East Africa’s economic growth is soaring leading other regions on the continent at close to 7 per cent while the overall outlook for the rest of Africa is cautiously positive.According to the African Development Bank (AfDB), job creation and ramping up manufacturing will continue to be major priority areas for creating growth and employment across the continent. In the Bank’s regional reports launched this week in Abuja, Nigeria, East Africa is leading the continent with GDP growth estimated at 5.7 per cent in 2018, followed by North Africa at 4.9 per cent, West Africa at 3.3 per cent, Central Africa at 2.2 per cent, and Southern Africa at 1.2 per cent. Read more. Source| The Exchange
Did you know that you can cash in on agriculture without necessarily tilling the land?
According to Uganda Bureau of Statistics (Ubos), agriculture is the most important sector of the economy. The sector employs more than one-third of the work force along the value chain and there are still other opportunities of making some money.
This is possible especially if you add value to what farmers produce. This article shows how you can add value to several commodities and earn a premium price. Read more. Source| Daily Monitor
An Ugandan company has started using blockchain, the technology behind virtual currency Bitcoin, to certify shipments of coffee to try to meet growing demand from consumers for more information about where products have come from. Carico Café Connoisseur said the move could help to boost farmers’ incomes, as consumers are usually prepared to pay more for goods that can been traced back to their origins. Blockchain works by providing a shared record of data held by a network of individual computers rather than a single party. Its supporters say this makes it hard to tamper with, and so a secure way to track goods along the supply chain. Read more. Source | Business Daily
Coffee exporting companies have topped the 2018 Presidents’ Export Award. Ugacof, a coffee processing and exporting company, was the overall winner followed by Kyagalanyi Coffee. Ugacof, which has been in existence for the last 25 years, earned Uganda export receipts in the excess of Shs333b in year under review. It competed with other 40 companies under 12 product lines in an exercise that was vetted by Uganda Export Promotion Board in collaboration with Trade Ministry, Uganda National Bureau of Standards, Private Sector Foundation Uganda, Uganda Investment Authority and Uganda Manufacturers Association. Read more. Source | Daily Monitor
Foodstuffs dominated Uganda’s exports to regional markets in 2018, with farmers enjoying improved yields due to favourable weather.However, manufacturers faced weak demand for their products even as recent political developments in the Democratic Republic of Congo and South Sudan give hopes of stronger demand for industrial products this year.
According to Bank of Uganda data, total exports to Kenya rose to $719m as of December 2018 compared to the $551.06m recorded in 2017 with maize grain topping the exports. In addition to maize, Uganda exported beans, simsim, pineapples, watermelons and eggs in the second half of 2018. Read more. Source | Daily Monitor
The world’s population is expected to increase by about 3 billion by 2050 and it is forecasted that nearly 80 per cent of that population will live in urban centres. The urban growth rate in Africa is 3.5 per cent which is highest among all continents. Rapid urbanization in developing countries is accompanied with problems of urban poverty and urban food insecurity. Lack of employment, high food prices and malnutrition further the problem of urban food insecurity in Africa. Read more. Source | New Times
Gold, coffee, fish, oil and maize topped Uganda’s export list in the calendar year ending 2018, increasing overall earnings by 5.1 per cent. According to records from Bank of Uganda (BoU) released this month, the country’s export earnings for the year ending 2018 were $3.6b (Shs13.2trillion), up from $3.4b (Shs12.5 trillion) earned the previous year.
Uganda’s leading agricultural export commodity, during in 2018 experienced a drop in both value and volume of exports. The BoU report shows that the country exported 4.1 million 60kg bags, fetching the country $436m (Shs1.6 trillion), down from 4.7 million kilogramme 60kg bags worth $555m (Shs2 trillion) exported the previous year. Read more. Source | Daily Monitor
Fifty three offices established by private equity and venture capital companies in the East African Community (EAC) countries which comprises a cumulative minimum value of at least $5.8 billion USD under management for investments throughout the world including in East Africa. This is according to “The Map of Private Equity Firms” based in Sub-Saharan Africa by Africa’s leading private company research firm, Asoko Insight from December 2018. Read more. Source | The Exchange
Africa is the youngest continent in the world with almost 200 million people aged 15-24, and this number is expected to double by 2045. However, unemployment among East African youth is already high, at an estimated 51-57%. With a rising youth population and unemployment rate, young people are turning to entrepreneurship as both a means to generating income and jobs. 79 of every 100 jobs created by young entrepreneurs in East Africa have been for youth aged 18-34, however only 17% of entrepreneurs on the continent believe they will create a medium to high number of jobs over the next five years. Read more. Source| The Exchange
Rwanda’s Private Sector Federation (PSF) has challenged regional legislators to increase their advocacy for policies designated to eliminate trade barriers, which continue to undermine regional integration. Officials from the umbrella of Rwandan business community were yesterday meeting members of the East African Legislative Assembly (EALA) who are undertaking an outreach programme in partner states. Read more. Source | New Times