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EAC Partner States urged to fast track liberalization of the Air Transport Market
The liberalization of the air transport market in the region is expected to lower the cost of air fares, stimulate demand for air traffic, connectivity, increase operation efficiency, reduce the flying time and support the expansion of air transport capacities and the regional economy.
COMESA and European Union launch €40 million regional circular economy programme
The initiative focuses on the inclusive transition from a linear to a circular economy, while promoting sustainable business models, impact investments and creating jobs for the future.
ICAO signs new deals with African states to boost sustainable aviation development
The International Civil Aviation Organization (ICAO) made a significant step forward in enhancing aviation's role as a catalyst for sustainable development in Africa.
[Column] Philip Myburgh: Maximising the AGOA opportunity
AGOA grants qualifying sub-Saharan African nations duty-free access to the US market for more than 1,800 products.
Small business growth to unlock Africa’s potential
More needs to be done to stimulate the growth of SMMEs, as well as boost intra-African trade, to unlock the continent’s huge potential.
COMESA-EAC-SADC Tripartite Trade Area to come into force 25th July 2024
This update was announced during the 37th Tripartite Task Force Meeting, which took place on the sidelines of the 6th African Union Mid-Year Coordination Meeting in Accra, Ghana.
[Column] Victoria Sabula: Sudan's crisis calls for humanitarian aid and economic revival
While humanitarian aid is essential to alleviate the immediate pain, an approach that prioritizes economic revitalization is crucial for the long-term well-being of the people of Sudan.
ECOWAS and TradeMark Africa partner to boost trade efficiency in West Africa
The collaborative agreement aims to enhance the use of digital technologies to improve trade efficiency, reduce trade barriers at border crossings, and foster a conducive environment for business operations throughout the region.
FCC and TradeMark Africa ink £600,000 deal to modernize market regulation in Tanzania
This initiative promises to transform the trading landscape in Tanzania, making it more competitive, transparent, and inclusive.
COMESA and Malawi sign €900,000 agreement to construct cross border market
The SSCBTI supports the provision of gender sensitive basic infrastructure for use by small scale cross border traders.
EAC Monetary Affairs Committee addresses regional economic challenges and progress towards the Monetary Union
Reflecting on the economic performance of the EAC region in 2023, the Committee acknowledged a range of growth rates ranging from 2.8 percent to 8.1 percent.
Zambia develops and validates blue economy strategy
The strategy will guide the nation in advancing knowledge on biotechnology, environmental sustainability and ecosystem services.
Nakonde Border Post upgrade boosts trade between Zambia and Tanzania
Funded by the UK government, the ZMK 197 million (£7.1 million) project will improve the flow of goods and people along the Dar es Salaam Corridor, promising to streamline operations and reduce cargo clearance times by more than 100% on both sides of the border.
Zambia validates blue economy strategy
The strategy will guide the nation in advancing knowledge on biotechnology, environmental sustainability and ecosystem services.
DFC reaffirms commitment to scaling investment in African infrastructure and critical minerals
Deputy Chief Executive Officer (DCEO) Nisha Biswal traveled to South Africa and Zambia as part of the largest U.S. government delegation to Mining Indaba and the first Lobito Corridor Investors Forum and to deepen DFC’s investments on the continent.
African healthtech shows resilience with mere 2% decline in funding while broader tech ecosystem plunges in 2023, report
Healthcare consulting firm Salient Advisory has launched its latest Intelligence Report, presenting findings on funding activity, covering grant, equity, and debt investments for African healthtech startups in 2023
Digital commerce in Africa to expand 25% per year by 2026, report
Africa has emerged as a frontier for the new online consumer class, representing an estimated 10 million new consumers in 2024 and trailing only Asia as a region. This is according to the new annual Beyond Borders digital payments and commerce report by EBANX
UK and Egypt sign sustainable cities and infrastructure pact
The new partnership between the UK and the Government of Egypt will boost cooperation in the development of sustainable cities and infrastructure in Egypt by establishing a joint working group that will meet twice a year in London and Cairo.
COMESA and the Indian Ocean Commission renew cooperation
The Common Market for Eastern and Southern Africa (COMESA) Secretariat and the Indian Ocean Commission (IOC) have reaffirmed their commitment to continued collaboration as they both implement regional integration programmes.
Vodacom, Safaricom hit 200 million subscribers
Vodacom Group’s subscriber base including Safaricom has now surpassed 200 million for the first time, having previously achieved 100 million customers in 2018.
