(Posted 16th November 2023)
CCA MEMBERS IN THE NEWS
Reserve Bank of Malawi Grants Flutterwave License To Process International Transactions
Flutterwave
Flutterwave, Africa’s leading payments technology company, has announced today that it has obtained official authorization to facilitate international remittances in Malawi. The International Money Transfer Operator (IMTO) license was granted on Thursday, October 19, and will enable the payments company to process remittances from Malawians and other Africans sending money back home… Read More>>
Visa selects 23 African startups for inaugural fintech accelerator
Benjamin Dada
Global payments company, Visa has selected 23 African companies for the inaugural cohort of the Visa Africa Fintech Accelerator which was launched in June… Read More>>
TBD Partners With Saudi Exim Bank for Boosting Saudi-African Business
International Business Magazine
The Eastern and Southern African Trade and Development Bank Group (TDB Group) and the Saudi Export-Import Bank (Saudi EXIM Bank) have signed an MoU during the Arab-African & Saudi-African Summits’ Economic Conference. Industry sources added that this alliance will boost cooperation and explore co-financing and investment opportunities between the two banks, and bolster Saudi-African business… Read More>>
Boeing, Airbus Trade Blows in Dubai; Ethiopian Airlines A Key Buyer
Investor’s Business Daily
Boeing stock continued climbing early Wednesday after the Dow Jones jet manufacturing giant on Tuesday landed another major order at the Dubai Airshow. Meanwhile, rival Airbus on Wednesday secured its own order from Ethiopian Airlines. Emirates Airline on Tuesday dealt the European plane maker a major blow over an engine defect… Read More>>
U.S.-AFRICA RELATIONS
South Africa’s AGOA forum: Crafting Future Pathways for U.S.-Africa Trade Partnership
Modern Diplomacy
Ultimately the African Growth and Opportunity Act (AGOA) could be extended by 16 years, that means until 2041, indicating its importance for strengthening Africa’s trade and economic cooperation with United States. That was, in fact, the main focus during Johannesburg’s early November forum that brought together more than 30 trade ministers, astute investors plus representatives from the regional economic blocs and the African Union… Read More>>
Prosper Africa coordinates 17 US agencies to boost Africa’s low participation in Agoa
The African Report
The US has mobilised 17 relevant government departments and agencies under the umbrella of Prosper Africa coordinator British Robinson to try to clinch deals between US and African businesses that will increase utilisation of the African Growth and Opportunity Act (Agoa)… Read More>>
SA places great value on its relationship with the US, says Ramaphosa
R News
South Africa places great value on its bilateral relationship with the USA, one of its largest trading partners and with whom the country enjoys relations that go far beyond mere trade… Read More>>
US Treasury’s Adeyemo hopes Congress will extend US-Africa program
Reuters
U.S. Deputy Treasury Secretary Wally Adeyemo on Thursday said he hoped Congress would extend a trade program that grants exports from qualifying African countries duty-free access to the U.S. market, hailing the strategic opportunities in the region… Read More>>
Africa-US trade: Agoa deal expires in 2025 – an expert unpacks what it’s achieved in 23 years
The Conversation
African governments are seeking an extension of the African Growth and Opportunity Act (Agoa) beyond 2025. The law was enacted in 2000 to “encourage increased trade and investment between the United States and sub-Saharan Africa”. We asked David Luke, who specialises in African trade policy and trade negotiations, what benefits Agoa has brought for qualifying African countries and how it can be improved… Read More>>
State Department Assistant Secretary Toloui Strengthens U.S.- African Partnerships In Nigeria: A Pivotal Step I
U.S. Embassy And Consulate In Nigeria
Ramin Toloui, the?U.S. Department of State?Assistant Secretary for?Economic and Business Affairs,?reaffirmed?U.S. commitment to partnership with?Nigeria?during his November 5-8 visit to?Lagos.??His visit?focused?on ways the United States can support?Nigeria’s efforts to enhance its?already flourishing?creative sector,?which is?driving economic growth and?workforce development.??Assistant Secretary Toloui?engaged in substantive discussions with?government officials and?prominent?creative sector?stakeholders,?emphasizing?our mutual?interest in?promoting African and?Nigerian?growth and development... Read More>>
ENERGY
South Africa’s Energy Struggles Ring Familiar In Other Countries
Forbes
So much of the focus around the energy transition and its impacts centers around the OECD countries, along with China and India, that issues impacting developing countries in other parts of the world are often largely overlooked. This has been the case in South Africa, whose government, domestic industries, and population have struggled with a major energy and grid crisis throughout 2023… Read More>>
Africa’s Clean Energy Transition Must Not Come At The Cost of Economic Growth
World Crunch
Africa faces a complex choice: entirely eliminate fossil fuels and risk slowing down development, or alter the energy mix and maintain a balance between the environment and the economy… Read More>>
Sustainable Trade Africa
UAE Trade Center
