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15Aug
The Dollar, the Euro, the Yen — and Now the West African Eco
By Tope Alake and Alonso Soto August 6, 2019, 6:00 AM GMT+2 Updated on August 6, 2019, 7:50 AM GMT+2
Nigerian... read more
14May
Moody’s Says Nigeria May Keep Several Naira Rates Until 2020
Nigeria will probably maintain its system of multiple exchange rates, which the International Monetary Fund has long-urged it to read more
23Oct
Sub-Saharan Africa’s big economies yet to recover
Sub-Saharan Africa’s economic recovery will progress slowly into next year, as the continent’s biggest drivers struggle to move into higher... read more
17May
The African Continental Free Trade Area’s (AfCFTA) potential as a tool for driving industrialisation, economic diversification and development was highlighted at the start of the UN Economic Commission for Africa’s (ECA) Conference of Ministers in Addis Ababa. Nations in new push to boost intra-Africa trade ©Aleksandra Alekseeva via 123RF The four-day event aims to advance the ambitious initiative to form a continental common market, which the ECA believes could boost intra-Africa trade from the current 16% to 52% by 2022. Addressing the meeting on Sunday, Vera Songwe, the executive secretary of the ECA, said that realising the promise of the AfCFTA and its development goals requires the continent to take bold actions on many fronts. Benefit “Now we must seize the momentum at hand to focus on how to operationalise the agreement in a manner that realises its potential to the benefit of the average African,” she told the 51st session of the Conference of Ministers. She further observed the most important and urgent action is to create the “fiscal space” to foster public and private investment, while ensuring economic diversification with a view to creating jobs. She also acknowledged concerns that the AfCTA might cause tariff revenue losses, leading to “holes” in national budgets. The AFCFTA’s impact on taxes applied to imported and exported goods, however, would be “small and gradual”, she said, adding, “These tariff revenue losses might be outweighed by the additional revenues from growth to be generated by CFTA.” Fiscal This year’s conference follows the signing of the CFTA by 44 countries earlier this year, while of 50 signed either the agreement or the Kigali Declaration underscoring their commitment to the project. President Paul Kagame. Image credit: Village Urugwiro via A new dawn for Africa as 44 countries sign CFTA deal The African Continental Free Trade Area Agreement (CFTA ) could enter into effect by the end of this year following signing by 44 countries yesterday at the 10th extraordinary African Union Summit… BY COLLINS MWAI 22 MAR 2018 African governments were also urged to take a broader review of macroeconomic policies, especially fiscal measures, in order to ensure they are ‘fit for purpose’ to make the most of the AfCFTA. Vera Songwe remarked: “We need to improve our levels of fiscal space. This includes boosting tax revenues, improving the efficiency of public expenditure management, tackling illicit financial flows and making use of private finance for public projects.” On Thursday, 11 May 2018, Kenya and Ghana handed over to the African Union Commission the documents ratifying the continental free trade, becoming the first two countries to do so. Innovation In addition to the ministerial proceedings, expert sessions and parallel side events will address the conference theme ‘Creating fiscal space for jobs and economic diversification’. These will highlight the importance of accompanying taxation measures to support and fully take advantage of the AfCFTA while also strengthening fiscal sustainability in Africa. Other topics include agriculture’s role in economic growth; financing infrastructure; tackling illicit financial flows; and an integrated strategy for the Sahel. There will also be the launch of the 5th African Governance Report; the Global Education Monitoring Report; and the 2018 Assessing Regional Integration Report. The ECA’s annual Adebayo Adedeji Lecture (named in honour of the body’s longest-serving executive secretary who passed away in April) will be given by Prof Mary Teuw Niane, Senegal’s Minister of Higher Education, Scientific Research and Innovation. It will pay also tribute to Prof Calestous Juma, a renowned supporter of harnessing innovation and technology to advance Africa’s development, who died last month.
The African Continental Free Trade Area's (AfCFTA) potential as a tool for driving industrialisation, economic diversification and development was highlighted... read more
29May
Rwanda to Get First Fin-Tech Hub
Rwanda will be soon be home to a hub for financial technology (Fintech), boosting start-ups in the sector.
As part of... read more
01May
Africa investor (Ai) Convenes Heads of Global Trade Organisations Summit on the African Continental Free Trade Area (AfCFTA)
Africa investor (Ai) confirmed today it convened an historic Summit with the heads of global trade organizations, to discuss partnerships... read more
05May
African Green Infrastructure Investment Bank Announces $20trn Advisory Board At G7 – Africa Investor Summit
Cornwall, Addis Ababa, Johannesburg, Cairo, Paris, Washington
The African Green Infrastructure Investment Bank (AfGIIB), today announced its Advisory Board of... read more
24Apr
African Sovereign Wealth and Pension Fund Leaders Refine COVID-19 Response Recommendations
African Sovereign Wealth and Pension Fund Leaders Refine COVID-19 Response Recommendations
Africa investor (Ai) today convened the 2nd African Sovereign Wealth and Pension... read more
16May
Trump Backs Developing Countries’ Energy Plans
If American, Japanese, and emerging economies’ policymakers had hoped to pressure the World Bank and International Monetary Fund (IMF) to... read more
09Apr
Morocco replaces Botswana as Africa’s best investment destination
Botswana continues to rank amongst Africa's most preferred investment destinations, with a new authoritative survey placing the country fourth out... read more