15% of companies in the Middle East, Turkiye, Africa region do not train employees on IT
According to Kaspersky’s Business Digitization survey, only 29% of companies surveyed in the Middle East, Turkiye, and Africa (META) region organised training on cybersecurity for their employees.
[South Africa] Ninety percent of CEOs are waiting for GenAI to move past the hype, report
Seventy-one percent of global executives surveyed say they plan to increase tech investments in 2024—an 11-point jump from 2023—and even more (85%) plan to increase their spending on AI and GenAI.
23% of companies in the META region suffered from malicious actions by staff, report
A Kaspersky study found that in the past two years, 78% of companies surveyed in the META region have faced cyber incidents in different forms, 23% of which were caused by deliberate malicious behaviour by employees
Ukraine opens embassy in Ghana; Rwanda, Mozambique, Botswana to follow
Ukraine has opened a diplomatic mission in Accra, the capital of Ghana, and plans to open embassies in Rwanda, Mozambique, and Botswana, the Foreign Ministry announced on Dec. 27.
Kenya and the European Union sign economic partnership agreement to bolster trade
The EU and Kenya have signed an Economic Partnership Agreement (EPA) to boost bilateral trade in goods, increase investment flows, and contribute to sustainable economic growth.
Philippines, Rwanda sign agreement to bolster bilateral cooperation
Under the MOU, the Philippines and Rwanda will collaborate in the fields of human resources development, scientific and technological exchanges, education, health, agriculture, gender, youth, environmental issues, and security.
47% of companies in the Middle East, Turkiye, Africa region plan to outsource cybersecurity, report
Company bosses are boosting their cybersecurity following an alarming increase in cyberattacks, a new study commissioned by Kaspersky has found.
Radisson Hotel Group partners with Edo State Government to expand its portfolio in Nigeria
The hotel’s array of Scandinavian inspired accommodation will range from contemporary standard rooms to expansive executive suites, including a presidential suite.
[Column] Hassan Egeh: What does it mean for Somalia to join East Africa Communities (EAC)?
Somalia was admitted into the East African Community (EAC) on Friday Novermber24, 2023 the eighth member of the bloc as it seeks to expand free trade across the region.
Somalia joins East African Community
It joins Kenya, Burundi, the Democratic Republic of the Congo, Rwanda, South Sudan, Uganda and Tanzania in the bloc.
Generative AI skills gap slowing down AI adoption EMEA region, report
Organisations in the EMEA region plan to embrace AI solutions but are slowed by a generative AI skills gap. This is according to a new report released by hybrid multi-cloud computing provider Nutanix.
Retailers are struggling to deal with ransomware attacks, Sophos report
After surveying 3,000 IT/cybersecurity leaders in organizations with between 100 and 5,000 employees (including 355 from the retail sector), across 14 countries in the Americas, EMEA and Asia Pacific Sophos found that only 26% of retail organizations this past year were able to disrupt a ransomware attack.
[Column] Bill Blackie: Exploring synergies between AGOA and AfCFTA: The case for African exports
Africa is often characterised as a continent poised for economic growth and development. Often, prosperity and development in Africa can be linked back to exports and the benefits that they generate.
75% of healthcare organisations lose data to ransomware attacks, Sophos report
Cybercriminals successfully encrypted data in nearly 75% of ransomware attacks on healthcare organisations. This is according to the The State of Ransomware in Healthcare 2023 report released by cybersecurity firm Sophos.
Kenyan consumers remain optimistic, but financial worries weigh heavy, report
According to TransUnion’s Consumer Pulse Study, one of the significant factors contributing to the decrease in household income was job loss, with 30% of consumers reporting that someone in their household lost their job over the past month.
Kenya among top countries receiving most DDOS attacks amid ongoing geopolitical unrest
Kenya has been listed among the top five countries hit by distributed denial-of-service (DDoS) attacks in the first half of 2023. Other countries include France, Germany, Italy, and Saudi Arabia
Antwerp and Botswana to gather diamond industry in Gaborone for FACETS 2023
The two-day Conference was officially opened by the President of the Republic of Botswana, His Excellency Dr. Mokgweetsi Keabetswe Masisi.
[South Africa] Companies acknowledge inadequate budgets to address the root cause of breaches, J2 Software survey
A recent survey revealed that 58% of organisations believe their budgets allocated to manage insider risks are insufficient to effectively mitigate the increasing costs and frequency of security incidents instigated by individuals within the organisation.
[South Africa] Western Cape launches Export Certificate Office System
The Western Cape Department of Agriculture’s Veterinary Services recently launched its innovative Export Certificate Office System (ECOS)
80% of SMEs in South Africa project similar or increased revenue in 2023, Mastercard report
From surviving to thriving in the post-COVID world, small and medium enterprises (SMEs) in South Africa are projecting similar or increased revenues in 2023.
