After a slowdown in recent years, Africa is experiencing an uptick in growth. East and West Africa are leading the way: Ethiopia is predicted to grow at 8.5 per cent in 2018 while Cote d’Ivoire and Senegal aren’t far behind at 7.4 per cent and 7 per cent respectively.
However, while southern African countries like Botswana, Namibia, South Africa and Swaziland may lead in measures of human development, the SADC region is one of the slowest-growing regions on the continent, averaging 2.9 per cent in growth. Read more. Source | Daily News
African businesses engaged in agriculture, manufacturing, financial sector, and tourism, among other sectors, could soon start to access finance from the African Export-Import Bank (Afreximbank) as the institution edges closer to operationalisation of its newly created export fund.
The operationalisation of the Fund for Export Development in Africa (FEDA) moved into high gear on Sunday with the holding of the pre-incorporation meeting of the Board of Directors in Cairo, Egypt. Read more. Source | New Times
Sub-Saharan Africa is among regions in the world projected to record accelerated economic growth in 2019, amid a slowdown in global growth precipitated by heightened trade tensions and rising interest rates in the US. The International Monetary Fund says that GDP growth in sub-Saharan Africa will rise from 2.9 per cent posted last year to 3.5 per cent this year, and 3.6 per cent in 2020. Read more. Source | East African
TradeMark East Africa (TMEA) and the AfroChampions Initiative (ACI) have signed a partnership agreement committing to provide support to governments and the private sector in realising the Africa Continental Free Trade Area. The agreement was signed by Frank Matsaert, TradeMark East Africa (TMEA) CEO and Ali Mufuruki, Regional Chair, AfroChampions Initiative (ACI).
Both organisations have a common interest in building partnerships that promote economic integration as a strategic growth driver for the African continent. The areas of mutual agreement in the partnership include private sector engagement, strategic advocacy with governments and the private sector and improving access to information. Read more. Source | New Times
In 2018, Nigeria’s economy stuttered, foreign investors welcomed South African President Cyril Ramaphosa’s anti-corruption drive and budget discipline, and despite a rebound in oil prices, Angola’s economy continued to experience a slump, while Ethiopia’s new reformist prime minister Abiy Ahmed implemented a series of economic reforms aimed at attracting foreign investor as well. But what is in store for Africa in 2019? Here is a snapshot. Read more. Source | New Times
Trade minister Amelia Kyambadde has asked the African Union (AU) member states to expedite the signing and ratification of the African Continental Free Trade Area agreement (AfCFTA). This, she says, will allow the continent to freely access each other’s market with minimum or no hassle at all.
Ms Kyambadde who is the chairperson of the AfCFTA negotiations, made the appeal while opening the seven-day meeting of African Ministers of Trade in Cairo, Egypt last week. Read more. Source | Daily Monitor
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