Browsing: West Africa

EABC-TMEA holds a dialogue in Elegu-Nimule OSBP. www.theexchange.africa
  • TradeMark East Africa has rebranded to TradeMark Africa (TMA) and simultaneously officially launched its West Africa operations
  • The organisation now has a presence in fourteen countries in sub-Saharan Africa (SSA), including Kenya, Uganda, Tanzania, Rwanda, Burundi, Malawi, Zambia, Mozambique, and Ghana 
  • TradeMark has made cumulative investments of over $1.3 billion since 2010 to reduce the time and costs of trading across borders, and to improve the export competitiveness of African businesses

TradeMark East Africa has rebranded to TradeMark Africa (TMA) and simultaneously officially launched its West Africa operations.

Founded in 2010 in Kenya, TMA marks an expansion from its previous core operational area of East Africa and the Horn of Africa to also support countries in West and Southern Africa.

TradeMark Africa now has a presence in fourteen countries in sub-Saharan Africa (SSA): Kenya, Uganda, Tanzania, Rwanda, Burundi, the Democratic Republic of Congo (DRC), South Sudan, Ethiopia, Somaliland, Djibouti, Malawi, …

The Economic Community of West African States (ECOWAS) boasts of some of Africa's largest economies, but like many economies of the world, the 15 member states of ECOWAS are facing both endemic and global challenges that could undermine the region’s economic growth in in 2023.

While two years ago in 2020, before the global pandemic struck, a majority of ECOWAS countries were enjoying the commodity boom with the region’s three of its largest economies - Nigeria, Ghana, and Côte d’Ivoire - accounting for one-fourth of Africa’s GDP.

Unfortunately, short of a change in the global economic projection, it will be a challenge for these West African countries to replicate the pre-pandemic growth. The global economic forecast paints a depressed economy in2023 and at best sluggish growth for more diversified economies, spilling over from the after math of the pandemic, the ongoing Russia-Ukraine war and widespread inflation.  

A global analysis released

According to the Top 30 West African companies report, as of September 2022 only Nigeria had positive US dollar returns of 9.0 per cent YTD, while BRVM and Ghana had negative YTD US dollar returns of 8.9 per cent and 47.5 per cent, respectively.

This report, as of September 2022, covers the Top 30 companies in West Africa by market capitalisation.

The report was furnished by Hartland-Peel Africa Equity Research. According to African Financials, this is Sub-Saharan Africa ex SA: Equity, debt and FX research covering sixteen countries and advising institutional investors. Christopher Hartland-Peel has worked extensively in emerging markets – with the IFC in Washington D.C., the ADB and USAID, and Standard Bank and Exotix in London.

Read: Financial Gazette, Old Mutual Zimbabwe’s top companies

The total US dollar returns for the West African region was 1.7 per cent showing a decrease of 5.6 per cent in returns compared …

In the run-up to Nigeria’s presidential elections in 2023, the electorate confronts the challenges of soaring inflation, a plummeting currency and prevalent insecurity.

  • Nigeria will go to the polls in February 2023.
  • Days before PDP presidential primaries in May 2022, Obi decamped to the Labour Party, becoming the party’s flagbearer.
  • Regarding who will win the 2023 election and released before the campaign formally began, Obi scored 72% of those who had opted to vote.

Labour Party adds to the Nigeria presidential candidates 2023

Nigeria will go to the polls in February 2023. As per the Independent National Electoral Commission (INEC) electoral times, campaigns are already underway in Africa’s most populous nation.

Democracy returned to Nigeria in May 1999. Since then, the presidential elections have remained a two-horse race between the All-Progressive Congress (APC) and Peoples Democratic Party (PDP). However, the upcoming election presents a shift with the Labour Party fronting …

The African Continental Free Trade Area (AfCFTA) agreement which was approved in 2021, provides a unique opportunity to boost growth, cut poverty, and reduce Africa’s dependence on the boom-and-bust commodity cycle. The agreement further seeks greater regional economic integration and a more significant contribution by African countries to global trade.

According to the 2020 report by the World Bank on Making the Most of the African Continental Free Trade Area: Leveraging Trade and Foreign Direct Investment to Boost Growth and Reduce Poverty, AfCFTA will cover 55 member countries, with a continental population of 1.3 billion people and a combined annual GDP of $3.4 trillion. When fully implemented, it is estimated the agreement could boost the region’s income by $450 billion annually and provide new opportunities, including trade, agriculture, manufacturing, e-commerce, cultural and transport sectors.

