Digital platforms in Africa should scale up to take advantage of the continent’s surging demand for creative content, said Africa Investment Forum Senior Director Chinelo Anohu. Anohu was speaking at a virtual “fireside chat” on Tuesday with Afreximbank President Benedict Oramah and Dean Garfield, Netflix’s Vice President of Public Policy. The Africa Soft Power Project organized the event, titled The New Face of African Collaboration. Omar Ben Yedder, Group Publisher & MD of IC Publications, moderated. The dialogue was held against the backdrop of the recent coming into force of the African Continental Free Trade Agreement (AfCFTA). 2021 is also the African Union’s year of arts, culture and heritage. Discussions focused on the role of infrastructure and connectivity in advancing Africa’s creative industries, including film, textiles and design. Oramah said that Afreximbank set up a $500 million fund in January 2020 to support Africa’s creative industries. The continent faces a challenge to effectively monetize its creative output. Once it does so, he said, innovation would follow. The Africa Investment Forum, Anohu said, was working to promote content deals as well as digital infrastructure projects to advance creative industries, including support to smaller players. “At AIF 2019, we had a very interesting entrepreneur scheme which saw those that were not as big get the kind of funding they needed to get beyond getting a feasibility study done,” she said. Support for intellectual property rights and equipping investors with the data they need to tackle negative perceptions about investing in Africa are...

Addis Ababa, March 2, 2021 (FBC) – The Embassy of Ethiopia in Rabat, Morocco held an Ethiopian Coffee Promotion and Traditional ceremony event recently. The event was organized to promote Ethiopian coffee in the Moroccan market that could result in increasing Ethiopian coffee export. The event also provided the opportunity to depict Ethiopian good image through traditional coffee ceremony accompanied by traditional music. Ambassadors of different countries, coffee traders, and owners of companies engaged in different business sectors took part in the event. In his opening speech, Ambassador Bacha Gina said as coffee is said to be originated in Ethiopia, it has a great role in impacting the social and economic activities of the country. Ethiopia, being the largest producer of coffee in Africa and the fifth in the world, sends nearly 75% of the country’s coffee exports to European Union markets and about a quarter to East Asian, Middle East, and North American countries, he said. He added it is now high time to bring the “taste of origin” to Morocco, the main tourist destination of Africa and a country committed to South-South cooperation. Ambassador Bacha said as one of the top beverages consumed globally, coffee has a huge potential to connect Africans through AfCFTA and could even contribute significantly to take Africans many steps ahead in creating social and cultural interconnectedness. Some of the participants have expressed their keen interest to import Ethiopian coffee to Morocco affirming that it has an extraordinary taste with an amazing traditional ceremony....

Speaking at the International Petroleum (IP) Week on February 25, 2021, I commended Nigeria for its efforts in driving gas monetization, but we have to be clear that our industry and hardworking people remain frustrated by the delays and inability to pass and sign the Petroleum Industry Bill. There needs to be that fierce sense of urgency of now especially in the era of the energy transition. The Petroleum Industry Bill (PIB) needs to be passed as it allows energy companies to turn their attention to producing energy that drives our economies. It will allow politicians to focus on other pressing matters like the African Continental Free Trade Area (AfCTA) and security issues. Africa is well-placed to become a key global supplier of LNG. Mozambique, Nigeria, Equatorial Guinea, Senegal, and Tanzania are potential players. But we have to be honest, Africa is falling behind. While capital investment in other regions has increased, it has decreased vastly in Africa. Competition for capital investment in the global LNG industry is fierce and for countries that want their resources to be monetized locally and internationally, a number of factors need to be considered and must be done so quickly. Rising (and sometimes reckless) government expenditure, burdensome regulations, and the lack of infrastructure to move Africa’s energy to grow markets are all undermining investor confidence in many African countries. This is negatively affecting exploration projects and even our ability to attract the capital needed to create jobs, implement the AfCTA and push for Africa...

