Termination of Uganda’s AGOA Designation Represents the Latest Blow from the U.S.
The imminent removal of Uganda from a program that offers favorable trade terms with the United States is set to hurt key export sectors in the economy including coffee, cotton, and textiles. The East African country will be suspended from the African Growth Opportunities Act (AGOA) program on Jan 1. 2024 along with Gabon, Central […]
Carrot Juice Company Hailed as a Model of How AGOA Helps Small African Producers Scale Up their Businesses
British Robinson, coordinator of Prosper Africa, a US presidential/national security initiative to scale trade and investment between the United States and Africa, punted the example of Rugani Juice at the opening of the AGOA Forum in Johannesburg this week. Holding up the product, Robinson said: “This box of carrot juice represents an entire AGOA value […]
Afreximbank Incorporates 11 African Central Banks into its Pan-African Payment and Settlement System
PAPSS, a collaboration with the African Union, offers an alternative in which participants can conduct transactions in their currencies, eliminating the necessity for a third-party currency such as the U.S. dollar. “The issue here is not the exclusion of the U.S dollar but to be able to ease this. For those in Zimbabwe or Rwanda, […]
Why the DRC and Zambia are Becoming Increasingly Important Markets for Africa’s Banks
Africa’s biggest lender, Standard Bank, has expressed ambitions to increase investment in the Democratic Republic of Congo (DRC) and Zambia as it seeks to position itself as an early leader in two markets rich in natural resources critical to the world’s green transition. Kenny Fihla, the CEO of Standard Bank’s corporate and investment banking division, […]
Businesses are Chasing Africa’s Tens of Millions of New Consumers Emerging Every Year
The median age on the African continent is 19. In India, the world’s most populous country, it is 28. In China and the United States, it is 38. The implications of this “youthquake,” as some call it, are immense yet uncertain, and likely to vary greatly across Africa, a continent of myriad cultures. Businesses are […]
The Digital Divide: Africa Still Grapples with Accessibility Challenges
Despite the widespread adoption of mobile phones, smartphone penetration in Africa remains relatively low due to economic, infrastructural, and cultural factors. High smartphone costs and data plans hinder adoption. In 2023, the mobile economy report indicates a 43% penetration rate of unique mobile subscribers and 25% for mobile internet users. Accelerating smartphone adoption and enhancing […]
Naira Gains as Central Bank’s Forex Settlement Boosts Dollar Offers
Nigeria’s currency jumped against the dollar on the parallel market and on crypto exchanges on Friday, a day after authorities said they took steps to clear a backlog of matured foreign-currency forward contracts that have hampered dollar inflows. The appreciation comes after the central bank signaled it’s clearing a $6.7 billion backlog of matured forward […]
Ghanaian Startup Helps Businesses and Individuals across Africa Overcome the Negative Impacts of Fluctuating Local Currencies
Formed earlier this year, Hurupay is a crypto wallet that enables users to access stablecoins, which are non-volatile cryptocurrencies pegged to the value of the US dollar at a ratio of 1:1. The platform is designed to help SMEs and individuals mitigate the negative impacts of depreciating local currencies against the dollar on their income […]
A Crucial Step toward Addressing Key Challenges Facing Togo’s Economy
The World Bank and the Office Chérifien des Phosphates Group have announced a partnership to support farmers in Togo and other West African and Sahelian countries. This development follows the World Bank’s inaugural operation of Togo’s new Development Policy Financing series ($150 million) in September. Aligned with commitments in the Lomé Declaration endorsed by member […]
Nigeria, Ghana, Morocco, Malawi and Zambia Collectively Spend Over $1 billion a Year on Digital Surveillance Technologies
They are using mobile phone spyware, internet interception devices, social media monitoring and biometric identity systems. Artificial intelligence for facial recognition and car number plate recognition is another digital surveillance technology in their growing toolkit. Researchers found that states were using surveillance technology contracts to spy on opposition politicians, journalists and peaceful activists. They were […]
