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Cabinet questions EU citrus restrictions as South Africa moves ahead with formal WTO dispute (Engineering News)
Cabinet has questioned the imposition by the European Union (EU) of what it describes as “stringent” restrictions on South Africa’s citrus exports, whichare now the subject of a formal dispute initiated at the World Trade Organisation (WTO). South Africa has, for the first time, requested the establishment of two dispute panels under the WTO’s dispute settlement system to review measures affecting the import of South African citrus fruit into the EU. This, after long-running consultations aimed at resolving the dispute failed to reach a mutually agreed solution.
Following its meeting of August 7, Cabinet argued that, while the restrictions did not represent a ban, they were resulting in significant costs for the domestic citrus industry, estimated at R2-billion a year. “South Africa is the world’s second largest exporter of citrus and 33% of South Africa’s citrus exports are destined for the EU market,” the Cabinet statement reads, adding that the industry provided direct employment for over 140 000 people.
India-South Africa Trade Revival: New Initiative Launched (Rediff)
The Consulate General of India in Johannesburg on Thursday launched a new initiative to revive the once very vibrant trade relations between India and South Africa until the COVID pandemic led to a slump. The initiative seeks to address visa delays and encourage investments in sectors like renewables, IT, and infrastructure.
“The India-SA Investment Network is an effort to bring our wider bilateral eco-system closer,” said Consul General Mahesh Kumar, who initiated the concept. “We have about USD 19 billion annual trade and an estimated cumulative multiple investment of USD 19 billion. All of us are aware that this is way less compared to the potential. All of us would like this to grow, unlocking more opportunities for us,” Kumar said as he welcomed government leaders and top captains of industry from South Africa.
Pulse report shows marked improvement in major road corridors (Engineering News)
The newly launched National Logistics Crisis Committee (NLCC) ‘Pulse’ report has so far shown a general year-on-year improvement in terms of the movement of heavy motor vehicles (HMVs) along eight monitored corridors, data analytics firm Crickmay & Associates MD Jayce Lane said on August 8. Speaking during the online launch of the report, he said the purpose of this instrument was to create a better understanding for users of how the logistics network is affected. “Supply chain corridors’ competitiveness is impacted by how well they operate, and we all impact each other,” Lane stated. “What we’re trying to do is get to one single version of the truth and that it’s fact-based understanding. We’re not wanting to work on hearsay, but we’re trying to actually establish data, which is a great basis for work going forward.”
Lane explained that the new Pulse report is a PDF report that will be distributed to stakeholders who request it on a weekly basis on Tuesday afternoons, taking into consideration all activities from the previous Monday to Sunday.
Local bank introduces digital communication tool (IPPMedia)
I&M Bank has introduced a new innovative communication service to support the government’s efforts of enhancing financial inclusion in the country. Zahid Mustafa, the Bank CEO said in Dar es Salaam yesterday at the launch that the bank has upgraded services that are applicable through WhatsApp (“Rafiki Chatbanking”). He said the upgraded services include new features that align with commitment to sustainability and paperless banking, contributing to the Tanzanian government’s vision of a robust digital economy. He said that statistics show that 33 percent of the global population use WhatsApp for daily interaction, adding that the bank’s decision to provide services via whatsApp was very important to expand the customer’s volume. “Our bank remains dedicated to innovating for a sustainable future and supporting Tanzania’s digital transformation,” he said.
See also:
Digital Rights: Internet Access Crucial To A Vibrant Democracy (ICJ Kenya)
The Digital Banking Revolution in Africa – Somalia’s Transformative Journey (Horseed Media)
On July 25th, the Digital Transformation Center Nigeria (DTC Nigeria) marked a significant milestone by officially handing over the Participatory Policy Implementation Framework (PPIF) to the Ministry of Communications, Innovation & Digital Economy in Abuja. This framework aims to enhance the effectiveness, accountability, empowerment, and sustainability of policies across various sectors, particularly in the digital and innovation spheres.
The PPIF was developed through a series of design sprints and focus group sessions at both national and sub-national levels, involving key stakeholders from diverse sectors. This participatory approach ensures robust and inclusive digital policy implementation. Mr. Kashifu Inuwa Abdullahi, CCIE, Director General and CEO of NITDA, emphasised the framework’s role in fostering economic growth and employment, saying, “It is to help subnationals apply the country’s digital policies to create more employment opportunities and grow the economy. “We are implementing that framework with the ecosystem with an ambitious target of achieving 95% digital literacy by 2030.”
