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issue 584 | 09 Mar 2025

World

Revamped WTO tariff and trade platform enhances access to data

The World Trade Organization (WTO) Tariff & Trade Data, an online platform providing enhanced access to official tariff and trade figures for over 150 economies, was launched on 4 March. The database – currently in its beta version for preliminary release – includes bilateral trade datasets, time series views, and reports on export and import patterns by product and trade partner. It was presented to WTO members at an informal meeting of the Committee on Market Access, which defines and administers the dissemination policy of the databases.

Source: WTO

Africa

Africa moves to revamp coffee sector with bold declaration at G25 summit

Heads of state and governments from 25 African coffee producing countries have agreed to support research in coffee value addition to foster innovation, generate new technologies and develop high yielding, high-quality coffee varieties that are resilient to climate change, pests and diseases. They also committed to increasing investment in coffee value addition and promoting domestic coffee consumption across the continent. Reading the Dar es Salaam Declaration at the 3rd G25 African Coffee Summit, Tanzania’s Minister for Agriculture, Hussein Bashe, announced that member states had set a target for at least 50% of Africa’s coffee production to be roasted and traded within or outside the continent by 2035. “Another agreement is to innovate and adopt new technological tools in the coffee value chain,” Mr Bashe said. Moreover, the summit requested the African Union to represent the Inter-African Coffee Organisation (IACO) in negotiations with the European Union (EU) regarding changes in regulatory frameworks, such as the EU Deforestation Regulation and any future amendments affecting the coffee sector. Member states also urged IACO countries to facilitate the establishment of Centres of Excellence for Coffee and an African Centre for Coffee Research to boost knowledge-sharing and development.

Source: Daily News

Africa

African Union adopts the statute for the establishment of a continental food safety agency to address critical health and trade challenges

The African Union (AU) has taken a historic step towards enhancing food safety across the continent with the adoption of the statute for the establishment of the Africa Food Safety Agency during the 38th Ordinary Session of the Assembly of Heads of State and Government in Addis Ababa, Ethiopia on 16 February 2025. This landmark decision marks a significant advancement in the continent's commitment to protecting consumer health, strengthening Africa’s food safety governance and facilitating trade in safe food products under the African Continental Free Trade Area. The soon to be established Africa Food Safety Agency will serve as a Specialised Technical Institution of the AU, dedicated to coordinating and harmonising food safety policies, regulations, and risk assessment frameworks across member states. This move is in response to Africa’s disproportionate burden of foodborne illnesses, which affects 91 million people and results in 137 000 deaths annually – one-third of the global mortality due to foodborne diseases, according to the World Health Organization. The economic toll of unsafe food is equally staggering, with the World Bank estimating losses of USD110-billion annually in sub-Saharan Africa and Southeast Asia due to lost productivity and medical costs.

Source: AU

Africa

EIB Global invests USD75-million in Helios Fund V to support Africa’s digitally focused businesses

The European Investment Bank (EIB) Global has announced a USD75-million investment in Helios Investors V, L.P. (Helios Fund V). The announcement was made by EIB Vice-President Ambroise Fayolle at the Finance in Common Summit in Cape Town, South Africa. The fund manager, Helios Investment Partners, is the world’s largest Africa-focused private investment firm. Helios Fund V will focus on companies in sectors like digital infrastructure, financial services and technology, and technology-enabled business services, in alignment with the European Union-Africa Global Gateway Investment Package priorities. The fund will support the growth of companies that help provide digital infrastructure like data centres, fibre-optic networks and telecommunications towers; technology-enabled business services like cloud services, health technology and logistics technology; and financial services and technology like bank technology payments or financial management software. It will also support companies that help provide healthcare or education and training. The investment by EIB Global in Helios Fund V is part of the EIB’s contribution to the Team Europe approach. The bank is working alongside other European development finance institutions that are expected to invest, enabling the fund to support the growth plans of emerging African businesses.