Mobile threats in the Middle East, Turkiye, Africa region rise in Q2 2023
The number of mobile threat detections particularly in the Middle East, Turkiye, and Africa region increased by 5% in Q2 2023 compared to Q2 2022.
43% of employees in META region afraid of losing job due to lack of digital skills, report
Among those who think they are most likely to lose their job because of the lack of digital skills within the next 5 years are department heads (29%) and top managers (15%).
Africa calls for global action to combat climate change
African leaders challenged the global community to honor its commitments citing the Paris Summit for a New Global Financing Pact.
Africa Climate Summit 2023 concluded with Nairobi Declaration
At the closing of Africa Climate Summit 2023, African leaders announced $23 billion Nairobi declaration target for green growth in Africa.
[Column] Rajan Shah: Strengthening local value chains key to Kenya’s transformation
The government, through the Bottom-up Economic Transformation Agenda (BETA), has committed to drive economic and inclusive growth through agricultural value chain approach.
[Column] Rajan Shah: Rethinking Kenya’s export strategy key for economic prosperity
Historically, the transformative growth of industrialized nations has been propelled by exports.
[Chronique]Frida Frans: L'impact des coups d'État sur les accords de commerce et la stabilité économique en Afrique de l'Ouest
La récente série de coups d'État en Afrique de l'Ouest a entraîné des bouleversements politiques dans la région. Ces coups d'État survenus au Mali, en Guinée, au Burkina Faso et au Niger se caractérisent par des changements soudains et souvent violents à la tête du pays.
How hydropower projects are affecting the Nile River and downstream countries
One such project that epitomizes these complexities is the Grand Ethiopian Renaissance Dam (GERD) on the Nile River, which has sparked significant controversy and raised concerns among downstream nations.
[Column] Chika Idoko: Bridging the divide: Confronting Socioeconomic inequality In Sub-Saharan Africa
As leaders who support mainstreaming equality, diversity, and inclusion, we aim to ensure that every individual, regardless of their background, enjoys the same rights, opportunities, and dignity.
[Column] Frida Frans: The impact of Coup d’état on trade agreements and economic stability in West Africa
The recent series of coup d'état incidents in West Africa has resulted in significant political upheaval across the region. These prominent coups occurrences in Mali, Guinea, Burkina Faso, Niger are characterized by sudden and often forceful changes in leadership.
[South Africa] Financial Sector surpasses the National Average as Data Breach Costs Reach R73.1 Million
The average data breach cost for South African organizations reached R49.45 million in 2023 – an all-time high according to the IBM Security annual Cost of a Data Breach Report.
Nigeria trails South Africa and Kenya in Africa’s B2B payment revolution
Nigeria trails South Africa and Kenya in the development of key B2B payment processes across Africa, including the adoption of electronic bank transfers, speed of processing invoices and payment automation.
COMESA receives $2 million from Saudi Arabian government for construction of its new headquarters
Amb. Alkahtani, said the motivation to support the construction of the COMESA headquarters stems from the strong relations that exist between the Kingdom and the COMESA bloc based on mutual respect and joint action.
[Column] NJ Ayuk: Nigeria must fully implement the petroleum industry Act
Nearly two years from its passage into law, implementation of the PIA and its initiatives has been slow for numerous reasons, but not without progress, and signals from Nigeria’s new administration indicate that these conditions will not remain the status quo.
Eliminate non-tariff barriers to boost intra-African food trade, EAC urges
AU Member States were further urged to invest in irrigation agriculture by moving away from the reliance on rain-fed agriculture. African countries were called upon to adopt policies that motivate the youth to take part in agriculture to ensure increased production and reduce food insecurity.
Ethiopia applies to join the BRICS bloc of emerging economies
Ethiopia, one of Africa’s fastest-growing economies, has asked to join the BRICS bloc of emerging markets, the foreign ministry said on Thursday.
[Uganda] New law increases share capital for foreign exchange business
Investors in the foreign exchange business will now be required to have a minimum paid up share capital of Shs200 million to carry out the business of dealing in money transfers.
Kenya experiences 82% increase in cyber-attacks, Liquid C2 Cybersecurity Report
Cyber-attacks on Kenyan businesses increased by 82 percent according to a cybersecurity report released by Liquid C2, a business unit of Liquid Intelligent Technologies.
Volkswagen signs deal with Government of Rwanda to establish a modern farm with electric tractors
As part of the MoU, the Government of Rwanda has agreed to provide land in Gashora (Bugesera District) for the project, as well as to assist with permitting and licensing requirements of the project.
