WEEKLY INFORMATION
24 NOVEMBER, 2023.
30 countries to begin trading under AfCFTA next year
African Commodity Exchanges unite to boost trade and combat food insecurity.
In a landmark move aimed at revitalizing intra-African trade and combating food insecurity, commodity exchanges across the continent have joined forces to establish the AfCFTA Association of Commodity Exchanges under the AfCFTA Guided Trade Initiative.
This groundbreaking initiative was announced at the Intra-Africa Trade Fair 2023, held in Cairo, Egypt.
East Africa's exports to the rest of the continent hit $9 billion.
Statistics show that total intra-EAC trade grew by approximately 11.2 percent to $10.9 billion in 2022 from $9.8 billion in the previous year.
WEEKLY INFORMATION
17 NOVEMBER, 2023.
Egypt’s Trade Minister calls for accelerating AfCFTA activation
Minister of Trade and Industry Ahmed Samir highlighted the importance of accelerating the implementation and activation of the African Continental Free Trade Area (AfCFTA) as it is an essential axis of increasing intra-African trade rates.
Truworths boss says textile industry cannot benefit from AfCFTA
TRUWORTHS Limited chief executive officer Bekithemba Ndebele says the local textile industry is too decimated to benefit from the African Continental Free Trade Area (AfCFTA) as over 90% of formal manufacturers have shut down.
Standard inspectors to support AfCFTA controls – Standards Authority
A Marketing Officer at the Northern Regional Office of the Ghana Standards Authority, Mahamud Misbaw, has stated that the recently commissioned Trading Standards Inspectors (TSI) of the Ghana Standards Authority will play a crucial role in checking AfCFTA controls at various markets nationwide.
https://www.myjoyonline.com/standard-inspectors-to-support-afcfta-controls-standards-authority/
WEEKLY INFORMATION
10 NOVEMBER, 2023.
New deal for African, US companies to partner under AfCFTA
As AGOA is set to expire in 2025, African Ministers of Trade expressed the need for urgent renewal of AGOA with non-controversial amendments for a minimum of 10 years to provide the required predictability and certainty to the markets.
They urged that the review of the AGOA eligibility criteria should be more inclusive by including MSMEs, women, and youth.
AGOA, AfCFTA can be complementary
Secretary General of the African Continental Free Trade Area (AfCFTA), Wamkele Mene, says the United States of America's African Growth and Opportunity Act (AGOA) initiative and the AfCFTA can be complementary and supportive trade initiatives.
He was speaking at a media briefing on the side lines of the ongoing hashtag#AGOA forum held in Johannesburg.
https://www.sanews.gov.za/south-africa/agoa-afcfta-can-be-complementary
WEEKLY INFORMATION
3 NOVEMBER, 2023.
How ambitious AfCFTA implementation can drive agricultural trade growth for Africa. More sophisticated non-tariff measures, coupled with environmental and climate provisions, will help deepen Africa’s agricultural trade. Dr Ousmane Badiane, executive chair of AKADEMIYA2063, explains the findings of a recent report.
WEEKLY INFORMATION
13 OCTOBER, 2023.
Full implementation of AfCFTA will increase intra-Africa trade value to $195 billion by 2045
The Economic Commission for Africa (ECA) has said that the full implementation of the free trade area will increase the value of intra-Africa trade to $195 billion by 2045.
This is contained in a statement issued by the communication department of the ECA.
A year of trading under AfCFTA – a Rwandan businesswoman’s story
Rwanda exported its first consignment of goods to Ghana, on September 30, 2022, under the African Continental Free Trade Area (AfCFTA) Guided Trade Initiative aimed to kick off commercially meaningful trade across the continent.
Chemicals, cosmetics sectors to benefit from AfCFTA
The chemicals, cosmetics, plastics and pharmaceutical sectors are set to get acquainted with the benefits offered under the African Continental Free Trade Area (AfCFTA).
https://www.sanews.gov.za/south-africa/chemicals-cosmetics-sectors-benefit-afcfta
WEEKLY INFORMATION
29 SEPTEMBER, 2023.
Cross-border barriers bar Nigeria from $450bn AfCFTA initiative
Despite the immense benefits of the African Continental Free Trade Agreement, the Nigerian private sector has lamented that many trade restrictions and logistics challenges have been hampering the country from harnessing the potential of the trade agreement, Oluwakemi Abimbola reports
https://punchng.com/cross-border-barriers-bar-nigeria-from-450bn-afcfta-initiative/
WEEKLY INFORMATION
15 SEPTEMBER, 2023.
ECOWAS adopts strategy for accelerated AfCFTA implementation in region
The Economic Community of West African States (ECOWAS) has adopted a regional strategy to accelerate the implementation of the African Continental Free Trade Area (AfCFTA) agreement in the ECOWAS region and leverage on opportunities for growth and prosperity.
https://guardian.ng/news/ecowas-adopts-strategy-for-accelerated-afcfta-implementation-in-region/
WEEKLY INFORMATION
8 SEPTEMBER, 2023.
African Union intensifies efforts to foster growth of start-up ventures in Africa.
