Inflation back to single digits and resurgence in growth continues
The region has succeeded in taming the inflation levels from double digit of 30.5 per cent, 19.8 per cent and 19.7 per cent for Uganda, Tanzania and Kenya in 2011 to 5.5 per cent, 5.7 per cent and 8.0 per cent. Continue reading →
Seven years since Uganda’s oil discovery and production has still not commenced. A two year deadlock, orchestrated by the Ugandan government’s resolve to have a refinery before production gets underway, as opposed to oil producing companies’ demand for a pipeline, partly explains the hold up. Continue reading →
As China’s influence on the global and African economies grows, so does the desire to internationalise the Yuan. The competition to host a Yuan clearing house among the Asian economy’s trading partners has grown stronger. There is little or no surprise that the RMB has moved up to 13th in the list of world payment currencies from 20th as of January 2012. Trade remains a fundamental driver of this influence as shown by the volume of her exports and imports in 2012 estimated at USD 2.0 trillion and USD 1.8 trillion respectively. While the EU and US remain the top importers of Chinese products, economic conditions and competition are forcing China to grow its trade ties with emerging economies as well as Africa. Continue reading →
East Africa’s infrastructure lags behind that of Southern and Western Africa across a range of indicators. This has not stopped the region from posting faster growth rates than the two regions. However, if East Africa’s infrastructure is improved to the level of the strongest performing country in Africa (Mauritius), regional growth performance would be boosted by six percentage points with power making the strongest contribution. (Africa Infrastructure Country Diagnostic, AICD) Continue reading →
East Africa is no doubt one of the fastest growing regions on the continent, with a GDP growth rate for the bloc averaging 6.3 per cent, compared to 4.9 per cent for the continent as of 2010. Even with the tough economic times, the economies still grew at 3.2 per cent, 4.4 per cent, 6.4 per cent and 8.6 per cent respectively for Uganda, Kenya, Tanzania and Rwanda, according to IMF.