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Apr
08
2022
By The African Mirror
Africa’s $4-billion cushion against Ukraine war shocks

Africa’s $4-billion cushion against Ukraine war shocks

NEWS
AFREXIMBANK said it had set up a $4 billion trade finance programme to cushion economies and businesses on the continent against shocks arising from the war in Ukraine, that demand for financing already exceeds the amount. Cairo-headquartered Afreximbank said its Ukraine Crisis Adjustment Trade Financing Programme for Africa was approved by its board at the end of March. It said the fund would extend to areas such as oil and metals buy-back financing, commodity export revenue stabilisation and tourism revenue deficit financing. "Given the importance of both Russia and Ukraine as sources of crude oil and gas, raw materials and…
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Sep
25
2021
By The African Mirror
Economic “bounce” in Africa higher than expected

Economic “bounce” in Africa higher than expected

BUSINESS
CONRAD ONYANGO, BIRD AFRICA’S economy is starting to recover, despite being in the midst of a pandemic, the recently published Africa Risk-Reward Index 2021 shows. Control Risks and Oxford Economics Africa analysts, who jointly produced the index, project that the continent’s economy will grow by 4.4 percent in 2021, citing reduced COVID-19 caseloads despite slow vaccine rollout. Not even the third wave of COVID-19 including an outbreak of the more deadly "Delta" variant has stopping African economies from growing, the index results show. “Economies are starting to recover and the virus is no longer an all-consuming issue infringing on every…
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Sep
04
2021
By The African Mirror
African economies place bet on bullet trains

African economies place bet on bullet trains

NEWS
SETH ONYANGO, BIRD AFRICAN states are ramping up investment in rail infrastructure with billions of dollars earmarked for high-speed train networks to spur economic growth through the fast movement of people and goods. Currently, government-led spending is being retooled towards rail infrastructure upgrades to make the network greener, more efficient, reliable – and extremely fast. In 2018, Morocco trail-blazed for its African peers when it unveiled the continent’s first bullet train, LGV, with a top speed of up to 320 kph (199 mph) to connect the economic hubs of Tangier and Casablanca. Data from French railway firm SNCF shows the…
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Jul
24
2021
By The African Mirror
The peer pressure improving the ease of doing business in Africa

The peer pressure improving the ease of doing business in Africa

BUSINESS
CONRAD ONYANGO, BIRD NEWSROOM WATCHING your neighbour improve its ease of doing business, or bring down trade barriers and reap the rewards - and then have that trumpeted on social media, seems to be having a profound effect on African economies, just as the continent ushers in a new era of collaboration. A light moment during a state visit to Kenya by Tanzanian President Samia Suluhu in May this year appears to have set the tone for business relations on the continent. The message: put historical, political differences aside and get on with business and free trade. “You’re lucky to…
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