Africa’s Economy in a snapshot 2024 (PACCI)
Africa’s Economic Snapshot (AfES) 2024 provides essential economic and business metrics, serving as a concise yet comprehensive resource for individuals seeking fundamental insights into Africa’s economic landscape. Organized into five regions, the report offers insights into critical aspects such as GDP values, growth rates, sectoral contributions to GDP, logistics performance, ease of doing business, governance indices, FDI flows, external debt, trade data, human development index, and gender entrepreneurship rankings.
Projections indicate that the continent’s economies are on track to stabilize, with an average growth rate of 4.1 percent forecasted for 2023–24, following a decline in real GDP growth from 4.8 percent in 2021 to 3.8 percent in 2022. This suggests that Africa’s economic trajectory is rebounding. It is hoped that initiatives like the AfCFTA, aimed at enhancing trade and economic integration across the continent, will further contribute to this positive momentum by easing access to regional markets and strengthening production chains across the continent, helping domestic industries become more prepared for the global arena. Regionally, economic performance varies, with Central Africa leading growth in 2022, followed by West, North, East, and Southern Africa.
However, widening current account deficits and increasing inflation mean many countries are at risk of falling into debt distress, with notable examples including Egypt, Congo, Mozambique, and Zimbabwe. Growing debt levels and high servicing costs pose significant impediments to long-term sustainable economic growth prospects. Revenues have not kept up with expenditure needs, further limiting public expenditures and setting back progress towards Sustainable Development Goals (SDGs).
pdf Africa’s Economy in a Snapshot 2024 (PACCI) (6.17 MB)
The East African Community (EAC) countries are committed to developing a competitive national leather sector, with the goal of driving significant economic growth and fostering regional development. National Coordination Committee Meetings were held in July in Kenya, Rwanda, and the United Republic of Tanzania, under the leadership of the EAC, with support from the International Trade Centre (ITC) and GFA Consulting Group, under the EU-funded EU-EAC Market Access Upgrade Programme (MARKUP II). These consultative workshops aimed to assess and monitor progress in implementing the EAC Leather and Leather Products Strategy, driving strategic sector development and enhancing regional collaboration.
Key recommendations for fostering growth in the leather sector included: Analyzing export levies impact for the member states and the region: Conducting a comprehensive review and analysis of export levies on raw hides, skins, wet blue leather and crust to ensure maximum benefits for the sector; Activating the Leather Development Fund in each country: A dedicated fund, potentially sourced from export levies, can be utilized to support the construction of manufacturing facilities, the formation of industry clusters, and other related initiatives; Establishing common manufacturing facilities with shared machinery in strategic locations to boost local footwear production and support smallholders; Phasing out second-hand shoe imports: Advocating for a gradual elimination of second-hand shoe imports to protect and develop the local leather industry; and Enhancing Public-Private Dialogue with a collaborative structure to guide policymakers and track progress towards improving industry competitiveness and growth.
ECOWAS Commission Launches the Process for the Establishment of a Regional Carbon Market (ECOWAS)
As part of the implementation of the Regional Climate Strategy, the ECOWAS Commission, through the Department of Economic Affairs and Agriculture, is organizing a regional meeting from 6 to 8 August in Abidjan on the process of establishing a standardized regional carbon market in West Africa. The objective of the workshop is to lay the foundations for the process of establishing the regional carbon market through its appropriation by stakeholders in the field and to analyze the basic documents developed for this purpose.
In her address at the opening of this workshop, Ms. Massandjé TOURE-LITSE, Commissioner for Economic Affairs and Agriculture, noted that this process aims to seize opportunities for mobilizing financing related to carbon credit transactions in West Africa; the carbon market being one of the financial instruments under the Paris Agreement. Mr. KOUADIO, Director of Cabinet at the Ministry of the Environment, Sustainable Development and Ecological Transition, indicated that the current vulnerability of African countries and ECOWAS in particular should not be considered as inevitable, but as a call for collective action and regional solidarity.
