The Borderless Trade Network, an initiative by Olori-Boye Ajayi, a global trading expert and author of Borderless Trade: A Step by Step Guide to Exporting Your Product has restated commitment to empowering women with Small and Medium Enterprises in Nigeria. The Borderless Trade Salon series was set up to carter for the business and emotional needs of women in transition and women in business by empowering them with various means and skills that will enable them to disrupt the international market with their potential and any business career they choose. The Borderless Trade journey kicked off on February 8th and 9th with the virtual Women in Business Salon Series where high-profiled speakers – Olori Boye-Ajayi, Kola Awe, Shade Bembatoum- Young, Dorothy Ogbutor and Babajide Sodipo – sensitized women from all across the world in attendance on the trading industry, the AfCFTA establishment protocols, application of the business models to their businesses and all important factors to become a modern-day businesswoman and upscale their businesses to global levels. Speaking with a team of press members at the BTSS press briefing, the host and President of the Borderless Trade Network, Olori Boye-Ajayi shared the importance of bringing more women into the trade industry. “Research has shown us that there is only 1 in 4 women in the export industry and that is the gap we are trying to bridge”, we want women to be at equal competitive levels and we have to help ourselves, she said. Boye-Ajayi stressed that with a teeming...

Rwanda has a target to generate $1 billion (Rwf1 trillion) in annual agricultural exports by 2024, which is more than double the current output by the sector. However, the path to achieve this is not as smooth, at least considering the prevailing circumstances Indeed, Rwanda’s agricultural exports amounted to over $419.1 million (about Rwf406 billion) in 2019/2020 down from $465.4 million recorded in 2018/2019, representing a decrease of 10 per cent, according to data from the National Agricultural Export Development Board (NAEB). It is to note that the country’s agricultural export earnings had dropped by 9.7 per cent from $515.9 million in 2017/2018 to $465 million in 2018/2019. The reduction in terms of revenues in 2019/2020 was attributed to the disruptions of informal cross border trade due to movement restrictions linked to the Covid-19 pandemic. This was disclosed by NAEB in its June 2020 report containing statistical data comparing the performance in 2019/2020 and that in 2018/2019. As a result of the pandemic, NAEB said, all informal cross border trade were converted into simplified formal trade where only less than 20 per cent of traders managed to combine their goods to be sold in bulk to Democratic Republic of Congo (DRC) – the major regional market for Rwanda’s agricultural produce. However, it said, commodities like tea, oil for cooking and sugar were not affected by Covid-19 as they realised an increase in export revenues of 20.98 per cent; 27.9 per cent and 14.81 per cent respectively. Apart from reduction in volumes of exported...

As the private sector struggles to adjust business models to the growing challenges presented by Covid-19, it has become clear that digital transformation is integral to the survival of industries. Affordable digital transactions are needed more than ever and there is a need to harmonize facilitative policies in all COMESA Member States. Today’s financial inclusion agendas should consider the enablement of SMEs to leverage on retail digital solutions to access affordable, value-added digital financial services that also ensure appropriate safeguards for cross border transactions. Challenges such as access to finance, access to digital e-commerce platforms and strengthening digital supply chains have never been more profound as they are today. It is now a well-established fact that giving low-income households (and particularly women) access to formal financial services can make a critical contribution to reducing poverty and addressing inequality. A wealth of research now proves that access to services such as secure savings, lower-cost remittances, affordable insurance and appropriate forms of credit, contributes to more inclusive growth. This helps foster domestic resource mobilization, increases productive capacity, and reduces household vulnerability. It is against this background that the COMESA Business Council (CBC) in partnership with Eastern and Southern Africa Trade and Development Bank (TDB) hosted a Public Private Dialogue, themed, “Towards the COMESA Digital Integrated Common Payment Policy for Micro Small and Medium sized Enterprises (MSMEs)” on the 20th of January, in Kigali, Rwanda. The one-day meeting validated a draft digital Common Payment Policy for Micro, Small and Medium-sized Enterprises (MSMEs). Going...

