The centres are expected to develop the next generation of African business leaders ADDIS ABABA, Ethiopia, September 17, 2021/APO Group/ -- The Economic Commission for Africa (ECA) and International Chamber of Commerce have jointly launched Centres of Entrepreneurship in Africa, under the theme, ‘Creating Livelihoods for Inclusion’. With strategic locations across Africa, the ECA - ICC Centres of Entrepreneurship will work with various stakeholders, including businesses, chambers of commerce, academic institutions, intergovernmental and governmental agencies, to connect local entrepreneurs to global markets and enhance regulatory conditions for SMEs to thrive. The entrepreneurship centres will develop the skills of young people who face uncertain employment prospects to mentoring local start-ups and entrepreneurs. The centres are expected to develop the next generation of African business leaders. Speaking during the virtual launch on 16 September 2021, Oliver Chinganya, Director of the Africa Centre for Statistics at the ECA, said “the launch of the Centres of Entrepreneurship comes at the right time when Africa is trying to build back better from the effects of Covid-19. We believe that these Centres, based in different regions of the continent, and with tailored-made solutions, can mobilize the next generation of entrepreneurship in Africa.” Mr Chinganya said the Centres will provide Micro, Small and Medium Enterprises (MSMEs) with the tools and pathways to expand their business and play an effective role in the goods and services supply chain. They will also provide pathways to accelerate women and youth empowerment a necessary action to accelerate Africa’s growth and recovery...

African shippers are currently experiencing a tragedy in liner services, with historic port bottlenecks now compounded by a surge in freight rates, making shipping operations difficult for many. Alphaliner released new data showing shipping lines deploying greater tonnage to the profitable East-West, transpacific, and transatlantic trade lanes, owing to COVID era supply chain disruption. Specifically, the data revealed liner services capacity to and from Africa had declined by 6.5 percent compared to a year ago. The data analytics firm gave the example of MSC, which had shifted some 13,000 TEU of ship capacity from African trading routes in favor of the Pacific. The report noted that the major reason behind the shift was due to the high revenue earned along the East-West trade routes. This has a significant impact on African shippers. For instance, Nigeria - sub-Saharan Africa's largest economy - has been unable to overcome persistent inefficiencies in port operations. As a result, exporters have lost about $218 million in perishables and other damaged products over the last one year due to gridlock at Apapa Port. In an interview with The Guardian Nigeria, Shippers Association of Lagos President Jonathan Nicol said that some trucks took three months to access the filled-up terminals, as there was no space to drop export containers. “The infrastructure on the ground cannot cope with the volume of cargo accessing the port and at the same time, costs are uncontrollable. This results in exporters hiring barges and berthing by the sides of vessels to load...

The African Continental Free Trade Area (AfCFTA) Secretariat and TradeMark EastAfrica (TMA) have signed a Memorandum of Understanding (MoU) that is set to boost trade in Africa. AfCFTA and TMA are now aiming at increasing prosperity in the African continent through the liberalization of trade. Barriers to trade The deal which was signed in Lome, Togo, by Wamkele Mene, Secretary-General of the AfCFTA, and Frank Matsaert, Chief Executive Officer at TMA will now see the organizations embark on working to reduce barriers to trade across Africa. This will be achieved by supporting engagement with the continent’s private sector on trade and economic development issues. Digitizing key trade processes These include digitizing key trade processes at a national level followed by linking these at a regional level and supporting policies to promote e-commerce across the Continent. Also in the agreement is developing regional value chains and investment; and developing Africa’s cross-border trade with a focus on women traders, youth, and MSMEs. Share of costs The agreement will allow the two organizations to share costs and support each other in logistical challenges as they seek to implement programs to develop trade across Africa. “The MoU will further allow TMA to carry out the necessary reforms needed to fully implement AfCFTA’s trade agreement, unlocking the Continent’s trade potential and increasing market competition. This will, in turn, translate into much-needed jobs within the target sectors,” said Mene. “We thank the AfCFTA Secretariat for the strong partnership forged and we look forward to jointly generating impact for...