UK and Ghana launch new investor group to scout for top investment opportunities
The UK and Ghana have launched a new investor group to help identify mutually beneficial investment opportunities for both countries in a boost to the existing economic partnership.
Ghana’s tax on sugar-sweetened beverages a win for health sector, experts
Actioned by the Ghanaian Government as part of measures to reduce impacts of SSBs on public health, the country is now one of hundreds that have implemented World Health Organization-recommended interventions to prevent non-communicable diseases (NCDs).
Africa to become the second-fastest growing region after Asia AfDB report
But the projected growth will depend on global conditions and the continent’s ability to bolster its economic resilience, the African Development Bank’s 2023 African Economic Outlook report has found.
France commits to fostering economic, investment ties with Nigeria
In a bid to promote trade between France and Nigeria, the French Government has said it will continue fostering economic and investment ties with Nigeria.
The East African Competition Authority and the Competition Authority of Kenya sign bilateral agreement
The MoU lays out modalities through which the agencies will mitigate competition infringements with cross-border effects, as well as foster transparency and predictability with regard to multijurisdictional merger notifications in order to reduce transaction costs for businesses.
EABC underscores the role of business associations in the implementation of the AFCFTA
The East African Business Council (EABC) emphasizes the vital role of business associations in the successful implementation of the African Continental Free Trade Area (AfCFTA).
[Column] Pankaj Bedi: High production costs hurting Kenya’s apparel exports
A Cabinet communique dated 6th December 2022 highlighted government’s plan to drive Kenya’s export-led growth.
[Column] NJ Ayuk: The outlook for African oil in 2023 is promising
Several years ago, the African energy industry was in survival mode. The COVID-19 pandemic had practically eliminated demand for crude oil, and African exports dropped sharply.
Ghana, Austria sign key strategic partnership agreements
The President of the Republic, Nana Addo Dankwa Akufo-Addo, and the Chancellor of the Federal Republic of Austria, Karl Nehammer have agreed on key areas of cooperation primary on strengthening existing bilateral ties between the two countries.
Naspers, Takealot and Media24 join the South African Plastics Pact to reduce plastic waste across value chain
Naspers, and its subsidiary businesses, Takealot and Media24, have joined the South African Plastics Pact by creating a circular economy for plastics.
Ethiopia moves towards liberalization of trade in services
Trade in Services plays a key role in the economic growth and development of a country. Services directly support production but also value chains and create jobs and other economic and non-economic opportunities.
Kenya lost Ksh 3.6 billion to cyber criminals in 2022, report
Kenya’s losses to cyber criminals reached Ksh 3.6 billion (USD 36 million) in 2022, compared to Nigeria and South Africa where they are nearly tenfold at Ksh 50 billion (USD 500 million) and Ksh 57 billion (USD 570 million) respectively.
Technical review of NIST’s inclusive language
NIST stands for National Institute of Standards and Technology. It is an organization within the United States Government.
Kenya and Rwanda sign agreement on 10 areas of cooperation
Kenya and Rwanda Tuesday signed an agreement in 10 areas of cooperation to enhance relations. The Memorandum of Understanding will establish mechanisms for effective cooperation in Education, ICT, Gender and Child Development, Youth and Capacity Development for the Public Service.
[Africa Business Communities Forum] How are the 2023 elections affecting businesses in Nigeria?
With the end of the first quarter here, Africa Business Communities talks with business owners and CEOs in Nigeria on the effect this year's elections is having on the economy at large.
[Column] NJ Ayuk: Time to break the deadlock on TotalEnergies’ offshore gas deal
There’s another complication at hand, in that South Africa’s government has pledged to reduce the power sector’s carbon emissions intensity.
Germany to support Kenyan businesses access European markets
Germany will support Kenya in its attempt to better penetrate the European Union market.
Visit Rwanda signed a new deal
The Rwanda Development Board (RDB), through the Visit Rwanda campaign signed a Memorandum of Understanding with the Veteran Clubs World Championship where Rwanda will host the next three editions of the football tournament.
Ghana and Maldives sign two agreements to enhance bilateral cooperation
The Government of Maldives and the Government of Ghana have signed two key Agreements today that will further deepen the bilateral relationship between the two countries.
[ChatGPT Biography] Mo Ibrahim, Founder of Celtel International
Artificial Intelligence is taking the world by storm. As an experiment, Africa Business Communities is publishing a series of 100 biographies of the most successful entrepreneurs in Africa. We only ask the questions and let ChatGPT write.