The African Union led by the Department of Economic Development, Trade, Tourism, Industry, and Minerals(ETTIM) is set to host the second edition of the annual African Union Micro Small and Medium Enterprises (MSME) Forum from the 4th -8th September 2023 at the AU Head quarter in Addis Ababa, Ethiopia. The forum will focus on "Start-up Acts: An Instrument to Foster Development and Innovation in Africa," delving on the importance of policies that serve as incentives for young people to start a venture, investors to put their money into promising companies, and other ecosystem actors to lend their support in start-up enterprises.
https://au.int/en/pressreleases/20230901/au-intensifies-efforts-foster-growth-start-ventures-africa
BRICS+6 to control 30% of global GDP, 46% population
The new members will become part of BRICS effective January 1, 2024.
The acronym BRICS was originally coined in 2001 by Goldman Sachs economists led by Jim O'Neill. Later in December 2010, South Africa was added as the fifth member.
Currently, the five-member grouping is home to 40 per cent of the world's population which controls 26 per cent of the global GDP.
But with the six new members (BRICS+6), their GDP share will jump to 30 per cent and share of population will go up to 46 per cent.
WEEKLY INFORMATION
1 SEPTEMBER, 2023.
AfCFTA: Traditional institution, key to successful implementation
Multiple award-winning filmmaker and producer, David Akwara has made the case for the involvement of royal fathers and traditional institutions in the implementation of the Africa Continental Free Trade Area (AfCFTA) agreement.
How can AfCFTA’s $10bn fund benefit Rwandan women, youth traders?
Rwandan women and youth traders should seize the various opportunities provided by the African Continental Free Trade Area (AfCFTA) ‘Adjustment Fund’, Denis Karera, a businessman and Vice Chairperson of East Africa Business Council (EABC), has said.
WEEKLY INFORMATION
25 AUGUST, 2023.
Private sector urged to unlock AfCFTA trade opportunities
Africa’s private sectors need to accelerate efforts to unlock the potential trade opportunities lying within the African Continental Free Trade Area (AfCFTA), delegates attending the second edition of the Golden Business Forum in the Rwandan capital city of Kigali said Wednesday.
https://neweralive.na/posts/private-sector-urged-to-unlock-afcfta-trade-opportunities
AfCFTA: Five challenges limiting youth from engaging in trade
For the success of the African Continental Free Trade Area (AfCFTA), which is expected to create a market of 1.3 billion people with a combined GDP of $3.4 trillion, the participation of about 65 percent of the continent’s population under 35 years is paramount.
This imperative was underscored at the inaugural AfCFTA Youth Symposium themed “Igniting the Future for Youth in Trade,” held from August 21 to 23 in Zambia. The symposium brought together young leaders and entrepreneurs to discuss strategies for harnessing AfCFTA's potential.
WEEKLY INFORMATION
18 AUGUST, 2023.
Nigeria to join continental trade initiative — AfCFTA’s boss
The Executive Secretary, National Working Committee, African Continental Free Trade Area, Nigeria, Segun Awolowo, has expressed the readiness of the country to join the second phase of the Guided Trade Initiative.
The initiative by AfCFTA is a solution-oriented approach that aims to facilitate trade between interested state parties by connecting businesses and products for export and import.
https://punchng.com/nigeria-to-join-continental-trade-initiative-afcftas-boss/
Five things African countries can do to optimize AfCFTA
The forum under the theme Creating African Wealth under the African Continental Free Trade Area, is bringing together over 1000 delegates to among others identify and facilitate business opportunities across Africa, as well as promote engagement between developers, investors and financiers.
The AfCFTA, being the world’s largest trade bloc, experts said, is crucial in setting the stage for increased integration, competitiveness, economic diversification, and investment in African economies.
AfCFTA to Identify Comparative Advantage of Northern Region
A regional conference and stakeholder engagement on the implementation of the African Continental Free Trade Agreement (AfCFTA) has been held to identify the peculiar comparative advantages of the Northern Region, which can be brought to bear in trying to harness the benefits of the AfCFTA.
