The signing of the African Continental Free-Trade Area (AfCFTA) on March 21 in Kigali by 44 countries represented a milestone towards achieving the long-standing goal of creating a unified African market. Yet we are only halfway there, for a number of reasons.
First, there is a need to achieve 22 ratifications by March 2019 for the agreement to go into force — and so far, only seven countries have done so. Read more. Source | East African
When thinking about investing in Africa, many investors identify SA as the most important market on the continent. However, we believe other countries also offer much untapped long-term potential. Among frontier markets globally, Africa offers one of the most exciting investment stories. But investors may need to be patient and understand some of the unique aspects of doing business in those markets, as well as the risks. Read more. Source | Business Day
In 2017, 37 per cent of Kenya’s exports went to an African country, down from 40 per cent the previous year. This caused a near flat growth in export earnings, particularly from East Africa which accounts for more than half of Africa’s total trade with Kenya.These declining trade levels have spurred interest in the establishment of policies and structures that can boost intra-Africa trade. Read more. Source | Business Daily
Africa should embrace technology and innovations to boost agro-production and, hence save the billions of dollars the continent spends on food imports, the Minister for Agriculture and Animal Resources has said.
Dr Gerardine Mukeshimana said use of advanced technology helps increase crop yields across the continent, a development that would help reduce imported foodstuff. Citing maize, the minister said the crop’s yield can increase by half if farmers planted hybrid maize seeds compared to using ordinary maize seeds. Read more. Source | New Times
A statesman once compared regional integration to riding a bicycle — you have to proceed in a forward direction and maintain velocity, or you will fall of!
One of the ways to energise regional integration is by taking action to a different level. That is what political leaders will be doing in Kigali at the AU Summit on March 20-21, when they will (hopefully) endorse the formation of the African Continental Free Trade Area (AfCFTA). This agreement is the fruit of three years of painstaking negotiations. Read more. Source | East African
Private Sector players are optimistic of the positive results that could come with the ready-to-be-adopted Continental Free Trade Area (CFTA) deal.
According to the business community, African countries agreeing on the highly anticipated intra-Africa trade regime will go a long way in positioning Africa as one of the biggest markets, consequently inspiring innovation, industrialisation and growth. Read more. Source | New Times
The debate about economic growth and economic development in third world countries has been going on for decades and is not about to stop. For instance, policies that work in some countries, but failing in other nations, is one of the issues that arouse debate.
In addition, though growth has gained momentum over the last two decades in some developing countries, it cannot be sustainable until it is localied or based on exploitation of local resources. As a result of these and other contradictions, most countries in the southern hemisphere are characterized by low levels of economic growth and development. Read more. Source | New Times
The African Development Bank (AfDB) has called for global support for Africa’s young farmers and “agripreneurs”, highlighting how agribusiness is the answer to the continent’s youth employment.
In collaboration with the Initiative for Global Development, the Association of African Agricultural Professionals in the Diaspora, Michigan State University, Iowa State University, and the International Institute of Tropical Agriculture, the AfDB brought together stakeholders to discuss how to expand economic opportunities for Africa’s youth throughout the agricultural value chain, from lab to farm to fork. Read more. Source | New Times
Policies that govern movement of persons and services on the continent must be tailored to the current needs of Africans, experts have urged.
The call was made yesterday in Kigali at the opening of a weeklong meeting on the adoption of an African Union procedure on Migration, Refugees and Internally Displaced Persons, seen as a critical forum to advance the continent’s goal on free movement of persons and their goods.
The gathering kicked off yesterday with a meeting of the AU’s Specialised Technical Committee (STC) on Migration, Refugees and Internally Displaced persons, who have a duty to deliberate on and draft several critical documents that will be adopted by African Ministers in charge of migration matters during their meetings on Friday and Saturday. Read more. Source | New Times