Browsing: Africa Continental Free Trade Agreement (AfCFTA)

Tanzania beekeeping industry alone is estimated to generate about US$ 1.7 million each year from sale of honey and beeswax. Photo/bee&bloom

Beekeeping and horticulture in Tanzania are a multimillion-dollar industry but even though the country is endowed with suitable environment for the thriving of both industries, there is need for increased investment in adoption of modern agriculture technologies.

Tanzania beekeeping industry alone is estimated to generate about US$ 1.7 million each year from sale of honey and beeswax. In rural Tanzania, it employs about 2 million farmers, which is a very small number considering Tanzania has a population of over 60 million people.

However, for a country that is endowed with over 33.5 million hectares of forests and woodlands all with ideal conditions for developing a vibrant beekeeping industry, there is need to attract foreign direct investment in the industry and horticulture in Tanzania

  • Tanzania beekeeping industry alone is estimated to generate about US$ 1.7 million each year
  • Investment uncertainties affecting adoption of modern agriculture technologies in Tanzania
  • There is need

The African Continental Free Trade Area (AfCFTA) has been hailed as a catalyst to immense economic development in Africa; a flagship project of the AU’s Agenda 2063, projected to boost intra-African trade, connect over 1.3B people across 55 countries with a combined GDP of about US$3.4 trillion.West Africa is one of the fastest growing regions in Africa and is the official headquarters of the AfCFTA, located in Accra, Ghana; which is among the countries that will commence trading soon.

The region is comprised of sixteen countries which include: Burkina Faso, Benin, Togo, Nigeria, Ghana, Guinea, Mali, Cape Verde, Niger, Senegal, Sierra Leone, Gambia, Guinea-Bissau, Mauritania, Ivory Coast and Liberia. According to the 2020 World Bank Report, ’The African Continental Free Trade Area: Economic and Distributional Effects’; West Africa would see the biggest decline of an estimated 12 million people living in extreme poverty, which is a third of the total…

  • Under the agreement, Equity Group Holdings will implement the AfCFTA agreement and the private sector strategy through the `Africa Recovery and Resilience Plan’
  • The plan hopes to revive the economy in the continent following the COVID-19 pandemic that halted operations in different sectors leading to a massive loss of jobs
  • AfCFTA Secretariat secretary-general Wamkele Mene said Africa was well positioned to overcome economic crises under the agreement.
  • Equity Group MD James Mwangi said he hopes the two institutions will create wealth for Africans as the agreement will help SMEs access growth opportunities through cross-border trade

Equity Group Holdings has signed a post-COVID-19 recovery Memorandum of Understanding with the African Continental Free Trade Area (AfCFTA) Secretariat to deepen the continent’s economic integration.

Under the agreement, the lender will implement the AfCFTA agreement and the private sector strategy through the `Africa Recovery and Resilience Plan’.

The agreement was reached during the 41st …

  • The bilateral pacts were signed at State House, Nairobi and witnessed by President Uhuru Kenyatta and his Bissau counterpart Umaro Sissoco Embaló
  • Top on the list of agreements was a deal to establish a Joint Commission for Cooperation (JCC)
  • The duo signed a Memorandum of Understanding (MOU) on the establishment of Political and Diplomatic Consultations between the two countries
  • Uhuru later met his Somalian counterpart Hassan Sheikh Mohamud and signed several agreements aimed at restoring ties between Nairobi and Mogadishu following a diplomatic standoff
On Friday, July 15, Kenya and Guinea Bissau inked three deals as the two countries continue to bolster bilateral relations.

The bilateral pacts were signed at State House, Nairobi and witnessed by President Uhuru Kenyatta and his Bissau counterpart Umaro Sissoco Embaló who led a delegation to the East African country.

Deals signed between Kenya, Guinea Bissau

Top on the list of agreements was a deal

On November 20, Africa will mark the Africa Industrialization day.