Source: EIB

Africa

Ensuring a just transition: AfDB calls for inclusive climate action at FICS 2025

The Just Transition was central to discussions during the Finance in Common Summit (FICS) 2025. At the core of the concept is ensuring that Africa’s shift to a greener economy is not only environmentally responsible, but also socially and economically inclusive, accelerating solutions for sustainable finance in Africa. Global leaders, policymakers, and development finance institutions gathered in Cape Town against the iconic backdrop of Table Mountain for the fifth summit, co-hosted by the Development Bank of Southern Africa and the Asian Infrastructure Investment Bank with the support of Agence Française de Développement and the African Development Bank (AfDB). Speaking on the Just Transition during a session on Wednesday, 26 February, Leila Mokaddem, Director General for Southern Africa at the AfDB, stressed that Africa’s path to sustainability must be fair, inclusive, and pragmatic. “With 600 million Africans still without electricity, our transition cannot be about climate targets alone. It must be about jobs, industrialisation, and economic opportunity. If we fail to get this right, the transition could deepen inequality rather than reduce it.”

Source: AfDB

Africa

Former African presidents demand action as debt crisis reaches historic levels

Eight former African heads of state have united in an unprecedented move to sign the Cape Town Declaration, calling for urgent debt relief and fairer borrowing terms for African nations. This declaration – announced in Cape Town by former Nigerian President, Olusegun Obasanjo – marks the launch of the African Leaders Debt Relief Initiative (ALDRI), a collective effort to advocate for a comprehensive debt solution for the African continent. Present at the meeting were the former presidents of Senegal, Malawi, Tanzania, Ghana and Mauritius, as well as the vice presidents of Nigeria and Ethiopia. Central to the declaration, was ALDRI's urgent appeal to the G20 to heed the call to solve the financial crisis faced by the African continent: “2025 marks the first African presidency of the G20, led by South Africa. One of the key objectives of the G20 is to solve global financial crises. This is its moment of truth. In this context, we welcome the commitment expressed by [President Cyril Ramaphosa], chair of the G20, to give priority to ensuring debt sustainability for developing countries,” Obasanjo said.

Source: Bizcommunity

Africa

GHIB and BII announce USD50-million partnership to boost cross-border trade across Africa’s frontier economies

The Ghana International Bank plc (GHIB), a leading United Kingdom (UK)-based African financial institution, and the British International Investment (BII), the UK’s development finance institution and impact investor, have announced a USD50-million trade finance facility covering Sierra Leone, Liberia, The Gambia, Benin, the Democratic Republic of the Congo, Rwanda and Tanzania. Under a Master Risk Participation Agreement, the USD50-million facility will enable GHIB to support more businesses and facilitate trade flows in the target countries. This addresses the general lack of credit appetite for frontier markets in Africa for reasons including high risk perception and comparatively lower volumes. Increased trade finance can enable local businesses to import the commodities and equipment they need to sustain and grow their businesses. It helps create economic opportunities for business owners and maintain continued supply of essential goods in the market for Africans at a reasonable price.

Source: BII

Africa

Innovative technical assistance: Driving impact through global cooperation

At the Finance in Common Summit in Cape Town, African Development Bank (AfDB) Vice President for Private Sector, Infrastructure & Industrialisation, Solomon Quaynor, called for a shift toward accelerating development of bankable green infrastructure projects, and with scale, emphasising that Africa cannot afford to sustain decade-long infrastructure development timelines. Addressing a session entitled Innovative Technical Assistance: Bridging Africa’s Infrastructure Gap, Quaynor stated that Africa must bridge its infrastructure gap by prioritising green infrastructure project preparation and development, ensuring that both public and private sector instruments are leveraged effectively. He emphasised that future progress lay in creating a contestable market for successful bankable infrastructure developments; accelerating successful green infrastructure project developments to within three years instead of 10 years; and strengthening infrastructure development and asset managers like Africa50, as well as scalable green infrastructure project development platforms such as the Alliance for Green Infrastructure in Africa to mobilise large-scale investments.

Source: AfDB

West Africa

Global gateway: Partnership between EBID and EIB to promote climate action and environmental sustainability projects in the ECOWAS region

The Economic Community of West African States (ECOWAS) Bank for Investment and Development (EBID), the European Investment Bank (EIB), with the support of the European Union (EU), announces a EUR100-million financial partnership to support climate action and environmental sustainability projects in the ECOWAS region. The EUR100-million credit line signed under a EUR150-million envelope is the EIB's first operation with the EBID. It supports economic development, climate action and environmental sustainability in the ECOWAS region, which fills the financing gap in these areas and contributes to sustainable livelihoods and poverty reduction. This facility affirms joint EBID and EIB targeted support for sustainable investments across the ECOWAS region, with particular support for sectors contributing to climate mitigation. The projects which will be financed by this operation target particularly renewable energy including small and medium-sized photovoltaic projects, sustainable agriculture and water treatment.

