Hon. Ing. Yaw Osafo Marfo, Senior Advisor to the President of the Republic of Ghana, has emphasized the significance of the Abidjan-Lagos Corridor Highway in achieving the benefits associated with the implementation of the African Continental Free Trade Area in a key note address on behalf of the Vice President of the Republic of Ghana, H.E. Nana Addo Dankwa Akuffo Addo. The Senior Advisor to the President of the Republic of Ghana commended the Ministers of Roads Infrastructure of the five (5) Corridor Member Countries namely, Nigeria, Ghana, Togo, Cote d’Ivoire, Benin and the ECOWAS Commission for their sustained effort to the corridor highway project and strong collaboration to seeing it materialized. The former Finance Minister of the Republic of Ghana recalled discussions in 2003 during his tenure as Finance Minister of Ghana on ways to improve development in the ECOWAS region to include the development of a common payment system and the need to develop a regional road infrastructure. “The first idea was to look at a common payment system within ECOWAS and secondly everyone in the room agreed that we should look for money to do road infrastructure in the sub-region because at the end of the day, movement of goods and people will require the needed infrastructure.” Hon. Yaw Osafo Marfo recalled. He expressed excitement over the assurance of AfDB to raise the required funds for the highway construction. “I was so happy to hear from AfDB that raising funds is their business, they are good at...

To break into new markets, commodities testing will be a crucial part of ensuring that goods are safe and meet regulatory standards according to David Livingstone Ebiru, executive director at UNBS. As the government continues to encourage entrepreneurs to add value to their products, the need for efficient and reliable standards laboratories across the country has become increasingly important, experts say.  Uganda has set a revenue target of $6b (about sh21.6 trillion) in non-oil exports in the next six years, to stave off growing unemployment, restore sustained growth in key sectors and increase value addition in agriculture. The African Continental Free Trade Area (AfCFTA) agreement, an ambitious and far-reaching initiative that has the potential to transform several businesses will need entrepreneurs to significantly improve product standards. To break into new markets, commodities testing will be a crucial part of ensuring that goods are safe and meet regulatory standards according to David Livingstone Ebiru, executive director at UNBS. Ebiru said the government is also looking for market for certified Ugandan products. He said standards have also been harmonised within the East African Community partner states to facilitate the trade of products. David Livingstone Ebiru, UNBS executive director “We have already signed mutual standards with all the standards agencies. East Africa is now having a common standard. You have to take up these opportunities to make sure you trade in all these countries,” he said. He was speaking during the commissioning of the third regional standards laboratory in Mbarara city to serve...

May 23, 2023 - Ottawa, Ontario - Global Affairs Canada The Government of Canada is committed to increasing and diversifying trade and investment opportunities with African partners as part of Canada’s overall export diversification strategy and to benefit both Africans and Canadians. Today, the Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, announced the launch of public consultations on the Canada-Africa Economic Cooperation Strategy (CA-ECS). These consultations are aimed at ensuring that the CA-ECS will create sustainable, inclusive and long-term trade and economic partnerships between Canada and the African continent. Canadians and other interested stakeholders are encouraged to join the discussion until July 31, 2023. Quotes “Work has been underway to deepen Canada’s relationship with Africa, and the launch of today’s public consultations takes this progress another step further. Your feedback will ensure the Canada-Africa Economic Cooperation Strategy supports the creation of meaningful commercial opportunities across our continents and equips Canadian entrepreneurs with the tools they need to diversify and grow.” - Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development Quick facts Africa’s is home to 5 of the top 10 fastest-growing economies in the world, and once fully implemented, the African Continental Free Trade Area will be equivalent to the world’s fifth-largest economy, with the potential for a combined GDP of more than $4.6 trillion. The first Canada-African Union Commission Trade Policy Dialogue, held on May 17, 2023, offered opportunities to discuss trade policy issues of mutual interest and will contribute...