Newly appointed UK Trade Envoy to Zambia, Laurence Robertson MP, yesterday completed a successful and productive first visit to Zambia. Conducted virtually, the visit included meetings with the Minister of Commerce, Trade and Industry, the Ministries of Finance and Mines and a range of UK and Zambian businesses. The theme of the visit was to build stronger UK-Zambia trading partnerships, increase investment between the two countries and support Zambia in taking advantage of regional and global trading opportunities. Appointed by the British Prime Minister, Boris Johnson in December 2020, the Trade Envoy has responsibility for enhancing and building on Zambia and Britain’s investment and trading relationship. UK-Zambia bilateral trade currently stands at over £150m, alongside significant UK investment into Zambia, with aspirations to increase this substantially in coming years through increased British business participation in Zambia’s economic recovery programme. A particular focus of the visit was the mining industry and how UK partnerships can build more sustainability and increase wider economic benefits for Zambia. Recent increases in global climate commitments have helped support resurgence in copper prices as well as demand for other metals such as cobalt and nickel which are critical to support clean energy development. As part of the visit, the Trade Envoy was briefed by members of the UK Parliament All Party Parliamentary Group on Critical Minerals in terms of the role of copper and other metals and the opportunities to support Zambia make more of its mineral resources. In the mining industry, the Trade Envoy met...

The Kenya Private Sector (KEPSA) has launched an ecommerce booster program targeting at least 2,000 Micro, Small and Medium sized Enterprises (MSMES). The program is funded by the European Union and UK’s Foreign Commonwealth Development Office, with support from TradeMark Africa. Amari Consulting will provide the technical support for the booster program. The program targets businesses with little or no digital presence for training and on-boarding to e-commerce platforms. This is in an effort to ensure MSMEs can increase and diversify their revenue streams during this period of COVID-19 pandemic. Due to the economic disruptions of COVID-19 e-commerce has been embraced as an important tool and solution for businesses and consumers. E-commerce is an economic driver for both domestic growth and international trade, thus making economies more competitive. As a result, attention has been drawn to several challenges hindering the full potential of e-commerce across many countries. These include price gouging, product safety concerns, deceptive practices, weak delivery logistics, cyber security concerns, among other development-related concerns. The six month long initiative will build the capacity of MSMEs to engage in e-commerce and digital marketing as well as create linkages for domestic and cross-border trade. Listed below are the KEPSA e-commerce booster program main objectives. To help SMEs gain the digital skills necessary to engage in a digital economy and improve livelihoods. To support SMEs in the wholesale and retail sector with little or no e-commerce presence to get on board e-commerce platforms to increase and diversify revenue streams during the...

The Kenya Private Sector Alliance (KEPSA) on Thursday, February 25 launched an Ecommerce Booster Program targeting at least 2000 Micro, Small and Medium-sized Enterprises (MSMEs). The program will be realized through funding from the European Union and UK’s Foreign Commonwealth Development Office. TradeMark Africa, a leading aid for trade regional body in East Africa will support the program, while the technical support for this program is being provided by Amari Consulting Ltd. Types of businesses targeted Businesses with little or no digital presence are being targeted for training and on-boarding to e-commerce platforms to ensure MSMEs can increase and diversify their revenue streams during this period of COVID-19 pandemic. As COVID-19 pandemic continues to cause disruptions in the global and regional value chains, it has become clear that e-commerce is an important tool and solution for businesses and consumers. E-commerce can support small businesses in reducing their costs and effectively reaching their customers; it is an economic driver for both domestic growth and international trade thus making economies more competitive. Challenges to be solved The COVID-19 pandemic has occasioned a spike in business-to-consumer (B2C) online sales and an increase in Business-to-Business (B2B) e-commerce. The increase in B2C sales is particularly evident in online sales of medical supplies, household essentials and food products. As a result, attention has been drawn to several challenges hindering the full potential of e-commerce across countries. These include price gouging, product safety concerns, deceptive practices, weak delivery logistics, cyber security concerns, exceptionally low consumer digital trust,...

