Leaders of the 15 member states of the Economic Community of West African States (ECOWAS), have formally agreed to name a planned common currency the “ECO”. The currency would be based on a flexible exchange rate regime, coupled with a monetary policy framework focused on tackling inflation.
African governments are considering ways of tapping into the lucrative marijuana market. According to a UN survey, more than 10 000 tons of cannabis are produced on the continent each year, which could be worth billions of dollars in a rapidly expanding global market for legal cannabis.
The Gambia has become the 22nd country to approve the Africa Continental Free Trade Agreement (AfCFTA). This means that the minimum threshold has been met for the agreement to finally come into force.
The 11th extraordinary summit of the African Union concluded with the clear aim of making the commission more effective and performance based. These reforms depend on financial autonomy, which is why the commission is imposing sanctions on member states who fail to honour their annual financial contributions.
The 2018 edition of the Forum for China-Africa Cooperation summit, which is the third after the inaugural 2006 summit in Beijing and the 2015 summit in Johannesburg, is hosting the majority of African leaders, as well as 27 international and African groups as observers.
Many leaders before her have sought to make aid spending all about their own agendas – but there’s a new element in this case.
The deployment of renewable technologies may be on a steady incline but weaning the world off fossil fuels is still a hard sell. However, with more of the world demanding eco-friendly solutions, is Africa’s OPEC membership surge another demonstration of the continent’s slow response or testament to its growing development?
The first phase of the Chinese-built Djibouti International Free Trade Zone (DIFTZ) was launched on 5 July 2018. The project, set to be Africa’s biggest free trade zone, has been commissioned for US$3,5 billion and spans an area of 4 800 hectares.
The automotive industry is a relatively sophisticated industry, but with sub-Saharan Africa’s rapidly expanding market and the global automotive trade deficit it is important for both sides to form mutually beneficial partnerships. Larger countries like Nigeria are already embarking on plans to develop domestic automotive production while countries such as Rwanda and South Africa are fostering investment from big automotive brands.
The central bank of Libya is imposing fees on foreign currency transactions to tackle the wide gap between the official exchange rate of 1.4 dinars to the US dollar and the parallel rate of around 7 dinars, which is seen as a major factor in the distortion of Libya’s oil-dependent economy
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