Arusha. The United States has pledged to support the private sector growth in East Africa and invested more than $ 40 million to the blue economy in Zanzibar. The commitment was made by the American ambassador to Tanzania Michael A. Battle during his visit to the East African Business Council (EABC) head office in Arusha on Thursday. "We are focused on promoting the growth of the private sector and sustainable economic development in the East African Community (EAC) region", he said. According to him, some $40 million has been injected by the US investors for the development of various segments of the blue economy in the Isles. These are fisheries, aquaculture, maritime transport, coastal marine and maritime transport, tourism, energy and other marine ecosystem services. Mr Battle, who is also accredited to the EAC, paid a visit to the EABC offices to explore areas of partnership aimed at strengthening East Africa- USA trade and investment ties. EABC executive director John Bosco Kalisa told the US envoy that the bloc was open for business. "There is a political goodwill from the EAC Heads of State to improve trade and investment climate in the region,” he pointed out. He said the admission of DR Congo has expanded the bloc's market to $305.3 billion and a total population of 283.7 million. The EAC has conducted a verification mission to assess Somalia's readiness to join the Community as the eighth member. Mr Kalisa further stated that the regional business body was committed to promoting...

Kenya has last week began transporting horticultural produce by sea in a move officials say will reduce the carbon footprint and improve earnings. This follows a pact with the European Union, one of Kenya’s major export destinations, to transport fresh produce via sea after Mombasa port complied with requirements. The port of Mombasa has already installed 795 reefer plug-in points and enforced a 24-hour cut-off acceptance time for fresh produce, aimed at decongesting the facility and attracting more horticulture dealers. Reefers are special refrigerated containers to keep goods fresh for longer. It means all verification of perishable goods by regulatory agencies will be done at the point of loading and permit approvals granted at the single window system to facilitate track-and-tracing. With the installation of the reefers, Kenya intends to use Mombasa to end dependency on air freight for horticulture produce. Consumers, especially in Europe, are on the frontline of this push for a radical decarbonisation of value chains that deliver fresh produce to their supermarket shelves and dining tables. Several companies have started to use sea freight for export of flowers, vegetables and fruits but the sector is now aiming for a transformative and larger shift in the push for climate change action. Decarbonisation EU head of delegation to Kenya Henriette Geiger, speaking at the port of Mombasa during the official start of export and engagements to map out the transition on Wednesday, said the shift from air to sea freight will allay growing concerns about air transport’s large...

Lake Victoria transport is set for improvement after the Treasury allocated Sh650 million for the acquisition of new ferries and communication systems in the new financial year starting in July. Budget documents by the Treasury show that Sh300 million will be spent on acquiring new ferries while Sh350 million will finance the installation of maritime communication equipment. The Treasury did not disclose the number of ferries to be purchased. A further Sh20 million has been marked for the development of a shipyard in Kisumu. The upgrade plans come in the wake of scheduled improvements on five small ports in Lake Victoria to support the operations of the newly revamped main Kisumu port as part of a plan to grow East Africa trade. The Kenya Ports Authority (KPA) and Trade Mark East Africa said earlier this year that Sio Pier, Port Victoria, Asembo Bay, Kendu Bay, and Homa Bay satellite ports will be upgraded to spur trade within the lake. “The rehabilitated landing sites will serve the local communities by enabling transport between Kisumu port to these small ports by lake through the use of small RORO (roll-on, roll-off vessels or barges. Currently, the communities on the shores of Lake Victoria are primarily served by road sometimes travelling over long distances which could easily be covered through Lake Victoria” KPA said. RORO vessels are primarily designed to carry wheeled cargo, such as cars, motorcycles, trucks, semi-trailer trucks, and buses. The ongoing refurbishment of the main Kisumu port as well as the...

President Paul Kagame, on Tuesday, May 9, received Pamela Coke-Hamilton, Executive Director of the International Trade Centre (ITC), and her delegation for a discussion on trade, investment, and Africa’s position in the changing face of global trade. The ITC is a multilateral agency that has a joint mandate with the World Trade Organization and the United Nations through the United Nations Conference on Trade and Development. https://twitter.com/UrugwiroVillage/status/1655920868717887490?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1655920868717887490%7Ctwgr%5E90379c7e42080d98bd534651c6eb427a329929e9%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.newtimes.co.rw%2Farticle%2F7363%2Fnews%2Fbusiness%2Fkagame-international-trade-centre-boss-discuss-trade-investment One of the multilateral agency’s flagship programmes called ‘SheTrades’ in Rwanda supports women in the business arena in terms of access to key knowledge, resources, and networks to grow and expand their entrepreneurial footprints. It also supports policymakers on inclusive policy reforms and leverages public and private partnerships to amplify the impact of their work. The multilateral agency entered Rwanda in 2021, through an agreement with the Private Sector Federation (PSF) Chamber of Women Entrepreneurs, in collaboration with the Rwandan Ministry of Trade and Industry (MINICOM). SheTrades is operational in 38 countries across the globe, enabling over $380 million in business and investment opportunities for women-led businesses since its inception in 2015. Hamilton and her delegation also met with the leadership of TradeMark East Africa and some women entrepreneurs in the specialized cluster of PSF who benefited from the SheTrade programme.   Read original article