Clearly, it is not sufficient to merely articulate the lack of collective agency facing the African continent and its diaspora with respect to the COVID-19 pandemic. We must proffer solutions that address both ‘what’ should be done and ‘how’ it could be accomplished. The Work to be Done on the African Continent Several strategic initiatives can be executed to assert Africa’s agency in the fight against the COVID-19. These efforts require prioritisation, sequencing and a detailed implementation matrix anchored by a monitoring and evaluation framework. An inexhaustive list of what Africans and their brothers and sisters in the African Diaspora should immediately do on the continent include the following: 1) Clinical trials on local remedies such as Zumbani/Umsuzwane (Lippia javanica) and Moringa (Moringa oleifera) to demonstrate drug safety, efficacy and side effects (if any) leading to professional packaging of medicines with specific professional dosages. Clinical trials to formally establish the impact and limitations of other natural solutions such as steaming, culminating in the development of technical guidelines for the interventions. 2) Clinical trials of human formulation of the ‘wonder drug’ Ivermectin for use in prevention and treatment of COVID-19 to establish drug safety, efficacy and side effects among African populations. 3) Development of laboratory capacity to test the safety, efficacy and side effects of all the COVID-19 vaccines – without exception – being brought into the continent. Africans must independently do this evaluation before using any of the externally developed vaccines. As the first batch of vaccines arrives in SA...

For many African long-distance drivers, 2021 began in a traffic jam. In southern Africa in particular, border traffic is only possible under difficult conditions: on 12 January, South Africa's President Cyril Ramaphosa tightened entry restrictions. Initially, only important goods such as food, gasoline or medical equipment are allowed to cross the strictly guarded borders for months until mid-February. Long queues of trucks are therefore formed, especially on the Zimbabwean and Mozambican sides. At the Beitbridge border crossing in Zimbabwe, drivers have to wait up to four days to enter South Africa. The daily losses to the economy are immense. Southern Africa: Borders tight, illegal cross-border commuters The small border traffic of traders and day laborers has also become more difficult. If you don't have a permanent visa for South Africa, you won't be able to get into the country easily. In addition, all those wishing to enter must have negative Corona tests. Legally, the border between Mozambique and South Africa can hardly be crossed "Many Mozambicans have casual jobs in South Africa, others regularly buy products in South Africa as traders that they sell in Mozambique. These people are suffering greatly from the current situation," says Mozambican journalist Milton Maluleque. A few days ago, he took stock of the Lebombo border crossing between South Africa and Mozambique. "Long queues form every day at the border," Maluleque told DW. Few trucks would pass through, most small dealers and workers turned away. Many Mozambicans are therefore trying to cross the green border into South Africa illegally,...

THE East African Community (EAC) economy will rebound in 2021 if partner states strengthen macro-economic policy coordination and adopt a regional coordinated approach in handling the Covid-19 pandemic. Disruptions brought about by the pandemic last year provided a learning curve on the need to have sustainable EAC regional value chains integration for the development of finished products with a view of reducing industrial and trade risks arising out of external shocks. East African Business Council (EABC) Chairman Nick Nesbitt has noted that the region is projected to recover steadily but it was dependent on how the pandemic is handled. He was speaking in Nairobi at a media breakfast meeting on the state of EAC economies amid the Covid-19 pandemic. According to the African Development Bank (AfDB) East Africa Economic Outlook 2020, the East Africa region is projected to recover to 3.7 per cent in the baseline scenario and 2.8 per cent in the worst-case scenario under the assumption that Covid-19 would be contained in the short-to-medium term. Mr Nesbitt emphasized the need for the EAC secretariat to fast-track a regional harmonised approach to promptly facilitate interventions at EAC border points to unclog trade blockages and facilitate faster clearance of goods. EABC has been emphasizing the need for EAC partner states to harmonise Covid-19 related charges and stop testing at border posts to avoid delays in truck and cargo clearance. This year, East Africa's inflation is projected to stand at 15.4 per cent in the baseline scenario and 16 per cent...

With the African Continental Free-trade Area (AfCFTA) now operational, there are new opportunities for the UK and Africa to strengthen their trade and investment ties. AfCFTA came into effect on 1 January – a significant milestone in the journey towards creating a single market for goods and services. With a combined GDP of $3.3 trillion and a market of 1.2 billion people, AfCFTA has the potential to increase growth in Africa by $450 billion over the next decade, according to the World Bank’s estimates. By removing tariffs, reducing trade barriers, and standardizing regulatory frameworks, intra-African trade could rise from 15% currently to 25% by 2040, according to the UN Economic Commission for Africa (UNECA). The benefits of intra-regional trade are well known, and some examples already exist on the continent. Trademark East Africa, an initiative supported by the UK government that is aimed at driving trade across the East African community, has been effective in increasing trade flows and reducing trade costs by up to 10%. This initiative should be scaled to other regions in Africa to supplement AfCFTA and accelerate its rollout. Although the initial benefits will stem from increased intra-African trade, we believe that AfCFTA also provides a huge opportunity to boost the UK-Africa trade corridor. It will also stimulate significant investments into the continent, particularly in sectors such as technology, manufacturing and infrastructure. To achieve the sustainable development goals by 2030, the United Nations Conference on Trade and Development (UNCTAD) estimates that Africa requires up to US$600...

