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Uganda Joins BRICS As Partner Nation, Paving the Way for Increased Trade and Investment
October 24, 2024--Uganda has officially joined BRICS (Brazil, Russia, India, China, and South Africa) as one of 13 new partner nations in a move set to reshape its international trade and investment prospects.
By aligning with the BRICS alliance, Uganda is positioning itself to benefit from deeper economic ties with some of the world's largest emerging markets.
Other nations joining as BRICS partners include Algeria, Indonesia, Turkey, Nigeria, and Vietnam, as the group seeks to expand its global influence and foster a more balanced, multilateral trade system
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Source: allafrica.com
BRICS: African leaders call for reforms of international institutions
October 23, 2024--African leaders attending the summit of BRICS nations currently underway in Russia, spoke out on Wednesday about what they see as important issues on the international stage.
The coalition that started with Brazil, Russia, India, China and South Africa has grown to include Iran, Egypt, Ethiopia, the United Arab Emirates, and Saudi Arabia.
Turkey, Azerbaijan, and Malaysia have officially submitted applications for membership, and many other countries have shown interest in joining as well.
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Source: africanews.com
Gender Parity Will Unlock $287bn for Africa's Economy By 2030-Report
September 19, 2024--Tackling systemic barriers towards the participation of young women in Africa's workforce will drive an estimated $287 billion to its economy by 2030, boosting GDP by 5 per cent, according to a new report commissioned by the Mastercard Foundation.
Conducted in collaboration with McKinsey & Company, the study reinforces the crucial role of women's economic empowerment in driving the continent into a new era of transformational growth.
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Source: allafrica.com
Africa: Climate-ECA Reveals Africa Loses Up to 5 Percent of GDP
September 4, 2024--The United Nations Economic Commission for Africa (ECA), the World Meteorological Organization (WMO) and the African Union Commission, jointly announced the continent Africa needs urgent and increased investment in climate adaptation and resilience.
Launching the 2023 State of the Climate in Africa report in Cote de Ivory, the three giant institutions reveled that African countries are facing an escalating climate change bill, with an average loss of 2-5% of Gross Domestic Product (GDP) due to climate extremes, according to the UN Economic Commission for Africa-ECA's statement sent to The Ethiopian Herald.
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Source: allafrica.com
Uganda joins African exchanges link
August 27, 2024--The Uganda Securities Exchange (USE) has become the tenth African securities exchange to join the African Exchanges Linkage Project (AELP). The linkage platform enables stockbrokers on participating exchanges to send orders on behalf of their clients to stockbrokers on other exchanges, who will buy and sell shares on those exchanges.
Ten 10 stock exchanges representing 17 countries are participating, including Uganda.
The Dutch fund house has advertised for a UK sales manager for ETFs, who will be based in London, and plans to hire up to five more sales specialists in continental Europe in early 2025.
The African share-trading link aims to boost the potential for cross-border investment, collaboration and capacity building across Africa. The aim is better liquidity on the capital markets, wider access to capital and more opportunities for investors.
The capital market infrastructure interconnectivity platform is a joint project between the African Securities Exchanges Association (ASEA) and the African Development Bank (AfDB). The link is funded by the Korea African Economic Cooperation Fund (KOAFEC) Trust Fund, managed by the AfDB. KOAFEC also supported Phase 1.
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Source: africancapitalmarketsnews.com
Economic reforms are tempting finance back to Ethiopia and Zambia
August 15, 2024--Pockets of the African continent have found ways of giving new confidence to investors and the World Bank and IMF
As the west has diverted aid to Ukraine and Gaza, Africa faces neglect. A few countries on the continent have panicked and turned to Russia, while the prudent are embracing economic reforms to attract foreign direct investment.
Among the latter, financial markets are most familiar with South Africa, Kenya and Nigeria. In each, reform of the real economy is under way but has hit the constraints of patronage politics. The people don't trust their governments with the higher taxes without which the state remains dependent upon rising indebtedness. Meanwhile, unnoticed by the markets, Ethiopia and Zambia are embracing sustainable reforms, in each case big enough to warrant investor interest.
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Source: ft.com
Africa: Carbon Trading-an Opportunity for Economic Development
August 13, 2024-Africa's carbon market offers a powerful means to address climate change and uplift communities. The tangible benefits seen in the projects in across Africa highlight the potential of carbon credits, both environmentally and socio-economically.
As regulations evolve, governments have the opportunity to address current challenges and meet national priorities by crafting policies that prioritize local needs and ensure sustained advantages. By championing local expertise and fostering shared benefits, Africa can realize the carbon market's dual promise for its people and the environment.
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Source: allafrica.com
African Economic Expansion Need Not Threaten Global Carbon Targets-Study Points Out the Path to Green Growth
August 12, 2024--Africa contributes only about 4% of the world's greenhouse gas emissions. The continent consumes the least energy for each person, compared with other regions of the world.
With over 560 million people who don't have access to electricity, Africa has the lowest rate of energy access in the world.
The continent also has the most rapid population growth and urbanisation rates globally. This means that Africa's greenhouse gas emissions could dramatically increase due to rapid economic growth, urbanisation, industrialisation and population growth.
Our research set out to analyse how Africa's growth could potentially affect efforts to reduce global warming or mitigate climate change. We did this by modelling various scenarios.
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Source: allafrica.com
Two-pot retirement system explained
July 23, 2024--South Africans will soon be able to access a portion of their retirement savings when the two-pot retirement system is implemented later this year.
What is the two-pot retirement system?
The two-pot retirement system will allow South Africans to access a portion of their retirement savings for emergencies.
One third of retirement funds are preserved in a savings component that can be accessed at any point in time, while the remaining two-thirds are reserved for retirement, ensuring financial security.
When does the two-pot retirement system start?
The implementation date for the two-pot retirement system in South Africa is 1 September 2024. All retirement contributions after this date will be split, with one third of contributions going to a savings pot and two thirds to a retirement pot.
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Source: investec.com
Kenya Ranked Sixth Crypto-Friendly Country in Africa
July 3, 2024-- Kenya has been ranked the sixth-most crypto-friendly country in Africa, with 5.1 percent of the population holding crypto.
According to a report released by Crypto Casinos, Kenya was further ranked 46th out of the 50 leading crypto-friendly countries internationally, with a score of 56.08 percent.
The report highlighted that the cost to mine one bitcoin in the country is $83,002, with the profit of mining the coin being $17,094, and a search volume of 153.7 per 100,000 people for crypto-related keywords.
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Source: allafrica.com
