...Afreximbank to grow fund to $3bn One year after the take-off of the African Continental Free Trade Agreement (AfCFTA), no fewer than 28 banks in Africa One year after the take-off of the African Continental Free Trade Agreement (AfCFTA), no fewer than 28 banks in Africa joined the Pan-African Payment and Settlement System (PAPSS), which took off with a $500m facility with an additional 24 banks on the… ...Afreximbank to grow fund to $3bn One year after the take-off of the African Continental Free Trade Agreement (AfCFTA), no fewer than 28 banks in Africa Thu, 09 Jun 2022 04:25:30 GMT…Afreximbank to grow fund to $3bnOne year after the take-off of the African Continental Free Trade Agreement (AfCFTA), no fewer than 28 banks in Africa joined the Pan-African Payment and Settlement System (PAPSS), which took off with a $500m facility with an additional 24 banks on the waiting list. PAPSS is a creation of the African Export-Import Bank (Afreximbank) to facilitate intra-African trades through the settlement of transactions in local currencies in the light of the AfCFTA take-off.Daily Trust reports that there are over 40 different currencies in the African continent and over time many traders within the continent would be demanding for payment in foreign currencies, especially dollars. By Thu, 09 Jun 2022 04:25:30 GMT …Afreximbank to grow fund to $3bn One year after the take-off of the African Continental Free Trade Agreement (AfCFTA), no fewer than 28 banks in Africa joined the Pan-African Payment and Settlement System (PAPSS), which...

TANZANIA is currently undergoing a significant food systems transformation. To ensure all the changes occurring, the livelihood for smallholder farmers continues to improve; accessibility of improved seeds is one of the essential factors. Seeds are the key to improving agricultural productivity-food security, and poverty reduction. Tanzania has come a long way in formulating policy and reforms for the greater good in the seed sub-sector. Since independence, the goal of all the initiatives has been to ensure the availability of quality seeds. The food sufficiency the nation has enjoyed for over a decade could not have been possible without reliable access to quality and affordable seeds. In the last decade and a half, Tanzania has introduced various policy and legal reforms in the seed sub-sector to ensure the availability of improved seeds to farmers at affordable prices. There have been remarkable achievements. However, some challenges remain. Alliance for a Green Revolution in Africa (AGRA) has been a dependable partner working with the government, the private sector, and non-state actors to make Tanzania's seed sub-sector self-sustainable for the good of smallholder farmers, who are the majority in our nation. Working with government-owned research institutions such as Tanzania Agricultural Research Institute (TARI) and Sokoine University of Agriculture (SUA), AGRA has played a crucial role in developing home-grown breeder seeds (over 30varieties), pivotal in sustainable food security. The Southern Agricultural Growth Corridor of Tanzania (SAGCOT) and partners have been privileged for years to partner with AGRA in the quest to contribute towards inclusive agriculture...

Summary Making collective agricultural transformation work is not an easy task and requires concerted efforts from diverse actors in the sector. Dar es Salaam. Sustainable food system transformation should go hand in hand with increased incomes for smallholder farmers in the rural areas, which translates into an improved livelihood. Rucodia has been working with Alliance for a Green Revolution in Africa (Agra) to catalyze food system transformation, which is essential for inclusive national development. Making collective agricultural transformation work is not an easy task and requires concerted efforts from diverse actors in the sector. Agra 2017-21 strategy for Tanzania implementation has been very supportive in enabling Rucodia to provide life-changing business development services to small farmers on the input distribution channel. Establishing workable input distribution networks has been a key in technology adoption for sustainable and improved food production. In implementing the Tanzanian PiATA-TIJA initiative, a part of a Pan-African Partnership for Inclusive Agricultural Transformation in Africa (PIATA), Rucodia was one of the five members of a consortium supported by Agra in Western regions. We recruited 803 agro-dealers in Kigoma and managed to reach 172,661 farmers along with different components of extension, access to market, access to finance, and distribution of agricultural technologies in around 300 villages. Similarly, in the Kagera region, the initiative supported and capacitated 596 agro-dealers to manage agro-inputs who managed to supply services to 257,921 farmers in 420 villages. Business development services are about imparting knowledge that becomes a power for the partakers. After we made...