WEEKLY INFORMATION
11 AUGUST, 2023.
How AfCFTA can strengthen regional value chains and SMEs growth
Earlier this month, United Bank for Africa (UBA) Plc, signed an agreement with the Africa Continental Free Trade Area (AfCFTA) Secretariat to provide financing to Small and Medium scale Enterprises (SMEs) across Africa. This partnership seeks to address a critical challenge hindering SME growth on the continent: the lack of financial access and other obstacles such as non-tariff barriers, inadequate infrastructure, digital technology adoption, limited logistics networks, and regulatory disparities across countries. The AfCFTA is actively addressing these challenges, aiming to unlock the full potential of SMEs and drive their growth, while strengthening Africa’s regional value chain.
#vacancy @ African Development Bank Group
Position: Chief Communications Specialist (PCSC).
Deadline: 03-Sep-2023
https://www.afdb.org/en/vacancy/chief-communications-specialist-pcsc-63574
Zenith Bank and Afcfta Sign Agreement to Develop SMARTAfCFTA Portal
Zenith Bank Plc have signed a Memorandum of Understanding (MoU) with the African Continental Free Trade Area (AfCFTA) Secretariat for the development of the SMARTAfCFTA Portal, for trade promotion within the African continent.
The SMARTAfCFTA Portal, which has the capacity to provide information like trade indicators, market trends, custom tariffs, trade agreements, rules of origin, market access requirements of relevant jurisdictions, export potentials, export diversification indicators and contact details of business partners in target markets and other trade-related information about Africa, will help to unlock the vast opportunities for trade on the African continent.
WEEKLY INFORMATION
4 AUGUST, 2023.
Ghana launches AFCTA trade expedition to Tanzania.
AFRICAN Continental Free Trade Area (AfCFTA) is collaborating with Ghana’s National AfCFTA Coordination Office (NCO) to undertake a trade expedition in Tanzania next month.
The National Coordinator of Ghana’s ACTA Coordination, Dr Farred Arthur, said in Dar es Salaam during the launching of the AFCTA trade expedition to Tanzania that the move envisaging to strength economic ties between Ghana and Tanzania.
https://dailynews.co.tz/ghana-launches-afcta-trade-expedition-to-tanzania/
Intra-EAC trade down by $1.8bn on barriers, taxation.
East African economies are losing millions of dollars as stiff trading policies, including slow implementation of agreed taxation rules, yet again force a drop in intra-regional commerce.
A new report on regional commerce shows that policymakers have not been putting their words into action, agreeing on significant policies but delaying implementation.
WEEKLY INFORMATION
28 JULY, 2023.
AfCFTA: Why Nigeria’s missing, as 8 countries commence guided trade.
Nigeria’s absence from the from the first batch of participating countries under the Guided Trade Initiative (GTI) of the Africa Continental Free Trade Area (AfCFTA) has been attributed to failure to meet the minimum requirements for trade under the agreement.
African Union, ImpactHer invites participants for its fully-funded digital, financial training.
The African Union International Centre for the Education of Girls and Women in Africa and ImpactHer is organising a one-month online digital, financial and entrepreneurship training program for interested individuals.
The pilot phase of the Online Youth Capacity Building Training Program (OYCBT) concluded in June 2023, and the next phase will begin in August and run until December.
Chamber rolls out Amharic AfCFTA 101 to boost free trade awareness.
The Ethiopian Chamber of Commerce & Sectoral Associations is hoping a new Amharic course on the African Continental Free Trade Area (AfCFTA) will supercharge awareness of the potentially game-changing trade deal among local businesses.
In an effort to boost awareness of the AfCFTA among businesses, the Chamber is launching an online education platform in the local language.
WEEKLY INFORMATION
21 JULY, 2023.
U.S.-Africa Business Summit Looks to Enhance Africa's Value in Global Chains.
Gaborone — Over 1,000 participants from the U.S. and across the African continent, including government officials, private sector executives, investors, and multilateral stakeholders, are meeting in Botswana's capital city of Gaborone at the U.S.-Africa Business Summit to explore investment opportunities and strengthen business relationships between Africa and the U.S.
"The U.S. is focused on what we will do with African nations and with African people and not for African nations and people as we work to deepen and expand our partnerships, amplify African voices, and support the empowerment of Africans," said Scott Nathan, Chief Executive Officer of the United States, International Development (DFC).
WEEKLY INFORMATION
14 JULY, 2023.
The African Continental Free Trade Area (AfCFTA) presents South Africa with unparalleled benefits and opportunities.
