acclaimed African Continental Free Trade Area (AfCFTA) that came into being last year may just have saved Africa from a new world trade order.
Thanks to the global pandemic and then the Russia-Ukraine war, the plate tectonic of global trade is shifting. The resulting divergence and convergence are squeezing and pulling in different directions.
Multinational Companies (MNCs) have, for the last three decades or more, controlled trade. These international corporations have enjoyed the fruits of globalization more than any other business entity.
The Central Bank of Kenya (CBK) has retained the base lending rate in the country at 8.75 per cent, citing easing inflationary pressure and positive macroeconomics outlook.
CBK’s decision making organ – Monetary Policy Committee (MPC) met on Monday against a backdrop of a weak global growth outlook, decline in global commodity prices, easing inflationary pressures, geopolitical tensions, persistent uncertainties, and measures taken by authorities around the world in response to these developments.
This includes the back-to-back fed rate hikes witnessed in the US as the country navigated high inflation which hit a peak last year.
Kenya’s overall inflation decreased to 9.1 per cent in December 2022 from 9.5 per cent in November, mainly due to lower food prices.
Food inflation declined to 13.8 per cent in December from 15.4 per cent in November, largely driven by a decrease in prices of maize and milk products.
This is pegged on …
- American investment bank Goldman Sachs plans to lay off 3,200 employees this week
- Goldman Sachs typically trims about one to five per cent of its employees each year and targets underperforming staff
- The upcoming trim is expected to be deeper than usual in light of the uncertain economic outlook
- Major U.S. banks, manufacturers and tech companies announced significant corporate layoffs in 2022, amid high inflation, and five rounds of interest rate hikes sparked fears of a recession
New data has revealed that American investment bank Goldman Sachs plans to lay off thousands of employees this week.
Multiple sources, including Capital FM, reported that Goldman Sachs would lay off 3,200 people, down from the expected 4,000 revealed in December 2022.
Quoting AFP, the news outlet noted that the American firm typically trims about one to five per cent of its employees each year and targets underperforming staff.
Why Goldman Sachs is…
- The agreement reaffirms the US commitment to elevating a strong private sector voice in AfCFTA implementation.
- Through exploring these challenges and opportunities in-depth, the U.S.-Africa Leaders Summit seeks to chart new avenues for improved U.S.-Africa cooperation.
- The business forum focuses on growing the commercial partnership between the U.S. and Africa, with priority discussion topics including the U.S.-Africa commitment to trade and investment.
The United States Chamber of Commerce’s U.S.-Africa Business Center (USAfBC) and the African Continental Free Trade Area Secretariat (AfCFTA) on Wednesday signed a Memorandum of Understanding (MoU) to launch a working group to help advance trade and investment between the U.S. and Africa.
The agreement reaffirms the US commitment to elevating a strong private sector voice in AfCFTA implementation.
Scott Eisner, President of the U.S.-Africa Business Center, said coordination between the private sector and the AfCFTA is key to unlocking Africa’s full economic potential.
“As the world’s leading …
- Russia war on Ukraine worsening inflation in Europe
- US offers list of commitments to Asia in friend-shoring deal
- Africa needs to stand up to get a better friend-shoring deal
Balance of power is shifting globally, fueled by the corona pandemic and the Russia-Ukraine war, pre-existing trade wars between super powers China and US have only worsened; where does this shift of power and political rift leave Africa.
All the fighting is not good for business, unless of course your business is in military contracts. So many nations are, and understandably so, avoiding conflict regions and diverting their supply chains to friendly countries.
This shift in mode of doing business and the related trade channels has earned itself a title, pundits are calling it friend-shoring. It refers to a situation where friendly countries are forming trade alliances allowing for trade to take place along new routes and in so doing, reshaping …
- Ethiopia is one of the largest countries in Africa
- The US has a long diplomatic relation with Ethiopia dating 1903
- Ethiopia is building a hydroelectric dam that will generate 5,000 megawatts of electricity
Ethiopia economy is one of Africa’s fastest-growing economies with a GDP projected to trend around US$ 112 billion, representing at least 0.10 per cent of the world economy. Thus, US-Ethiopia relations have presented rather effective diplomatic potential for one of the populous nation in the region.
The East African nation has made noteworthy and tremendous economic improvements which have seen the nation’s GDP per capita rise from US$162 in 2005 to US$790 in 2018, an average annual growth rate of more than 14 per cent, according to information from the US Department of State.
Ethiopia with its rich history has recorded substantial economic strides over the past decade, and the United States of America (USA) is one