Tag: AFRICA

Mr Masisi said the SACU countries, namely Botswana, South Africa, Eswatini, Namibia and Lesotho, are now at a stage where there is increasing risk for stagflation

President Mokgweetsi Masisi of Botswana said Southern African Customs Union (SACU) countries, namely Botswana, South Africa, Eswatini, Namibia and Lesotho, are now at a stage where there is increasing risk for stagflation.

In his opening remarks on the occasion of the 7th Summit of the SACU heads of state and government in Gaborone, the capital of Botswana, Masisi said the ongoing Russia-Ukraine conflict is dimming the economic growth prospects to a point where growth is estimated to slow down to 3.6 percent in 2022.

“We are now at a stage where there is increasing risk for stagflation,” said Masisi, adding that growth projections for 2022 stand at 3.8 percent compared to 6.8 percent in 2021 with an improvement forecast in 2023 to 4.4 percent.

Masisi said the Russian-Ukraine conflict has worsened the already depressed economy due to the impact of COVID-19 pandemic together with the disruptions of the global supply chains, thereby resulting in a surge in inflation the world over, including the SACU region.

The surge in inflation, especially for food and energy, remains a present global risk which is hurting consumers and wearing down their purchasing power, according to Masisi. This calls for SACU countries to undertake countercyclical measures to cushion their economies, said Masisi.

ALSO READ:First African-American woman sworn in as US SC justice

Furthermore, Masisi said the downward trend of the economy in the SACU region highlights the importance of accelerating the implementation of the respective countries’ economic recovery plans and continue to mobilize the necessary financial support.

Paulina Elago, the executive secretary of SACU, said the customs union seeks to deepen regional economic integration through the development of regional value chains in the agro-processing, textiles and clothing, cosmetics and essential oils as well as pharmaceuticals.

Formed in 1910, SACU is the world’s oldest customs union and has its headquarters in the capital of Namibia, Windhoek.

People visit Shanghai Natural History Museum in Shanghai, east China, July 1, 2022. (Xinhua/Fang Zhe)

ALSO WATCH:Gallery: ILA Berlin Air Show

President Kenyatta launched the Kenya-Portugal Business Forum in Lisbon

 President Uhuru Kenyatta has rallied Portuguese investors, entrepreneurs and captains of industry to make Nairobi the fulcrum of their business interests and investments in Africa.

He said Kenya’s immense commercial potential, in almost all sectors of the country’s expanding economy and the cosmopolitan configuration of her population makes Nairobi the ultimate destination for Portuguese investment.

 “We are a melting pot where we welcome people from all parts of the world so long as they come in peace. So long as they come in the name of trading, working and working together, we welcome people.

“I was reminded yesterday that Nairobi has been voted as the best city for expatriates to live, find accommodation. You can make you base for your African operations out of Kenya and we are more than willing to work and support you in that endeavor,” he said.

The President spoke on Wednesday in Lisbon when he joined his Portuguese host Marcelo Rebelo de Sousa at the official opening of the Kenya-Portugal Business Forum on the last day of his two-day state visit of the Portuguese Republic.

The business meeting was organised by the Kenya Investment Authority (KenInvest) and its Portuguese equivalent, AICEP Portugal Global, to explore business partnership and investment opportunities by Kenyan and Portuguese captains of industry, entrepreneurs and business leaders.

At the meeting, also attended by Foreign Affairs CS Raychelle Omamo and his Tourism counterpart Najib Balala, the President regretted that despite the two countries having a long history of bilateral ties, the volume of trade flow between Nairobi and Lisbon remained low.

 “I do believe there is still much scope for deeper bilateral works between our two countries. We seek to deepen that because it is unfortunate for two countries with such strong trading and private sector base are only dealing with very minimal amounts. The trade between our two countries, the investment between our two countries is very minimal in comparison with the opportunity that exists,” he said.

President Kenyatta pledged continued Government support to Portuguese investors seeking investment opportunities in Kenya, saying his administration had established a conducive business environment.

On the available investment opportunities in Kenya, President Kenyatta encouraged Portuguese investors to consider tapping into the country’s thriving ICT, health and infrastructure sectors.

“You have wide experience, especially in the infrastructure, healthcare and ICT sectors. And I do believe we can do a lot more together. We have very strong ICT credentials.

“We have a very young and technically savvy population and generation. What we need to do is to ensure that these start-ups now become unicorns that are able to compete in the global environment,” he said.

President Kenyatta underscored the importance of the strong Kenya-Portugal partnership, saying the relationship is anchored on “long standing political, cultural and economic ties”.

 “I believe that there is a lot of opportunities. A chance for us to work strongly together. A chance for us to do great things together. A chance for us to prosper together.”

“The opportunities that we lay out will only become real. Will only be converted to prosperity and jobs if we actively engage,” President Kenyatta said.

ALSO READ:STOLEN CHILDHOOD IN AFRICA

On his part, President de Sousa assured Kenya of a “forever partnership” with the Government and the people of the Portuguese Republic.

“This is a unique opportunity for us to do more and more, and better and better. For you to help us to do more and more, and better and better but also for you to invest more in Portugal.

“We must have more tourism coming from Kenya. We must have your investment here and share this investment with Portuguese partners,” the Portuguese leader said.

The Kenyan business delegation at the forum, also attended by Principal Secretaries Johnson Weru (Trade), Nancy Karigithu (Shipping) and Chris Kiptoo (Environment), was led by KEPSA CEO Carole Kariuki.

UN peacekeepers routed members of armed groups occupying Ouanda-Djalle, the Central African Republic (CAR), allowing displaced residents to return home, a UN spokesman said…reports Asian Lite News

Many civilians, deeply impacted by the militants’ recent arrival, were forcibly evicted and living in very precarious conditions, said Stephane Dujarric, chief spokesman for UN Secretary-General Antonio Guterres on Wednesday, citing the UN mission, known as MINUSCA.

Peacekeepers secured the city, and military operations continued, allowing displaced people to return to their homes, Dujarric added.

“Our colleagues reiterate their call on armed groups to immediately lay down their arms, to join the disarmament, demobilisation and reintegration programs and to refrain from any action that could harm the civilian population,” the spokesman noted.

ALSO READ:Sudan voices self-restraint amid mounting border crisis with Ethiopia

A variety of anti-government armed groups operate in the area. The spokesman did not name any group, Xinhua news agency reported.

Ouanda-Djalle is 175-km south of Birao, capital of Vakaga prefecture, in the northeast of the Central African Republic.