Burundi last week launched a modernization project to the port of Bujumbura in a bid to boost efficiency to its operations. The project will be financed and implemented by Japan and is estimated to cost about 31 million US dollars. “This project comes at the right time because Burundi is in the process of developing trade relations with countries in the region,” President Evariste Ndayishimiye said. The port has never been modernized since its construction in 1950. A lot of work is planned to bring it up to the standard. “There is the dredging of the port basin, so if there is the dredging of the port basin, you understand that the big boats and the big ships will be able to dock with their weight without any problem. We will have reached the required level so that such boats can navigate without problems and dock without any difficulties” JacqueBigirimana, the Director-General of the Maritime Authority said. According to official data, this port, which in 2020 handled more than 200,000 tonnes, will exceed 500,000 tonnes. The port of Bujumbura is one of the main entry points on Lake Tanganyika, along with the port of Kalemia in the Democratic Republic of Congo (DRC), Kigoma in Tanzania, and Mpulungu in Zambia. Read original article

Lomé, 17th September 2021: Today, a Memorandum of Understanding (MoU) was signed between the African Continental Free Trade Area (AfCFTA) Secretariat and TradeMark Africa (TMA), aimed at promoting cooperation and collaboration between the two organisations in their common goal of supporting trade in Africa. The MoU was signed in Lomé, Togo, by His Excellency Wamkele Mene, Secretary-General of the AfCFTA, and Frank Matsaert, Chief Executive Officer at TMA. The AfCFTA and TMA are united in their shared goal of increasing prosperity in Africa through the liberalisation of trade on the continent. This MoU represents the next logical step for the two organisations as they work to increase the ease and standards of trade across Africa; support engagement with the continent’s private sector on trade and economic development issues; digitisation of key trade processes at a national level, followed by linking these at a regional level and policies to promote the use of e-commerce across the continent; and develop regional value chains and investment while developing Africa’s cross-border trade with a particular focus on women traders, youth and MSMEs. The Agreement will also allow the two organisations to share costs and support each other in logistical challenges as they seek to implement programmes to develop trade across Africa. His Excellency Wamkele Mene, Secretary-General of the AfCFTA, said: “The MoU will further allow the AfCFTA Secretariat working with partners including TMA to facilitate State Parties to carry out the necessary reforms needed to fully implement the AfCFTA, unlocking the continent’s trade potential...

In Summary Burundi ratified the AfCFTA on June 17, while Tanzania endorsed on September 9. Other EAC Partner States that have ratified the agreement are Kenya, Rwanda and Uganda. East African Community Secretary General Peter Mathuki has hailed Burundi and Tanzania for ratifying the African Continental Free Trade Area Agreement (AfCFTA). Burundi ratified the AfCFTA on June 17,  while Tanzania endorsed on September 9. So far, 42 countries have ratified the AfCFTA that seeks to boost intra-African trade. Mathuki said that the AfCFTA would allow East Africans to access a large continental market and increase EAC’s exports to African countries outside the bloc. “It will also improve movement of people across Africa, advance trade and development aspirations and ultimately put the region in a better position to trade more with the rest of the world,” said Mathuki. He further disclosed that the EAC had initiated a number of steps towards the implementation of the AfCFTA Agreement, adding that the ratification by Burundi and Tanzania would expedite the implementation of the agreement. Other EAC Partner States that have ratified the agreement are Kenya, Rwanda and Uganda. South Sudan has signed the AfCFTA but is yet to ratify it. Mathuki said that the bloc had almost finalised the submission of its tariff offers, which conform to the agreed modalities in addition to the schedules of liberalization of trade in services. “We have also prepared a draft strategy for the implementation of the Agreement, which takes into account the need for capacity building....

The African Development Bank (AfDB) has earmarked $50 million for women business projects in the eastern Africa region. This was revealed this week by the regional director of the continental bank during his visit to the East African Community (EAC) and affiliated bodies in Arusha. Cheptoo Kipronoh who heads AfDB operations in Tanzania, Uganda, Kenya, Rwanda, South Sudan, Ethiopia, Eritrea and Seychelles said this was part of a wider support to the region. “Some $50 million have been earmarked to support women in business,” he said during his visit to the East African Business Council (EABC) head offices. The apex body of private sector associations based here has a full desk coordinating women-in-business programmes within the region. Mr Kipronoh added that the continental bank had also granted $900 000 to the EAC secretariat for the fight against Covid-19 epidemic. The Abidjan-based AfDB is the main financier of a host of infrastructure development projects in the EAC bloc. Within Tanzania, these include the 110-kilometre Arusha-Namanga road (which extends to Athi River in Kenya), 41km Arusha By-Pass and 14km Arusha Tengeru road. Plans are afoot for the proposed 110km Arusha-Holili highway which would be widened to a four lane road to serve the increasing traffic. Kipronoh commended Tanzania for ratifying the African Continental Free Trade Area (AfCFTA) agreement and the EAC Protocol on Sanitary and Phytosanitary measures. “These shall boost intra-African trade, food safety and agribusiness in the EAC bloc,” he said. He further elaborated that AfCFTA’s 1.2-billion market offers a pathway...