Ministry of Commerce, Trade and Industry Permanent Secretary Mushuma Mulenga says there is need to expedite plans to improve infrastructure at Jimbe Border Post in Ikeleng’i District of the North Western province. Mr. Mulenga added that government’s plan is to put up a one stop border post facility in order to enhance trade between Angola and Zambia. He further said he will work closely with his counterpart at the Ministry of Infrastructure so that Mwinilunga Ikelengi Jimbe road is worked on to ensure that trade and economic activities at the border post are enhanced. The Permanent Secretary was speaking to NAIS after touring Jimbe Border Post and the Angolan side in Ikelengi District. And Ikelengi District Commissioner Abiud Kawang’u says improving the road and other infrastructure in the district will improve trade between Angola and Democratic Republic of Congo. Read original article

Dr Ngozi Okonjo-Iweala takes office as World Trade Organization (WTO) Director-General today, on 1 March. As the first female and first African in this position, she joins other Africans at the top of powerful multilateral organisations – Dr Tedros Ghebreyesus at the World Health Organization, Dr Amina Mohammed at the United Nations and Makhtar Diop at the International Finance Corporation. There’s a sense that this is Africa’s time at the WTO, and there are great expectations that Okonjo-Iweala will champion the continent’s interests. However, pushing this agenda at the WTO will require strong leadership from African countries rather than an African Director-General. The WTO is a member state-driven organisation that has regulated global trade since 1995. Its job is a tricky one. It must foster multilateral cooperation without hindering healthy competition. The body attempts to set down rules to guide trading among its 164 members and resolve disputes fairly. Forty-four of these members are African. Another nine African countries hold observer status and some are negotiating accession to the body. However there’s a perception that African countries have gained little from the WTO. The organisation’s agenda has historically been dominated by the world’s economic superpowers, more recently including China. China’s accession to the WTO in 2001 is believed to have contributed to its export-led growth. The same cannot be said for Africa. According to Afrexim Bank president Benedict Oramah, Africa’s share of global trade has declined from 4.4% in 1970 to 2.5% today. Asia’s share has risen from 7.7% to 20% over the same period. African exports are dominated...

Last month, one of the world’s largest trade accords, the African Continental Free Trade Area (AfCFTA) covering more than a billion people and with a GDP of greater than $3-trillion, went live. Experts predict that removing tariffs alone could boost trade between African countries by 15% ($50-billion) to 25% ($75-billion) by 2040. As governments, corporations and SMEs grapple with implementation to capitalise on the expected increase in interregional trade, it is important to ensure the benefits of expanded trade between nations on the continent positively impact more Africans. The answer may lie in a digital payment revolution sweeping across the continent. Financial inclusion is essential for democratisation of access to opportunity among Africans seeking to benefit from the AfCFTA. A Senegalese microentrepreneur working in the leather industry needs to have a way of accepting payments from local or regional off-takers of her products, in order to participate in the new opportunities that the trade pact brings. Approximately 350-million Africans do not have access to a financial services account and according to Mastercard, 95% of transactions on the continent are still done in cash. This reduces the scope for cross-border payments and trade. Thankfully, Things Are Changing Quickly. The Covid-19 Pandemic Accelerated The Adoption Of Digital Financial Services As Consumers Embraced E-Commerce And Contactless Payments, and governments and NGOs across the continent leveraged digital wallets to make palliative funds transfers to their most vulnerable citizens. Ghana’s central bank eased know-your-customer (KYC) regulations in March 2020 for an initial period of three...

SUMMARY SEZs first appeared in industrialized countries in the 1950s, helping drive growth, economic diversification, and job creation. They were instrumental in speeding China's transformation and breakneck development beginning in the early 1980s. In 1986, the International Labour Organization (ILO) reported 176 zones in 47 countries. By 2019, that number had soared to 5,383 active sites worldwide. What's so special about special economic zones (SEZs)? These are demarcated areas with their own, unique rules of business. They provide private firms with quality, cost-effective, and reliable infrastructure, efficient customs services, regulatory predictability, and even fiscal incentives. SEZs first appeared in industrialized countries in the 1950s, helping drive growth, economic diversification, and job creation. They were instrumental in speeding China's transformation and breakneck development beginning in the early 1980s. In 1986, the International Labour Organization (ILO) reported 176 zones in 47 countries. By 2019, that number had soared to 5,383 active sites worldwide. Africa has also embraced the promise of SEZs — but with varying degrees of success. Some have attracted investment, but others have not. Mauritius, South Africa, Egypt and Morocco are among the places where SEZs have flourished on the continent, supporting growth. In Kenya, the development blueprint Vision 2030 identified SEZs as a way to support industrialisation and attract private sector investment. The country's Special Economic Zones Act 2015 was designed to boost domestic manufacturing and services by ensuring regulatory and administrative predictability, quality industrial infrastructure, and market access, with special emphasis on the textiles and apparel, leather and...