Gambia became the 22nd African country to ratify the African Continental Free Trade Area agreement (AfCFTA), meaning the bill now has the minimum number of ratifications needed to come into effect. On March 21 Ethiopia became one of the last African nations to ratify AfCFTA, bringing the tally of endorsing countries to 21. The trade bloc spanning 49 countries with a combined GDP of $3trn, will facilitate inter-regional trade, boost growth and help to alleviate poverty, its supporters say. The news was tweeted by the African Union Commissioner for Trade and Industry Albert Muchanga: “Good news! The Parliament of The Gambia has APPROVED ratification of #AfCFTA Agreement making us meet the minimum threshold. “The AfCFTA market is being born and is one step ready for launch of its operational phase in July this year. The agreement, signed by 49 of the 55 African Union nations in March last year, will dodge a patchwork of trade regulations and tariffs that make intra-African commerce costly, time-consuming and cumbersome. Its promotion of tariff-free movement of goods, people and services across the continent is also expected to favour SME’s, who account for 80% of Africa’s employment and 50% of its GDP, according to the World Bank. But skeptics have pointed to the impending challenges of uniting countries with the greatest level of income disparity between them, under the umbrella of one trade bloc. For example, over 50 percent of Africa’s cumulative GDP is contributed by Egypt, Nigeria and South Africa, while Africa’s six sovereign island nations collectively contribute...

TOP African Chief Executive Officers (CEOs) have called for putting resources together in order to create an African Continental Free Trade Area (CFTA). The CEOs shared their insights in the just ended Africa CEO Forum in Kigali, Rwanda, saying that unity, cooperation and economic integration between African countries are the way to go for the continent that is seeking to improve its economy. They voiced the sentiments in a ’CEO Talk’ session that hosted four top African CEOs - Mr Tewolde GebreMariam, CEO of Ethiopian Airlines, Ms Diane Karusisi, the CEO of Bank of Kigali; Mr Tony Attah, the CEO of Nigeria LNG and Mr Antonio Nunes, the CEO of Angola Cables. Ms Karusisi said that it was important to speak with one voice and that the CFTA demonstrates how Africa is coming together as a continent, at a time when other continents are finding other ways to develop themselves. “The CFTA is changing the narrative because people are looking at Africa as a bloc,where everyone needs a share of what they can do on the continent. So we have here the opportunity to say we are a united bloc and these are our terms, this is how we want it,” Ms Karusisi was quoted as saying in a conference report delivered after the forum and made available to the ‘Daily News’. The CEO of the first Rwandan bank commended the forum for raising awareness in people around the implementation of the CFTA and the intra-growth of trade and investment....

South Sudan has reached an agreement with Chinese firm Shandong Hi-Speed Group Co., Ltd (SDHS) to embark on construction of major highways linking the capital Juba to the remote countryside. Rebecca Joshua Okwaci, minister of roads and bridges said the move will boost peace and trade besides helping connect people across the country that have suffered a five-year-long conflict. "Together we are celebrating the signing of the agreement witnessed by the President (Salva Kiir). The President has encouraged us with a policy of oil for development for which we are now embarking on the first ever construction of one of the roads in South Sudan that will be followed by other roads," she told journalists in Juba during inspection of the road equipment. Okwaci disclosed the first phase will soon start with construction of the Juba-Terekeka-Yirol to Rumbek road. "We believe that roads are peace, roads are stability, trade, connectivity of the people and country," added Okwaci. She lauded the Chinese government for supporting infrastructure development in the youngest nation which currently has only one major tarmacked highway, the Juba-Nimule, a gateway to Kenya's coastal city of Mombasa. Li Chao, SDHS representative in South Sudan, lauded the South Sudanese government for trusting the company with the major road construction project. "Yesterday (Monday) we signed a multi-party agreement and contract agreement with ministry of roads, petroleum and finance. So we extend our great gratitude to the people of South Sudan and the trust given by the government of South Sudan for...