Nairobi, June 2nd 2022: Her Royal Highness the Queen of England has today conferred TradeMark Africa (TMA) Chief Executive Officer, Frank Matsaert the Order of the British Empire (MBE) his trail blazing work in Trade and Economic Development in East Africa. On receiving the news, Frank noted that the award represents the collective work that has been accomplished by working closely with TMA key stakeholders. “I am deeply honoured by the Queen and UK Government for this recognition of TradeMark Africa’s work in supporting trade and economic development in Eastern Africa over the last twelve years. It has been a privilege and an honour to found and lead such a dynamic and impactful organisation.”  As the founding CEO of TMA, Mr. Matsaert, has steered the organisation to grow from a modest budget of US$ 42 million in 2010 to approximately US$1.2Billion by April this year.  The organisation has experienced robust growth over the decade to become the leading Aid for Trade agency globally, with remarkable results in reducing the time and costs of trading across EAC; through investments at the Port of Mombasa, 15 completed One Stop Border Posts across the EAC region, Customs systems at Uganda Revenue Authority, Kenya Revenue Authority, Burundi Revenue Authority and Rwanda Revenue Authority. Mr. Matsaert’ s vision has led TMA to partner with governments across the region to lay the building blocks for a digital trade and transport corridor. Starting out in only 5 countries in East Africa, TMA has grown to spread her footprint...

Nedbank’s John Hudson and Olebogeng Mogale discuss how digital technologies are making it easier for farmers to gain greater control over their route to market. JEANETTE CLARK: Digitisation and technology disruptions have picked up the pace over the last two years, necessitated by the pandemic and businesses having to find new ways of doing business. In the agricultural sector some of the many new ways that were found included agricultural e-commerce – or online trading of agricultural commodities, fresh produce, and even livestock. Joining me today is John Hudson, national head, Agriculture at Nedbank, and Olebogeng Mogale, executive, Digital Fast Lane at Nedbank, as we discuss the sector and ask whether agriculture has always been a good adopter of new technology. John, from a wider perspective, please can you tell us what technology innovation and digitisation mean for agriculture? JOHN HUDSON: Thank you, Jeanette. Quite honestly, agriculture is no different from many of the other sectors. I think it is playing a vital role and, as you said, we have seen [its] uptake just increase over the pandemic. But to be honest I think farmers have been really good adopters of technology and also digital solutions, and really this has been brought about by the cost-price squeeze effect. Farmers have been under pressure, margins have been squeezed all the time. I think one of the ways that farmers have stayed in the game is to take on technology, so in that sense, it is really, really important. What I do feel is...

A regional competition watchdog is probing two major medical laboratories operating in Kenya as well as other markets over the high pricing of their Covid-19 tests. The Common Market for Eastern and Southern Africa (Comesa) Competition Commission said it had opened investigations on PathCare and Lancet on claims that the two firms could be engaging in restrictive trade practices and abusing their dominant status in the region. The companies are among the biggest pathology service providers in Kenya with operations in other markets in the region. “The commission has commenced investigations into potential violations of Articles 16 and 18 of the regulations by medical laboratories operating in the Common Market, namely… PathCare and… Lancet,” said the Comesa Commission in an April 1 statement. Consumer and other stakeholders have until May 2 to submit views to the commission on the matter. Article 16 of the Comesa Competition Regulations prohibits restrictive business practices, while Article 18 deals with abuse of dominance within the common market. In the statement, the commission said the probe was triggered by similar developments in South Africa, where medical laboratories were compelled to bring down the cost of PCR tests.PathCare and Lancet were among the firms that agreed to the demands of the South African competition authorities. “The commission has become aware that leading pathology laboratories in South Africa have submitted consent agreements to the South African Competition Tribunal following an investigation by the South African Competition Commission to reduce their prices for Covid-19 PCR tests and Covid-19...

The port of Mombasa has a capacity of 2.65m TEUs with 19 berths The Secretary-General of the AfCFTA Secretariat, Wamkele Mene, has paid a working visit to Kenya’s Port of Mombasa to witness first-hand improvements in ports infrastructure that has led to significant growth in the country’s trade within the East African region. Port Mombasa is a gateway port to most of the landlocked nations in East Africa and currently serves about eight states within the bloc including Burundi, Rwanda, Ethiopia, Uganda, and South Sudan. General Manager of Port Operations at Kenya Port Authority, Sudi Nwasinago, said the port has been able to overcome the challenge of congestion and doubled its container traffic. He said the port now has a cruise terminal which has turnaround the port’s fortunes and catapulted the nation’s tourism industry. “The cruise terminal is one area that has truly benefited the port authority and the country at large if we are to talk about tourism which is a big revenue earner to state,” he added. The Kenya Port Authority has for the past decade been working with Trademark East Africa, an organization funded by a range of development agencies with the aim of growing prosperity in East Africa through trade. In the past, cargo trucks spent 13days before completing clearance and exiting the Mombasa Port but they now take 3days. Cargo from Mombasa to Kampala, the capital of the landlocked nation of Uganda, which used to take 21days, now takes between five to six days. Mr....