Since 2018, the Africa Industrialization Day has been successfully commemorated with weeklong events. The Africa Union Commission last year hosted the 2020 Africa Industrialization Week celebrations (#AIW2020) on 16-20 November 2020, under the theme “Inclusive and sustainable industrialisation in the AfCFTA and COVID-19 era”.

Economic growth

Industrial development is of critical importance for sustained and inclusive economic growth in African countries. Industry can enhance productivity, increase the capabilities of the workforce, and generate employment, by introducing new equipment and new techniques.

Industrialization, with strong linkages to domestic economies, will help African countries achieve high growth rates, diversify their economies and reduce their exposure to external shocks.

This will substantially contribute to poverty eradication through employment and wealth creation.

China success

Over the last few years , African leaders have been pursuing policies designed to mimic the path China took to …

The 1.5km Nigerian-Cameroon double lane bridge linking the two countries from Ekot-Mfum, Etung Local Government Area of Cross River state is set to boost trade, the Federal Government of Nigeria has disclosed.

According to the Minister of Works and Housing Mr Babatunde Fashola the bridge, which is being funded by both countries will also strengthen ties and improve security.

Memorandum of understanding

The two countries had signed a memorandum of understanding (MoU) seeking funds from the bank and other development partners to execute the road transport corridor.

The minister who spoke on Monday said the bridge is the first shoot of the harvest of completed projects proposed as the President Muhammadu Buhari administration enters the second phase of the second term on its way out.

Fashola also shared some pictures of the completed bridge.

Trade and business

He further pointed out that Nigeria has had a strong relationship with the …

The Ghananian government officially handed over the headquarters of the African Continental Free Trade Area (AfCFTA) Secretariat to the African Union.

The ceremony which was held in Accra, Ghana was attended by Ghanaian President Nana Akufo-Addo, Moussa Faki Mahamat, African Union Commission Chairman and AfCFTA Secretary-General Wamkele Mene.

Ghana was selected as the venue for the headquarters by African leaders during a Summit of AU heads of states in July 2019, to launch the implementation phase of the African Continental Free Trade Area.

“The economic integration of Africa will lay strong foundations for an Africa beyond aid. Africa’s new sense of urgency and aspiration of true self-reliance will be amply demonstrated by today’s ceremony,” Akufo-Addo said.

He also appealed to 28 member states that have not ratified to do so before the next AU summit in December so as to pave the way for the smooth commencement of trading from …

African Development Bank (AfDB) President Akinwumi Adesina has urged UK investors to ride the wave of the African Continental Free Trade Area (AfCFTA).

“Africa is on the cusp of unmatched economic transformation, and the UK must engage in a “partnership of change,” Mr Adesina has said.

Mr Adesina was speaking during a keynote address at a UK Parliamentary Symposium said that the Africa of the 21st century is very different. “The Africa of the 21st century is new and more confident,” he said.

The Symposium was co-organized by the All-Party Parliamentary Group for Africa with the Royal African Society, Oxford Brookes University, and the Trade Justice Network under the theme UK-Africa Trade and Brexit.

The Bank’s chief argued that Africa and the UK should be significant trading partners. “The reality, however, is that UK’s trade with Africa is trending downwards. From a $49 billion peak in 2012,trade decreased to …

Gambia has become the 22nd nation to approve the Africa Continental Free Trade Agreement (AfCFTA) giving the African Union (AU) the minimum threshold for the agreement to come into force.

On Tuesday, April 9th, Gambia’s parliament approved the AfCFTA which was enacted last year to create the largest trade zone in the world.

AfCFTA is expected to increase intra-African trade by 52 per cent by the year 2022 and remove tariffs on 90 per cent of goods.

AU’s Commissioner for Trade and Industry, Albert Muchanga led celebrations of the historic achievement saying that ‘the AfCFTA market is ready for the launch of its operational phase in July this year’.

Ethiopia deposits free trade pact ratification to AU

And as if on cue, Ethiopia on Thursday deposited the instrument of the AfCFTA ratification to the AU Commission.

Ratified by 22 African countries, the AfCFTA has so far seen 19 …