The “Sustainable Trade for Africa” event is a visionary initiative aimed at galvanizing stakeholders from across the African continent and beyond to embrace sustainable trade practices as a means to drive economic growth while addressing the paramount challenge of climate change. This event aspires to be a dynamic platform where innovative solutions take center stage, fostering collaboration, attracting green investments, and making sustainable development a tangible reality across diverse sectors… Read More>>
HEALTH
Experts step up efforts to tackle diabetes trends in the African region
World Health Organization
In June 2021, at the height of the COVID-19 pandemic, Emmanuella Selasi Hormenoo, an 18-year-old Ghanian university student, was teetering on the brink of death. “The doctors initially thought that I might have COVID-19, but when they did the tests, they were always negative. During one of the blood transfusions I had to have, I went into cardiac arrest, and slipped into yet another coma.” … Read More>>
INFRASTRUCTURE
Rugby African President and African Development Bank President Confer on Advancing Sports Infrastructure in Africa
Africa.com
Herbert Mensah, the newly elected President of Rugby Africa, the continental governing body for rugby in Africa, recently engaged in a 45-minute face-to-face meeting with Dr Akinwumi A. Adesina, the President of the African Development Bank Group (AfDB). The meeting, held during the African Investment Forum in Marrakesh, Morocco, focused on the crucial topic of sports infrastructures in Africa… Read More>>
Africa must tackle huge infrastructure gap to unlock opportunities for transformation – Report
African Development Group
Africa’s significant road infrastructure deficit creates increased production and transaction costs that must be addressed to scale opportunities envisaged under the Africa Continental Free Trade Area, a new report has found… Read More>>
Ministers and ATU call for collaboration to build future-oriented digital infrastructure for Africa
Venture Burn
Ministers of Communications and Digital Technologies from across Africa, along with officials from the African Telecommunications Union (ATU), convened in Cape Town for the Ministerial Forum on Building a Future-Oriented, Intelligent Digital Infrastructure for Africa. The Forum, co-organised by the ATU and the Department of Communications and Digital Technologies (DCDT) of South Africa, aimed to advance the digital transformation agenda in Africa… Read More>>
Tinubu negotiates Islamic bank multi-billion dollar facility for insfratructure
The Guardian
President Bola Tinubu, on Monday night, in Mecca, Saudi Arabia, advanced negotiations concerning a multi-billion-dollar infrastructure finance facility from the Islamic Development Bank to fund a multi-sectoral portfolio of infrastructure projects at the federal and sub-national levels in Nigeria… Read More>>
AGRIBUSINESS
Adesina warns against Africa’s raw agricultural exports as quickest route to poverty
Business Insider Africa
Akinwumi Adesina, the president of the African Development Bank (AfDB) says the key to Africa’s prosperity lies in exporting value-added agricultural products… Read More>>
Here’s why Africa incurs a loss of $952.5 billion annually
Business Insider Africa
Although agriculture is often regarded as the foundation of many African economies, accounting for over one-third of GDP, it is also a sector plagued by hidden costs related to agrifood systems, which ultimately drive up food prices… Read More>>
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ICT
How Africalabs is powering Africa’s tech revolution through community
CNN
For over a decade, AfriLabs has been at the forefront of cultivating a vibrant tech ecosystem across the African continent. Through the strength of community networks, this organization has become a driving force for change, catalyzing innovation and technology advancements in Africa… Read More>>
Nigeria’s AltSchool Africa to receive support from Rwanda’s $30m tech fund
Techcabal
AltSchool Africa, the Nigerian edtech startup that styles itself as the African version of the US coding bootcamp BloomTech, will receive strategic assistance from Intellecap, an Asia and Africa-focused advisory. The program, fully paid for by the Rwandan Innovation Fund, will help AltSchool plan for its next growth phase, TechCabal learned… Read More>>
FINANCE
Afreximbank records deals worth about US$ 1 billion as IATF2023 continues
Afreximbank
The third day of the third Intra-African Trade Fair (IATF2023) concluded yesterday with attendees witnessing the signing of financing and other agreements valued in excess of one billion dollars between the African Export-Import Bank (Afreximbank) and several leading business entities from across the continent… Read More>>
Absa Bank (Mauritius) acquires HSBC’s Local Wealth and Business Banking Operations
Investor’s Mag
Absa Bank (Mauritius) Limited is poised to acquire HSBC’s domestic Wealth and Personal Banking, as well as Business Banking business in Mauritius. Greg Lowden, CEO of HSBC Mauritius, underscored the strategic shift, noting that HSBC’s decision to sell aligns with a focus on strengthening its position as a leading international bank in Mauritius. Ravin Dajee, Managing Director of Absa Mauritius, expressed a dedicated commitment to ensuring a seamless transition for customers and colleagues, emphasizing their focus on the local Retail and Business Banking market… Read More>>