African industry captains see a silver lining in the rocky exit of the United Kingdom from the EU (Brexit) at a time when a continental free trade area is about to come into force. A survey by Deloitte on how companies are prepared to exploit the broad market of $3 trillion and a population of more than 1.2 billion people found that three-quarters of executives polled were confident of benefiting from the African Continental Free Trade Area and that competition was the least of their worries. Instead they were anxious about how the business climate was cyclically affected by elections, small fragmented markets, inadequate financing, high cost of financial transactions and energy. While most have a strategic plan on integration, the survey found that it was focused on diversification, going Pan-African and proof of concept approach, where experiments are done in segments and countries before being scaled up across businesses and terrain. Interestingly, few were thinking of going global because of uncertainties surrounding world trade, with the UK about to exit the EU, and China, US and Europe always one drastic decision away from a trade war. The UK Trade Commissioner for Africa Emmah Wayde-Smith, however, told The EastAfrican they have, over the past two years worked to ensure continuity of trade with Africa, irrespective of what form Brexit takes. Prime Minister Theresa May had pledged to quit if her proposal is adopted. It had already failed twice among seven other options, creating more anxiety over Africa’s access to the UK market....

It is our collective responsibility to ensure that Africa is not left behind in the digital revolution that is sweeping across the globe. Our focus should not be about just being part of this revolution, we should be leading it. Come this May, the 2019 Transform Africa Summit, the most important gathering of global ICT minds and leaders on the continent will convene in Kigali, Rwanda, to discuss how Africa can leverage digital innovations to drive economic growth and long term development. This year’s Transform Africa Summit will take place from May 14 to 17, 2019 at the iconic Kigali Convention Centre (KCC) and it is expected to bring together over 4,000 delegates from over 90 countries across the world. The Transform Africa summit is Smart Africa’s flagship event which was put in place as a vehicle to put ICT at the centre of Africa’s socio-economic agenda. This year’s summit will be the 5th edition and will run under the theme “Boosting Africa’s Digital Economy”. This particular summit is exciting for us because it comes at a time when the continent is holding candid conversations on how our countries can harness technology and digital innovations to boost their economies and usher an era of sustained development. The timing is optimal because today, the world is embracing the fact that technological disruption has impacted on the way we do things. It comes at a time when the world is coming together to drive the digital economy agenda. This is very important...

BUSINESS leaders, investors and policymakers have recommended for more reforms to accelerate African economic integration. They raised their voices at the just ended seventh edition of the Africa CEO Forum that took place in Kigali, Rwanda. The Forum that is the continent’s largest international meeting of Africa’s private sector attracted more than 1,800 CEOs from top African brands, international investors, experts and highlevel policy makers from the continent and beyond. The participants came from 43 African countries and 26 international countries. The forum that was opened by Rwandan President, Mr Paul Kagame, was also attended by the newly elected President of the Democratic Republic of Congo, Mr Felix Tshisekedi, Ethiopian President, Ms Sahle-Work Zewde as well as Togolese President, Mr Faure Gnassingbé. Organised by Jeune Afrique Media Group and Rainbow Unlimited and co-hosted by the International Finance Corporation (IFC), the twoday forum was themed around using regional integration to drive private sector growth. In his opening remarks, President Kagame referred to the forum as a timely platform to discuss mechanisms on how to make the most of the Continental Free Trade Area (CFTA) treaty. “Open responsiveness and accountable governments is critical in driving the continent’s economic integration agenda. Therefore, the private sector should notice what needs to be changed, (and) share it with those in the public sector to be able to move forward,” he said, adding that implementation of the recently signed treaty especially at national level will require constant dialogue and flexibility from both the public and the...