Trade

In particular, Annex 4 to the AfCFTA treaty aims to simplify and harmonize…

Despite producing less than 4% of global greenhouse gas (GHG) emissions, Africa is at the core of the global climate change catastrophe.

  • Agricultural progress may be difficult if African farmers are subjected to more severe climatic effects.
  • Africa faces significant challenges of rising continental temperatures and a growing population.
  • Food Insecurity is a major issue for people in countries throughout Africa and most of the world.

Despite producing less than 4% of global greenhouse gas (GHG) emissions, Africa is at the core of the global climate change catastrophe. Extreme weather events will become more frequent and severe in Africa than elsewhere on the planet. The continent’s poverty, food insecurity, and limited adaptation ability make it especially susceptible to climate consequences.

Read: Flood economics: What Tanzania should do to improve cities

Africa’s fast population growth exacerbates the issue. According to most estimates, Africa’s population will double by 2050 and then double …

Every African region has felt the effects of Russia’s invasion of Ukraine, with West Africa also bearing the burden of a war miles away in Europe.

  • At a period when West Africa has been facing a severe food crisis since 2011, the Ukraine conflict has complicated matters further.
  • For most West African nations, the expenses of regulating rising prices are already too high.
  • The West African economic crisis and the Russia-Ukraine scenario highlight the perilous linkages between diplomatic sanctions, commerce, and food security.

Africa's post-Covid recovery hampered

The Russian-Ukrainian conflict has hampered Africa's potential recovery from the COVID-19 pandemic by raising food and fuel costs, interrupting the trade of services and goods, constricting fiscal space, limiting green transitions, and slowing the flow of development funding across the continent.

The crisis has jeopardized homes, communities, and nations across Africa. Before 2020, African countries were among the world's fastest-growing. The COVID-19 pandemic…

Although Germany is one of Europe’s most populous countries, its oil and gas output barely meets 5% of yearly consumption, leaving it heavily reliant on imports from Europe and Russia.

  • For the foreseeable future, Germany requires a sufficient and stable supply of non-Russian fossil fuels.
  • Surprisingly, most African sources of natural gas and oil lie in sub-Saharan Africa, including Nigeria, which possesses around one-third of the continent’s reserves, and Tanzania, opportunities Germany should seize.
  • Until recently, it has been part of Germany’s epic energy myopia to believe that progress remains feasible without using conventional energy.

Consumers have had to bear the brunt of the oil shock crisis as inflation continues to rise worldwide.

During the late February invasion of Ukraine by significant oil producer Russia, Western countries imposed hefty penalties on Moscow for what they termed unjustified conflict, leading to a jump in oil prices. The West has scrambled …

  • ECOWAS has already imposed financial and travel sanctions on members of the military government of Mali.
  • ECOWAS is pushing for Mali to hold elections latest February 27 as initially planned.
  • Military ruler, President Asimi Goita, had requested a postponement of the election by five years to 2026.

Mali faces a possible suspension from the Economic Community of West African States (ECOWAS) if the transitional government fails to hand over power democratically through an election to the next government by February 27, 2022.

The West African trading bloc has already held two extraordinary summits to try and resolve the indecision and lack of ambition by the current administration in the country to hold an election. The bloc holds the third summit in Mali on January 9.

ECOWAS is pushing for Mali to hold elections latest February 27 as initially planned, despite the military rule of President Asimi Goita, requesting a postponement …

  • The West African region has approximately 385 million people
  • Adopting a regional currency would aid in the removal of trade and monetary barriers.
  • Have Nigeria and Ghana who are examining their own central bank digital currencies lost faith in the common currency project?

Digital currencies are killing the ambition of having a common legal tender, the Eco, in Western Africa.

Work that has been done for over two decades to realize the Eco appears to have gone down the drain as Nigeria surfaces its central bank digital currency, the eNaira, and Ghana prepares to launch its own, the e-cedi.

What is a central bank digital currency (CBDC)

It is the virtual, electronic, or digital currency of a country. CBDCs are regulated by the Central Bank of a state.

Read: Copper gives Zambian Kwacha’s muscle against the US Dollar

Nigeria and Ghana are the first countries to roll out such projects …