Director of Africa Bilateral Economic Trade at the Department of Trade, Industry and Competition, Calvin Phume said the #AfCFTA holds immense potential, promising to expand market access for South African entrepreneurs and enterprises.
“This unparalleled market reach will catalyse a surge in trade, enabling local businesses to tap into new market #opportunities, expand their operations, attract investments and bolster their revenue streams,” he said.
https://www.sanews.gov.za/south-africa/afcfta-benefit-sa
From Nigeria to Zambia: Six companies cashing in on Cassava.
Cassava, a widely grown but underutilised root crop in Africa, boasts significant commercial potential. It can be processed into various products, including cassava flour, starch, ethanol, and glucose syrup. Particularly, its gluten-free flour presents substantial opportunities in the health and wellness sector.
WEEKLY INFORMATION
7 JULY, 2023.
If You Are Making Life Difficult For Me, There Is No Way I Will Invest - Dangote Begs African Countries To Give Nigerians Visa On Arrival.
“I think what, maybe, African countries need to do is that, why don’t you give Africans visas on arrival that will facilitate trade?” he suggested, sharing a scenario where one has to get a visa to get into “country A” as an African".
https://www.tori.ng/news/239431/if-you-are-making-life-difficult-for-me-there-is-n.html
AfCFTA: South Africa seeks seamless intra-Africa trade.
“I believe that the cries of businesses around visa regimes of our various countries are not unfounded. Trade only happens when we interact, so we need a review of visa regimes across the continent,” she stated. “Unless business communities are talking to one another, indulging and cultivating investments and trade opportunities, we are not going to get anywhere.”
https://gazettengr.com/afcfta-south-africa-seeks-seamless-intra-africa-trade/
South Africa, Nigeria eye mutual benefits from AfCFTA, strengthened trade relations.
The African Continental Free Trade Area (AfCFTA) presents significant opportunities for South Africa and Nigeria, according to Evelyn Ngige, the Nigerian Permanent Secretary for Industry, Trade, and Investment.
Ngige’s remarks came during her visit to South Africa, where the West African nation seeks to enhance trade relations with its southern counterpart. The Nigerian High Commission hosted the meeting to foster partnership between the two continental giants.
Kagame urges sense of urgency in implementation of AfCFTA.
President Paul Kagame has requested African leaders to move with a sense of urgency in the implementation of the African Continental Free Trade Area (AfCFTA) to boost economic value on the continent.
Ethiopia to enact law normalizing informal cross-border trade along Djibouti, South Sudan borders.
The Ethiopian government is taking strides to acknowledge and regulate the longstanding informal cross-border trade occurring along the Djibouti border.
Nigeria’s Intra-African Trade Drops by 12% to N842.6bn in Q1.
Nigeria’s intra-African trade has continued to underperform expectations despite the commencement of the African Continental Free Trade Area (AfCFTA) as the trade value fell Year-on-Year (YoY) to N842.6 billion in the first quarter of 2023 (Q1’23) 11.95 percent down from N956.93 billion in Q1’22.
https://economicconfidential.com/2023/06/nigeria-intra-african-trade/
WEEKLY INFORMATION
23 JUNE, 2023.
Africa energy forum opens in Kenya.
Africa energy forum opens in Kenya. The 25th edition of the Africa energy forum opened in the Kenyan capital of Nairobi Tuesday with delegates renewing the call for greater uptake of clean sources of energy to secure a climate-resilient...
EALA passes motion to expedite EAC single currency.
The East African Legislative Assembly (EALA) passed, with amendments, the motion to urge the Council of Ministers and partner states to use local currencies in all transactions in the #EAC.
Access Bank, UBA signs Agreement to Allow Africans Trade without the Need to Use Dollars. Access Bank and United Bank for Africa (UBA) have signed an agreement with the African Continental Free Trade Agreement (#AfCFTA)
WEEKLY INFORMATION
16 JUNE, 2023.
Eritrea rejoins east Africa trade and security bloc IGAD after 16 years
Eritrea says it is ready to work toward "peace, stability and regional integration after it rejoined the East African bloc, the Inter-Governmental Authority on Development (IGAD).
African business leaders chafe at obstacles to trade.
The problems are having an impact on African companies competing with developing-country counterparts facing lower or even zero hurdles.
Around 350 African companies today have a turnover of more than a billion dollars, a fall of six percent since 2015, compared to 210 in Latin America and 170 in India, tallies that have risen by almost a third over the same period.
https://www.enca.com/business/african-business-leaders-chafe-obstacles-trade