The COVID-19 pandemic is causing Sub-Saharan Africa to face its first recession in 25 years. Government and business leaders must focus on four key priority areas, including implementing the African Continental Free Trade Area and harnessing the digital transformation. These efforts can help support an inclusive, sustainable recovery for the region. The COVID-19 pandemic is driving Sub-Saharan Africa into its first recession in 25 years — putting decades of economic progress at risk. An inclusive, cohesive and sustainable recovery will depend on how effective governments and private sector partners are at addressing four key priorities. Implementing the African Continental Free Trade Area (AfCFTA) The African Continental Free Trade Area, which came into effect 1 January, can serve as a framework for the region’s economic recovery. The zone aims to connect 1.3 billion people across 55 countries with a combined gross domestic product (GDP) valued at US$3.4 trillion. It is estimated that the AfCFTA will increase the volume of intra-African trade by more than 81% by 2035, creating new opportunities for African manufacturers and workers. The World Economic Forum’s Regional Action Group for Africa, in collaboration with Deloitte, recently published a report that addresses how governments and the private sector can leverage this opportunity by building effective regional value chains. Indeed, implementing the AfCFTA, which will require the cooperation and coordination of public and private stakeholders, will help usher in the kinds of reforms necessary to enhance long-term growth, reduce poverty and broaden economic inclusion. According to the World Bank, most of the...

The African Continental Free Trade Area (AfCFTA) helps to improve the attractiveness of Africa for investors, as the potential markets companies can tap have become much larger. This also places the continent in a stronger position to negotiate fair trade terms with other countries and blocs, African Union Commission (AUC) Commissioner for Trade and Industry Albert Muchanga said during a seminar on January 27. Companies can already start to trade in goods that have been designated under the rules of origin protocols, with the finalised agreement on rules of origins expected to be tabled before the AUC in June, he added during the seminar, which was hosted by nonprofit organisation Invest in Africa. "The rules of origin protect Africa from transshipments − imported goods that are not produced within the continent, but [whose manufacturers] want to take advantage of the larger addressable markets. "This is done on a product-by-product basis, and rules of origin and local content requirements for products in 85% of sectors have been finalised, allowing traders to immediately benefit from trading them within Africa," he noted. Additionally, the ongoing work of the AfCFTA secretariat to reduce and minimise tariff and nontariff barriers, which have historically contributed to fragmented markets in Africa, will also improve the prospects of investing in infrastructure and returns, and help to overcome the challenge of poor or misaligned infrastructure links between countries, said Muchanga. "Throughout the history of independence of Africa, most investors were hesitant to invest because the markets were too small...

JOHANNESBURG – AFRICAN delegates on the World Economic Forum (WEF) on Friday agreed that the continent might speed up the build-up of productive infrastructure via the African Continental Free Trade Area (AfCFTA). Ghana’s President Nana Addo Dankwa Akufo-Addo mentioned it was essential that Africa harnesses its personal resources and deploy them as creatively as potential if it was to supply an inclusive, sustainable recovery from the Covid-19 pandemic. Akufo-Addo mentioned Africa should return to macroeconomic stability and monetary accountability, and leverage quickly the use of digital applied sciences to reinforce our socio-economic lives. “The multilateral system is under strain, and we must do all that we can to generate the needed resources to achieve sustainable development,” Akufo-Addo mentioned. “We in Africa should make every effort to generate for ourselves the additional funds we need to advance, and hopefully our external partners – private and public – will lend their backing to the priorities we set.” AfCFTA is a key pillar for the area’s financial recovery and the world’s largest trade settlement, spanning a market of 1.3 billion folks and a gross dpmestic product of $3.4 trillion. Akufo-Addo echoed President Cyril Ramaphosa, who advised the digital WEF Davos Dialogues on Tuesday that South Africa had mobilised round $51 bn (R774bn) in new funding commitments during the last three years. Ramaphosa mentioned round one-fifth of the dedicated worth had already been invested in development and important gear for mining, manufacturing, telecoms and agriculture. “These interventions will enable South Africa to better realise...