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Africa

AfCFTA Chief Advocates Unified Trade Policy to Counter U.S. Tariffs Impact

To combat the disruption brought on by U.S. tariffs under President Donald Trump, AfCFTA Secretary General Wamkele Mene has advocated for a unified Af

To combat the disruption brought on by U.S. tariffs under President Donald Trump, AfCFTA Secretary General Wamkele Mene has advocated for a unified African trade strategy. African economies, notably those of South Africa, Nigeria, and smaller countries like Lesotho and Madagascar, have been affected by these tariffs, raising questions about the viability of the African Growth and Opportunity Act AGOA. Mene called on the continent to fortify internal commerce and diversify markets, stressing the need for deeper intraAfrican trade, which is still below 20%. He gave the example of Ethiopias tenacity in increasing its exports by collaborating with China despite being shut out of AGOA. Given the changes in global trade, this circumstance emphasises Africas need for independence. Read More..

B2B Tech News | 21 hours ago         

Kenya Secures $950 Million Deal with China to Advance Economic Transformation

A $950 million deal was inked by Kenyan President William Ruto and China during his official visit with the intention of furthering the countrys Botto

A $950 million deal was inked by Kenyan President William Ruto and China during his official visit with the intention of furthering the countrys BottomUp Economic Transformation Agenda BETA. Under the agreement, businesses including China Wu Yi and Zonken Group would spend $320 million in manufacturing, $430 million in agriculture, and $230 million in tourism. Ruto emphasised the Standard Gauge Railway and Lamu Port, two examples of Chinesefunded infrastructure that have had a revolutionary impact, and Kenyas dedication to deepening its relationship with China. Kenyas position in Chinas Belt and Road Initiative and its geopolitical pivot in the face of shifting global alliances are both highlighted by this visit. Read More..

B2B Tech News | 1 days ago         

Botswana Central Bank Holds Monetary Policy Rate at 1.90% for Fourth Meeting

For the fourth consecutive meeting, Botswanas central bank has kept its monetary policy rate at 1.90%, citing balanced inflation risks despite global

For the fourth consecutive meeting, Botswanas central bank has kept its monetary policy rate at 1.90%, citing balanced inflation risks despite global economic uncertainty. Although it was still below the banks recommended range of 3% to 6%, Botswanas inflation rate increased somewhat to 2.8% year over year in March from 2.7% in February. This choice demonstrates the central banks cautious attitude to maintaining economic stability in the face of outside challenges. Read More..

B2B Tech News | 1 days ago         

Nigeria and South Africa Sign Landmark Mining Cooperation Deal in Abuja

South Africa and Nigeria have inked a mining cooperation pact to increase technology transfer, investment, and information sharing. Formally signed in

South Africa and Nigeria have inked a mining cooperation pact to increase technology transfer, investment, and information sharing. Formally signed in Abuja, the agreement focuses on collaboration in the exploration of Nigerias agro and energy minerals, mineral data sharing, and droneassisted geological mapping. Nigeria wants to revitalise its undeveloped mining industry, which accounts for less than 1% of its GDP and is rich in gold, limestone, lithium, iron ore, and zinc. Due to its wellestablished mining experience, South Africa is an important collaborator in this endeavour. According to officials, the deal will make Nigeria a significant player in the world resources market by promoting industrialisation, generating jobs, and bolstering intraAfrican commerce. Read More..

B2B Tech News | 1 days ago         

Egypt’s Suez Canal Revenue Plummets by Nearly TwoThirds Amid Red Sea Attacks

From $10.25 billion in 2023 to $3.99 billion in 2024, Egypts Suez Canal revenue fell by almost twothirds. Regional conflicts are mostly to blame for t

From $10.25 billion in 2023 to $3.99 billion in 2024, Egypts Suez Canal revenue fell by almost twothirds. Regional conflicts are mostly to blame for the reduction, especially the Houthi rebel strikes on merchant vessels in the Red Sea that caused maritime routes to be disrupted. Two ships were sunk and four people were killed when more than 100 ships were targeted between November 2023 and January 2024. According to the Suez Canal Authority, only 13,213 ships travelled through in 2024, a 50% decrease from the year before. Although the IMF cautions that trade through the canal dropped 50% in early 2024, creating concerns about the stability of the global supply system, Egypt still offers navigational services despite the turmoil. Read More..

B2B Tech News | 1 days ago         

South African Businesses Brace for VAT Hike Starting May 1, 2025

Businesses in South Africa are bracing for a twoyear, onepercentagepoint increase in VAT scheduled to take effect on May 1, 2025. The 15% increase wil

Businesses in South Africa are bracing for a twoyear, onepercentagepoint increase in VAT scheduled to take effect on May 1, 2025. The 15% increase will especially impact small businesses, resulting in price adjustments and declining profit margins. Despite government efforts to increase the number of zerorated items, economists caution that the tax increase may reduce consumer expenditure, impacting middle and lowerincome households. The surge occurs during a difficult period when trade uncertainties, power outages, and economic instability burden firms. While some businesses see potential for adaptation, others worry that the tax burden would make an already precarious economy even more financially burdensome. To counteract such disruptions, business leaders are requesting incentives and regulatory help. Read More..

B2B Tech News | 8 days ago         

Libyas Central Bank Devalues Dinar by 13.3% Amid Fiscal Strain

With a 13.3% devaluation of the countrys currency, the dinar, Libyas central bank has set the new exchange rate at 5.5677 dinars to the US dollar. The

With a 13.3% devaluation of the countrys currency, the dinar, Libyas central bank has set the new exchange rate at 5.5677 dinars to the US dollar. The devaluation is the first formal one since 2020 when the rate was 4.48 dinars to the dollar. The decision was made in the midst of political unrest and financial duress, as the national debt is expected to reach over 330 billion dinars by the end of 2025. The parallel market rate is still much lower, which is indicative of the banking systems continuous difficulties in Libya. In the absence of a single budget and institutional divides, efforts to stabilise the economy are challenging. Read More..

B2B Tech News | 16 days ago         

Zimbabwe Suspends Tariffs on U.S. Imports Amid Trade Policy Shift

President Emmerson Mnangagwa of Zimbabwe has declared that tariffs on U.S. imports will be suspended. This comes after the Trump administration impose

President Emmerson Mnangagwa of Zimbabwe has declared that tariffs on U.S. imports will be suspended. This comes after the Trump administration imposed an 18% tax on Zimbabwean exports. The goal of this action, according to Mnangagwa, is to advance fair trade and a good relationship with the United States. Critics counter that the ruling would largely favour American companies and jeopardise Zimbabwes standing in the Southern African Development Community SADC. Zimbabwe and the United States continue to have a small commerce, with sugar and tobacco being the main exports. This scenario illustrates how difficult it is to strike a balance between regional solidarity and global trade. Read More..

B2B Tech News | 16 days ago         



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