Summary A study by Forbes further indicates that 96 percent of women have primary or shared responsibility for their families’ financial decisions. In Kenya, women make about 52 percent of the country’s population and about 30 percent of registered businesses are women-owned but their financial inclusion remains slim. Closing the gender inequality gap remains an economic challenge and necessity across the world. A lot of effort is being put into the gender agenda by governments, private sector and other institutions to narrow this disparity. In Africa, women are applying themselves in every field to financially support their families and communities. Research has shown that one in four women is starting or managing a business, making Africa the continent with the highest percentage of women entrepreneurs in the world. A study by Forbes further indicates that 96 percent of women have primary or shared responsibility for their families’ financial decisions, and 70-80 percent of all consumer purchases are driven by women, through buying power and influence. Even more importantly, women own and lead roughly 30 percent of all SMEs in the world, and SMEs account for 70 percent of employment worldwide. In emerging markets, these businesses contribute up to 45 percent of total employment and 33 percent of GDP. Although one third of registered SMEs globally are estimated to have been created by women, with close to 100 million women running established businesses, the gap between women and men remains significant. In Kenya, women make about 52 percent of the country’s...

SUMMARY The survey finds that social media platforms are powerful catalysts in the formation and growth of new small- and medium-sized businesses. More SMBs have increased the use of social media and online messaging during the Covid-19 pandemic to communicate with customers, operate remotely, raise capital and make sales. Social media platforms are accelerating economic growth and opportunity across the continent, a new study by Genesis Analytics has shown. The independent study aimed at exploring the impact of the digital economy on small- and medium-sized businesses (SMBs) was conducted in eight African countries – Kenya, Senegal, Côte d’Ivoire, DR Congo, South Africa, Nigeria, Ghana and Mauritius. The survey explored the adoption and use of social media and messaging platforms; value to SMBs; barriers to usage; and the impact of the Covid-19 pandemic. The focus was on the Facebook company technologies, being Facebook app, Instagram, Whatsapp and Messenger. The report shows that surveyed SMBs that use the Facebook apps have younger employees with an average share of 45 percent of employees under 30. Additionally, SMBs using Facebook apps reported a higher frequency of being owned by women, while SMBs in the manufacturing sector ranked the ability to access new foreign markets as the most beneficial advantage of the apps. The survey finds that social media platforms are powerful catalysts in the formation and growth of new SMBs. Some 73 percent of surveyed SMBs report using social media. Of the surveyed SMBs that use the Facebook apps, 84 percent report that the...

Summary All goods destined for South Sudan and the DR Congo from either the port of Mombasa or Dar es Salaam through the border points of Kenya and Uganda will have to be issued an Electronic Cargo Traffic Note Certificates at a minimum cost of $75 for both exports and imports. The fee ranges from $75 to $100 for vehicles, 20ft containers will cost $80 while those of 40ft will be$110. The Northern Corridor, a lifeline of the region, is continuously facing challenges that affect cross border trade, slowing down commerce and causing shocks to economies struggling to recover from effects of the pandemic. South Sudan, Uganda and Kenya are still working through the recent resumption of cargo trucks movement to Juba following weeks of blockade. But just as soon, this month, South Sudan asked the Uganda Revenue Authority to start implementing the Electronic Cargo Traffic Note Certificates (ECTN), adding another layer of costly regulation to be borne by importers and transporters, increasing the cost of using the Northern Corridor. This means all goods destined for South Sudan and the DR Congo from either the port of Mombasa or Dar es Salaam through the border points of Kenya and Uganda will have to be issued an Electronic Cargo Traffic Note Certificates at a minimum cost of $75 for both exports and imports. The fee ranges from $75 to $100 for vehicles, 20ft containers will cost $80 while those of 40ft will be $110. Truck drivers who violate this order will...