[Column] Anthony Mwangi: Why Kenya needs a stable and predictable tax regime
The importance of predictable and stable policies in driving the realization of a country’s socio-economic goals cannot be over emphasized.
[Column] Sithembile Ntombela: South Africa economy could benefit from BRICS enlargement
One of the least known information about the BRICS countries is that the chairmanship of the group is rotated annually amongst its members in accordance with the acronym of B-R-I-C-S.
[Column] Rajan Shah: Proposed EGMS Tax hike threatens Kenya’s economic growth
The Kenya Revenue Authority (KRA) has proposed an increment of excise duty which as Kenya Association of Manufacturers (KAM) are deeply concerned about.
[Nigeria Business Week] Andrea Ayemoba: Digitization on all fronts, tech takes the lead
There is an obvious, increasing amount of technology awareness, and appeals for more extensive technology trainings in Nigeria.
[East Africa Business Week] Bob Koigi: What the entry of Somalia to the EAC means for region
This week, The East African Community (EAC) officially launched the verification mission to assess the Federal Republic of Somalia’s readiness to join the Community.
[East Africa Business Week] Bob Koigi: Improving business competitiveness in the region: The case of TradeMark Africa
As it rebrands to TradeMark Africa, TMA, in its bid to grow its continental footprint, aid for trade institution formerly known as TradeMark East, boasts of having made a lasting mark in East Africa where it has operated for over ten years.
EIB Climate Survey in Kenya
97% of Kenyan respondents say climate change is already affecting their everyday life.
AfCFTA, an opportunity for Africa’s youth to accelerate trade and industrialization
Through its Youth Protocol, the AfCFTA recognises that young people can play a critical role in the achievement of the free trade zone by initiating youth-led initiatives in agriculture, financial technology, IT and in the creative industry.
[Column] Givemore T. Chiwanza: How has the Russia-Ukraine crisis affected Africa?
This Ukraine crisis escalated on 24 February 2022 and has tremendously impacted the global socio-economic terrain. The situation has and will continue to affect the African continent's financial system and food and energy security.
[East Africa Business Week] Bob Koigi: Enhancing regional digital integration
As East Africa seeks to become a more deeply integrated and dynamic digital investment, innovation, and growth hub, it is exploring initiatives and partners to help it drive that agenda as it seeks to boost its competitiveness as an investment hub.
Enquête de la BEI sur le climat en Côte d’Ivoire
91 % de la population ivoirienne interrogée estiment que les changements climatiques ont déjà des répercussions sur leur quotidien.
[Nigeria Business Week] Andrea Ayemoba: Investments take priority over all
With global inflation spiraling out of control, every country is working harder than ever to welcome new enterprise and business. Nigeria made great progress in this in recent months.
[Column] Anthony Mwangi: Let’s tackle illicit trade head on
The recent crackdown on various forms of illicit goods revealed the extent to which criminal networks have proliferated in our nation and posed a threat to the lives and safety of all citizens.
[East Africa Business Week] Growing the region’s investment portfolio
In the last week, a series of investments across East Africa have been unveiled by corporates, banks, multinationals and development partners as the region continues to position itself as an investment hub in the continent.
[Column] Patrick Utomi: For AfCFTA to deliver on its promise, we must address concerns of entrepreneurs
We must recognise the preponderance of micro-small and medium sized enterprise in the continent’s commercial landscape.
[Nigeria Business Week] Andrea Ayemoba: Local fintech spreads to East Africa, oil and gas find major milestone
Nigeria, like other countries of the world, is going through some economically turbulent times. Inflation is on the rise (recently pegged at 21.9%) and local startups are directly impacted by financial crises on the other side of the world.
More charges,taxes and fees in the air transport industry in Africa a big challenge to AfCFTA
Overcharges, taxation, and accumulation of fees in African air transportation can be a hindrance in achieving and success of African Continental Free Trade Area
[Column] Anthony Mwangi: How Kenyan manufacturing sector can contribute 20 per cent to the GDP by 2030
Competitiveness is our ability to sustainably produce goods and services for which there is a market – at a price and quality that the market is willing to pay for.
[Column] Goodie M. Ibru: What the AfCFTA brings to the table in Africa
The trade and investment layout of the African Continent is a story of both promise and missed opportunities. With a population of over 1.2 billion, Africa promises a huge and promising market.
[East Africa Business Week] Bob Koigi: Deepening diaspora remittances, driving regional investment
In a first of its kind move, The East African Community (EAC) has announced setting up a Diaspora desk that will focus on facilitating East Africans living in the diaspora to invest and trade in the region.