Summary Report suggests that the impacts of the Russia-Ukraine war on African economies should be negligible, because of “limited trade exposure”. Countries rich in metal and mineral resources like DR Congo and Zambia are expected to grow by 4.8 percent in the next two years, as metal prices surge due to increased demand. East Africa and southern Africa are expected to register the highest growth, which the World Bank says is because it is “characterised by a diversified economy that is more integrated than other regions in sub-Saharan Africa”. Africa’s economic growth is projected to drop to 3.4 percent this year, down 0.6 percentage points from the four percent growth recorded in 2021, due to new macroeconomic shocks. The latest Africa Pulse report, a biannual analysis of Africa’s macroeconomic outlook by the World Bank, released on Wednesday, said inflation and higher costs of living contribute to the decline. According to the report, the decrease is from economic shocks including effects of new Covid-19 variants, inflation, supply disruptions, rising public debt, climate shocks and a general slowdown in the global economy, especially in the US and China. “The slowdown in growth reflects challenges facing Africa prior to the Ukraine crisis, but have been exacerbated by the war,” said Albert Zeufack, the World Bank’s chief economist for Africa. The report suggests that the impacts of the Russia-Ukraine war on African economies should be negligible, because of “limited trade exposure”. “Resource-rich countries, especially their extractive sectors, will see improved economic performance due to...

Summary ECA says the Ukraine crisis has exacerbated the economic and social vulnerabilities of African states, with food, oil and fertiliser prices reaching 14-year highs. The crisis has caused a 75 percent rise in crude oil prices, 67 percent rise in wheat prices, and 52 percent rise in maize prices. Fertiliser prices have risen by 21 percent since the war began. ECA projects that the Ukraine war will further contract Africa’s real GDP growth by 0.7 percent in 2022, raise inflation by 2.2 percent and drive 43 African states into fiscal deficit stress. The Africa Continental Free Trade Area (AfCTA) agreement could be the continent’s Marshall Plan for recovery as the region faces a further economic disruption from the Russia-Ukraine war. Economists from the UN Economic Commission for Africa (ECA) say the continent must now implement the agreement fast as it presents insurance for the future. The experts had this week gathered for a webinar convened by the East African Business Council (EABC) to discuss the turmoil caused by Covid-19 as well as the Russian invasion of Ukraine. Mama Keita, the director of ECA sub-regional office for Eastern Africa noted that “Africa’s recovery has been hindered by higher inflation, tighter global financial conditions, rising interest rates and the Ukraine crisis further compound the situation.” ECA says the Ukraine crisis has exacerbated the economic and social vulnerabilities of African states, with food, oil and fertiliser prices reaching 14-year highs. The crisis has caused a 75 percent rise in crude oil prices,...

Mombasa, 31st March, 2022: East African Tea Trade Association (EATTA) announced the automation of the Mombasa Tea Auction by unveiling the Integrated Tea Trading System (iTTS).  The Danish International Development Agency (DANIDA) -through TradeMark Africa- funded the USD 2Million digital platform. The importance of automation has been amplified by current efforts to mitigate the negative economic impacts of the COVID-19 pandemic in the region and facilitate safe trade. The Mombasa Tea Auction is the world’s largest black CTC tea auction for export.  Each week, teas worth over US$20 million are traded from Kenya, Uganda, Tanzania, Rwanda, Burundi, Democratic Republic of Congo, Malawi, Madagascar, Mozambique and Ethiopia. Tea is one of the top export foreign exchange earners for Kenya, generating US$1.14 billion in 2021, and with more than 55 per cent of teas sold at the auction originating from small holder farmers, the auction is an important lynchpin in the industry, as well as the economy more broadly. The Integrated Tea Trading System (iTTS) project has automated the manual processes along the tea value chain. This covers the dispatch of made tea from the factory, receiving of the tea by the Warehouse, cataloguing and offering the tea for sale by the Broker, buying of the tea and paying for it by the buyer and the finally collecting the bought tea from the warehouse. The introduction of the automated trading platform sought to remedy the limitations in the old manual set-up, such as the lack of in-depth consolidated auction statistics, and limitation...