See also: Carbon markets in Africa: balancing finance mobilization with emission reduction goals (UNDP)
FOCAC 2024 will strengthen China-Africa ties (People Daily)
The 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) will be held in Beijing from September 4-6.The theme is “Joining Hands to Advance Modernisation and Build a High-Level China-Africa Community with a Shared Future.” Leaders of FOCAC’s African members will attend the summit at the invitation of the forum. Representatives of relevant African regional organisations and international groups will attend relevant forum events.
Since its inception in 2000, FOCAC has grown into a significant mechanism for bilateral and multilateral dialogue, cooperation and development between the two regions. FOCAC has made great strides, particularly in its contributions to economic development, infrastructure, trade and socio-cultural exchanges between the two partners.
Trade relations between China and Africa have flourished under FOCAC’s framework. As of 2023, trade between China and Africa hit high levels, reflecting the deepening economic ties between the two regions. In 2022, the trade volume between China and Africa was about $282 billion, with China maintaining its position as Africa’s largest trading partner. The forum has facilitated greater bilateral trade, leading to a diversification of Africa’s trade partners and markets. By integrating African countries into its global supply chains, China has helped boost Africa’s exports and provide a more stable economic environment.
China Plunders Minerals from Africa As Trade Deficit Grows (JAPAN Forward)
China has become Africa’s largest trading partner and creditor in recent years. Today, both are facing a global economic slowdown. Meanwhile, Beijing’s economic focus on Africa, especially for the latter’s raw minerals, has restarted full-scale in the post-COVID years. China’s relentless hunt for critical minerals is driving its new initiatives inside Africa. Meanwhile, it also continues to maintain its old ones such as infrastructure construction.
According to findings by Australia’s Griffith Asia Institute, new Chinese investment in Africa increased by 114% in 2023. However, it remained heavily focused on minerals, coupled with Beijing’s plans to revive its own flagging economy. All efforts to boost other imports from Africa seem to be faltering. This has resulted in the continent’s ballooning trade deficit with China. The value of Africa’s exports to China has fallen by 7% and its trade deficit has widened by 46%. Beijing seems now to be in damage-control mode in Africa. China’s Africa strategy in the past decade finds its foundation in the Belt and Road Initiative, whose deals are based on opaque agreements on multiple counts. Beijing aggressively pursued repayment of its debts from many African countries in the past. However, this approach created real problems for China’s international standing and approach towards developing nations.
New Report Strengthens SDG Data-related Actions (SDG Knowledge Hub)
In the SDG space, data unfortunately remain one of the biggest challenges countries grapple with. Well into the implementation of the 2030 Agenda for Sustainable Development data gaps are still an obstacle in measuring our sustainability efforts. In the face of current democratic challenges, fake news, disinformation, increasing polarization, and the rise of artificial intelligence (AI), the truth can be whatever is convenient for politicians, governments, businesses, organizations, and individuals. Quality data are needed to verify what lies behind political decisions and the production of goods, and to determine whether sustainable action is truly what it claims to be. A new report by the Organisation for Economic Co-operation and Development’s (OECD) Partnership in Statistics for Development in the 21st Century (Paris21), and the European Commission, looks at ways to strengthen evidence-based reporting on the SDGs.
Trade in Services: Quarterly bulletin (Q1 2024) (UNCTAD)
World services exports value increased by 8.2% year-on-year (YoY) in the first quarter of 2024. In a continued recovery from the COVID-19 pandemic, travel exports registered a rise of almost 20% YoY. International transport services sales, which had recovered from the pandemic earlier, increased by 1% in Q1, after registering a decrease in every quarter of 2023. Growth in exports of other services was solid in Q1 2024 (+7.3%). Most services in that category can be traded digitally, that is remotely through computer networks. Digitally deliverable services trade boosted during the pandemic and has since then been on a continuous rise.
Quick links
Zimbabwe faces worsening food crisis due to El Niño droughts (UN News)
Amith Singh: Transforming South Africa’s manufacturing sector to embrace green and avoid falling behind (Engineering News)
Ana Hajduka: Innovative financing and policy support accelerating renewable energy development in Africa (Engineering News)
Here’s how we make the global food supply chain sustainable (World Economic Forum)