Source: EIB

West Africa

The creation of the single currency “Eco” at the heart of discussions at the 11th session of the ECOWAS Convergence Council

On 3 March 2025, the Economic Community of West African States (ECOWAS) Commission organised the 11th meeting of the ECOWAS Convergence Council, made up of the ministers of finance and central bank governors of ECOWAS member states. The meeting examined the Report of the ECOWAS Macroeconomic Policy Technical Committee meeting, held from 27 February to 1 March 2025 in Abuja, as well as important issues such as the status of implementation of the Eco Roadmap. Speaking at the opening ceremony, Nigeria’s Minister of Finance and Coordinating Minister for the Economy, Adebayo Olawale Edun, called for the creation of a single regional currency to drive ECOWAS’ economic integration programme, and improve the lives of the people of West Africa. Addressing the finance ministers, central bank governors and heads of financial institutions in the community, Mr Edun recalled the adverse effects of the global economic landscape on regional economies, resulting in a deterioration in the convergence profile of ECOWAS, despite the existence of cases of resilience. In the face of current geopolitical tensions, he recommended a new development model based on bold reforms to mobilise domestic resources, reinvigorate the private sector, improve natural resource management and engage in greater collaboration between emerging markets and developing economies.

Source: ECOWAS

Angola

Angola finalises preparations to join the SADC Free Trade Area, strengthening regional economic integration

The Southern African Development Community (SADC) Secretariat, with support from the Cooperation for the Enhancement of SADC Regional Economic Integration programme, funded by the German Federal Ministry for Economic Cooperation and Development and co-financed by the European Union through Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) have successfully hosted a Trade Negotiating Forum to finalise Angola’s accession to the SADC Free Trade Area (FTA). The forum took place from 17 to 21 February 2025, following a previous session in October 2024, both held in Luanda. Angola will become the 14th SADC member state to join the regional market, marking a historic step in consolidating the SADC FTA, the most significant milestone in the past decade. This accession unlocks immense economic opportunities, as Angola will benefit from reduced tariffs and the elimination of non-tariff barriers, promoting smoother trade within the region. In turn, other SADC member states will gain improved market access for their goods and services in Angola, driving economic growth and fostering regional prosperity.

Source: SADC

Equatorial Guinea

Economic diversification is crucial for unlocking new sources of growth in Equatorial Guinea, says new report

Economic diversification away from oil, investing in its people and strengthening institutions are crucial for stemming economic decline in Equatorial Guinea, says the World Bank in its latest Country Economic Memorandum report on the country. The decline in the country’s oil revenues, combined with past shortfalls in diversifying the economy, has resulted in a prolonged recession, reversed economic gains, and jeopardised social progress. Equatorial Guinea’s abundant oil resources propelled the country into the exclusive group of African upper-middle income nations. However, the economy suffered six years of recession since 2015 and fell back into recession in 2023 after just two years of growth. National per capita income has also been declining and stands at less than half that of its peak in 2008. To attain sustainable and inclusive growth going forward, a greater focus on building human capital and strengthening the business environment and institutions is needed, says the report, titled Equatorial Guinea Country Economic Memorandum: Building the Foundations for Renewed, More Diversified and Inclusive Growth.

Source: World Bank

Ghana

Ghana government to establish Renewable Energy Investment Fund

The government has announced plans to source funding from domestic and international institutions to establish a Renewable Energy Investment Fund. Mr John Abu Jinapor, the Minister of Energy and Green Transition, who announced this in a statement on the floor of Parliament recently, said the fund would enable the government to scale up production of clean and renewable energy technologies to reduce the cost of power in the country. It would also help the nation to reduce dependency on the national electricity grid, he said. To that end, the minister said the government would set up a Solar Technology Resource Centre at the Ho Technical University to train and build capacity of students and Ghanaians in developing renewable energy technologies. Mr Jinapor indicated that with abundant renewable and clean energy sources, it would serve as a catalyst for boosting industrialisation in Ghana. He said government would like to revolutionise renewable energy technology to boost irrigation, agriculture, and industrialisation across the country.