Kenya and other African countries could reap net benefits from Chinese investment, but that favourable outcome hinges on whether host countries adopt effective oversight and accountability mechanisms, according to a US Defence Department think tank. Borrowers should realise that Chinese infrastructure loans are primarily intended to extend Beijing's political influence and military reach, cautioned the analysis by the Washington-based Africa Centre for Strategic Studies. China's $900 billion One-Belt One-Road (Obor) initiative, which now helps finance 1,700 infrastructure projects in more than 60 countries, “is first and foremost a Chinese geopolitical project designed to advance China's grand strategy,” the Africa Centre said. That strategy aims to establish China as a “great power,” militarily as well as economically within the next three decades, adds the analysis prepared by Africa Centre research associate Paul Nantulya. “The challenge for Africa is in establishing where its interests converge with China’s, where they diverge, and how areas of convergence can be shaped to advance African development priorities.” The Ksh320 billion ($3 billion) Mombasa-Nairobi standard gauge railway, financed by Chinese lenders, serves as a “flagship Obor project” in East Africa and ranks as the biggest investment in Kenya since Independence, the think tank said. Along with China-financed projects in neighbouring countries, the Kenya railway could boost the East African Community's annual exports by $192 million, according to a study by the United Nations Economic Commission for Africa. Offloading excesses But the standard gauge railway is producing economic deficits for Kenya as well as potential benefits, the Pentagon...

African industry captains see a silver lining in the rocky exit of the United Kingdom from the EU (Brexit) at a time when a continental free trade area is about to come into force. A survey by Deloitte on how companies are prepared to exploit the broad market of $3 trillion and a population of more than 1.2 billion people found that three-quarters of executives polled were confident of benefiting from the African Continental Free Trade Area and that competition was the least of their worries. Instead they were anxious about how the business climate was cyclically affected by elections, small fragmented markets, inadequate financing, high cost of financial transactions and energy. While most have a strategic plan on integration, the survey found that it was focused on diversification, going Pan-African and proof of concept approach, where experiments are done in segments and countries before being scaled up across businesses and terrain. Interestingly, few were thinking of going global because of uncertainties surrounding world trade, with the UK about to exit the EU, and China, US and Europe always one drastic decision away from a trade war. The UK Trade Commissioner for Africa Emmah Wayde-Smith, however, told The EastAfrican they have, over the past two years worked to ensure continuity of trade with Africa, irrespective of what form Brexit takes. Prime Minister Theresa May had pledged to quit if her proposal is adopted. It had already failed twice among seven other options, creating more anxiety over Africa's access to the...

Stephen Karingi, ECA’s Director for Regional Integration and Trade spoke to The New Times’ James Karuhanga, shedding light on what is expected between now and the next African leaders’ summit in Niamey, Niger in July. The excerpts: March 21, 2019, marks the anniversary of the signing of the AfCFTA. Is there cause for celebration now? There is definitely good reason for celebration and, why do I say so? When we were in Kigali, one of the things we hoped and committed to as African people, through our leaders, was that within the shortest time possible the African Continental Free Trade Area agreement will come into force. Now, 21 countries have ratified the CFTA. When we left Kigali there were a number of things that were outstanding. Some countries had reservations on the agreement. Countries like Ethiopia, Zimbabwe, and Djibouti. As we go into the first year of the CFTA signing, those countries have not only signed but they have also ratified the agreement. Why have they done so? It is because they have actually been able to talk to their people, talked to their private sector, and considered everything contained in the agreement and seen that there are benefits for their people and economy. So, really, there is cause for celebration because the agreement is almost coming into force. And, secondly, countries that were not sure then [last year] whether they were ready to sign and ratify have actually already ratified. What do you say is holding others back from ratifying...

The House of People’s Representatives (HPR) approved at a plenary session Wednesday the draft organic law on Tunisia’s accession to the Common Market for Eastern and Southern Africa (COMESA) with 138 votes for, 1 against and 1 abstention. Tunisia’s accession to this regional grouping is likely to help boost Tunisia’s exports to the African market. Tunisia’s exports to these markets do not surpass 2.5% of the overall exports, according to an explanatory document of the accession process. The COMESA is an international organization with a regional focus on East Africa, created in 1994 and aims to create a customs union between the 21 member countries. Based in Lusaka in Zambia, it currently brings together 20 African countries, including Tunisia, Egypt and Libya. Source: African Manager