The World Bank has disclosed that in a time of energy transition and rising demand for metals and minerals, resource-rich governments in Sub-Saharan Africa have an opportunity to better leverage their resources to finance their public programmes, diversify their economy, and expand energy access. This is contained in Africa’s Resource Future, a World Bank report launched on Wednesday, which finds that on average countries capture only about 40 percent of the revenue they could potentially collect from natural resources. “In other words, at a time when countries are burdened by slow growth and high debt, governments could more than double revenues from natural resources such as minerals, oil, and gas by adopting a better set of policies, implementing reforms, and investing in better fiscal administration and promoting good governance,” the World Bank said. It added that full taxation of natural resources is also important to charge the full cost of environmental and social impacts not always fully covered by producers, including petroleum resources, warning that “failing to do so can act as an implicit production subsidy and raise carbon emissions.” James Cust, Senior Economist in the World Bank Africa Region and co-editor of the report said, “Maximising government revenues in the form of royalties and taxes paid by private natural resource industries, alongside attracting new investment, would offer a double dividend for people and planet by increasing fiscal space and removing implicit production subsidies.” The Bank noted that the prospect of higher revenues is particularly welcome in countries that find...

TradeMark Africa (TMA) in partnership with the Uganda Women Entrepreneurs Association Ltd (UWEAL) have launched iSOKO, an integrated information platform for women traders. The innovation was developed through the support of Global Affairs Canada. A web and mobile platform for women traders, iSOKO will provide a regional marketplace to buy and sell goods, vital trade and market information, business management tools including bookkeeping, and networking opportunities with fellow traders. This innovative tool is part of TradeMark Africa’s Women in Trade programme. The platform, which was unveiled in Kampala today, will serve to bring together women traders from five countries in the East African Community — Kenya, Uganda, Tanzania, Rwanda and Burundi. The chief guest at the event, Uganda’s First Deputy Prime Minister and Minister for East African Community Affairs Rebecca Kadaga, was represented by Uganda’s State Minister for East African Affairs Magode Ikuya, who said iSOKO was important in the overall integration of the East African Community. “We need to integrate our people in the economic field. Trade is a very important aspect of doing that.” Designed to support women in trade across East Africa access and use vital and simplified information, iSOKO will unlock opportunities for participation, formalisation of businesses and growth in trade value. The iSOKO platform is an integrated information portal designed to support women in trade across East Africa to access and use vital information that is pertinent to their trade transactions. By ensuring easier access to information, iSOKO will be instrumental in promoting market integration...

What you need to know: Among East African member states, the Africa Trade Index report shows, Uganda has a  better trade environment compared to Kenya and Tanzania The Africa Trade Index by South Africa’s Standard Bank, which also trades as Stanbic in some countries, indicates that Uganda has the best trade-enabling environment among East African member states. The index, which was compiled between August and September 2022 to provide a comparative view of enablers and challenges to trade across 10 African markets, indicates that Uganda, performed better than Kenya and Tanzania, improving its position from sixth to fourth due to improved import and export growth prospects, ease of access to credit and government support on trading activities. Tanzania and Kenya are ranked at fifth (same position as the previous study) and seventh respectively. Kenya slipped from the fourth position attained in the previous ranking, due to a significant decline in credit terms and import growth prospects. The index ranks South Africa at position number one, followed by Ghana and Namibia, respectively. The study surveyed 2,554 businesses in South Africa, Ghana, Uganda, Namibia, Tanzania, Mozambique, Kenya, Nigeria, Zambia and Angola. “Significantly more businesses in Uganda [up from 45 percent to 52 percent] feel that the government is encouraging cross-border trading activities,” the report reads in part, noting that trader business confidence, which is a function of economic performance in Uganda remained relatively stable at 54, the same score the previous assessment conducted between December 2021 and January 2022. However, respondents noted...