Source: Ghana Business News

Ghana

Outstanding liabilities about GHS80-billion – Energy minister reveals

Energy Minister John Jinapor has revealed that Ghana’s energy sector is grappling with outstanding liabilities of approximately GHS80-billion, with the debt continuing to rise. Speaking during the second day of the National Economic Dialogue, the minister warned that restoring the sector to stability would require clearing this massive debt burden. “Today, the outstanding liabilities stand at about GHS80-billion, and it keeps increasing. If we were to fully revive the energy sector, we would need to flush out this debt. Clearly, this situation is unsustainable,” he stated on Tuesday, 4 March. Beyond the existing liabilities, Mr Jinapor highlighted an even more concerning issue – the sector's monthly financial shortfall. According to him, “Our total bill, especially in the power sector, is about USD170-million per month, but collections are less than USD100-million. This means we are accumulating an additional USD70-million in liabilities every month.” Mr Jinapor highlighted inefficiencies within the energy sector, citing financial indiscipline as a major concern.

Source: MyjoyOnline.com

Ghana / Rwanda

Ghana and Rwanda sign MoU to implement a licence passporting framework and cross-border payment interoperability

The Bank of Ghana and the National Bank of Rwanda have signed a Memorandum of Understanding (MoU) to introduce a groundbreaking licence passporting framework and cross border payment interoperability for regulated FinTech companies. The signing ceremony took place on 25 February 2025, at the Inclusive Fintech Forum in Rwanda, with Governor of the National Bank of Rwanda, Mr John Rwangombwa and key officials from the National Bank of Rwanda and the Bank of Ghana in attendance. The Forum took place from 24 to 26 February 2025. The licence passporting framework is designed to facilitate easier cross-border operations for regulated FinTech companies licensed by either country’s central bank. This initiative will enable the regulated FinTech companies in Ghana and Rwanda to expand their services with minimal additional regulatory requirements, thereby promoting innovation and growth in the FinTech sector of both countries.

Source: Bank of Ghana

Kenya

Afreximbank and Kenyan government ink milestone agreements to promote industrialisation

The African Export-Import Bank (Afreximbank), Africa’s foremost trade development bank, has in Mombasa, Kenya, ratified a series of initiatives designed to support Kenya’s industrialisation and export-led development agenda. Under the terms of the initiatives, formalised at a signing ceremony with the Kenyan authorities, Afreximbank will finance the development and operationalisation of industrial parks and special economic zones (SEZs) to bolster the country’s industrialisation and export manufacturing. The proposed industrial parks, to be developed by Afreximbank through its affiliate company, Arise Integrated Industrial Platforms (Arise IIP), will create and sustain an environment in which export-oriented industries can thrive, by leveraging economies of scale, shared infrastructure and access to global markets. Two projects to be undertaken by Afreximbank, with the support of the Government of Kenya and other strategic collaborators, are the development of the Dongo Kundu Integrated Industrial Park and the Naivasha SEZ II (Naivasha II), for which, having secured leases of the relevant land, Afreximbank intends to leverage the expertise and experience of Arise IIP, a SEZ developer with experience in the development of integrated industrial parks in Africa.

Source: Afreximbank

Kenya

Businesses to onboard eTIMs instantly as KRA scraps manual approval

Businesses and taxpayers will now onboard on the electronic tax invoice management system (eTIMs) without requiring manual approval from the Kenya Revenue Authority (KRA). The taxman has automated the registration process, streamlining compliance and making it easier for businesses to adopt the system. KRA introduced eTIMs in 2023 as part of efforts to seal revenue leakages by ensuring that all business expense claims are backed by actual receipts. With the latest system upgrade, businesses applying for eTIMs services will receive instant confirmation, streamlining the onboarding process. “The system upgrade allows for self-onboarding by eliminating the requirement for eTIMs approval of taxpayer applications by KRA,” KRA Commissioner for Domestic Taxes Risper Simiyu said. “This means that taxpayers can now apply for any of the available eTIMs solutions without requiring intervention from KRA. The taxpayer will receive a text message confirming the application as being successful.” The improved system also allows businesses to use multiple eTIMs solutions simultaneously, giving them greater flexibility in generating invoices.

Source: The Eastleigh Voice

Kenya

IMF launches governance review in Kenya to address corruption, boost economic performance

The International Monetary Fund (IMF) has begun an official review of Kenya's corruption and governance issues, a senior Kenyan official said. The findings of the technical assessment will enable the government to implement priority governance reforms to fight corruption and support economic growth, Prime Cabinet Secretary and Cabinet Secretary for Foreign and Diaspora Affairs Musalia Mudavadi said in a statement issued in the Kenyan capital of Nairobi after a meeting with Rebecca A. Sparkman, Deputy Division Chief at the Fiscal Affairs Department of the IMF. Mudavadi welcomed the IMF's response to the Kenyan government's request for a Governance Diagnostic Assessment, starting with a scoping mission and then a full assessment later in the year. Sparkman said the scoping mission will examine corruption vulnerabilities in six core areas: fiscal governance, central bank governance and operations, financial sector oversight, market regulation, rule of law, and anti-money laundering and combatting terrorism financing.

Source: Xinhua

Mozambique

IMF staff completes visit to Mozambique

An International Monetary Fund (IMF) team, led by Mr Pablo Lopez Murphy, conducted discussions from 19 February to 4 March 2025, with the Mozambican authorities on policies underpinning the fifth and sixth reviews under the Extended Credit Facility (ECF)-supported arrangement. At the end of the IMF team’s visit, Mr Lopez Murphy issued the following statement, in part: “The IMF team has held constructive discussions with the Mozambican authorities on the fiscal, financial, and structural policies needed to support the completion of the fifth and sixth reviews of the ECF arrangement. Economic activity contracted sharply in the last quarter of 2024, reflecting the impact of social unrest. Real GDP declined -4.9% (year-on-year) in 2024 Q4 from growth of 3.7% (year-on-year) in 2024 Q3. Overall growth in 2024 was 1.9%. For 2025, growth is projected to recover to 3.0% as social conditions normalise and economic activity picks up, especially in services.”

Source: IMF

Uganda

Government launches BPO policy to create 150 000 jobs by 2030

The Ministry of Information and Communications Technology (ICT) and National Guidance has launched a Business Process Outsourcing (BPO) policy, aimed at creating jobs and tapping into the global BPO market. The policy seeks to develop Uganda’s BPO sector, create job opportunities for young people, and make Uganda a top outsourcing destination in Africa. According to Chris Baryomunsi, Minister for ICT and National Guidance, “[It is] important to translate this policy into real action by finding jobs for our young people.” He on Monday, 24 February 2025, explained that BPO allows companies to hire Ugandans to do tasks for their businesses abroad, highlighting the potential for job creation. The BPO industry is worth over USD250-billion globally and is expected to grow beyond USD500-billion by 2030. Uganda’s local BPO market is currently valued at USD3-million, but the government aims to increase this value by creating a supportive environment, including affordable internet access and devices. Permanent Secretary Aminah Zawedde emphasised the need for improved digital infrastructure, calling on private companies to set up more data centres.

Source: Monitor

Uganda

Understanding the URA’s notice on stamp duty: Does it affect contractual validity?

The Uganda Revenue Authority (URA) recently issued a notice urging the public to comply with the Stamp Duty Act (the Act) by paying duty on agreements executed or received in Uganda. The notice has sparked debate on several legal concerns including the interpretation of the law, enforceability of unstamped agreements and the applicability of stamp duty to electronic and oral contracts. This duty is a tax imposed on signed documents that confer a right or liability on the parties. The stamp duty rate may either be a flat fee of UGX15 000 for each original document or may depend on the value of the instrument. In the notice, URA highlighted the agreements subject to stamp duty include sale agreements, purchase agreements, rental contracts, employment contracts, and loan agreements, among others. The notice further emphasises that any person who executes an agreement without paying the required stamp duty commits an offence punishable by a fine not exceeding UGX2-million, imprisonment for up to six months, or both. The Act provides that stamp duty liability only arises when an instrument is executed, meaning when it is signed. In Stanbic Bank Uganda v URA, the High Court reaffirmed that stamp duty is charged on the instrument itself, not on the transaction, and that liability is triggered at the moment of execution. By implication, stamp duty applies only to written agreements.

Source: ENS

Zambia

IMF staff concludes visit to Zambia

An International Monetary Fund (IMF) staff team, led by Mrs Mercedes Vera Martin, visited Zambia from 19 to 25 February 2025, as part of the IMF’s ongoing engagement with the Zambian authorities and other stakeholders. At the conclusion of the visit, Mrs Vera Martin issued the following statement, in part: “The mission team engaged with the Zambian authorities on recent macroeconomic developments and the economic outlook. Encouragingly, the Zambian economy has shown greater resilience than previously anticipated in 2024, supported by stronger-than-projected performance in both the mining and non-mining sectors. We also took stock of the authorities’ progress in meeting key commitments under the IMF-supported programme. These efforts will be formally assessed in the context of the fifth review of the Extended Credit Facility arrangement, which is expected to be initiated with a mission in early May 2025.”

Source: IMF