Africa has experienced its highest economic growth in the last two decades. Its Gross Domestic Product (GDP) growth rate (which averaged about 5 percent annually in the past six years) rose to 5.5 percent in 2006 and is expected to reach 6 percent this year, according to The African Economic Outlook 2006/2007 by the African Development Bank (AfDB) and the Organisation for Economic Cooperation and Development (OECD). The report released ahead of the AfDB Group annual meetings, attribute the growth to strong external demand for oil and non-oil minerals, increased investment in these sectors, and good weather conditions. Sound macroeconomic policies in most of the countries have also increased business confidence leading to a pickup in private investment generally.

24 Countries to Participate in Dar es Salaam International Trade Fair

Four hundred and twenty local firms and twenty four countries will participate in the 31st Dar es Salaam International Trade Fair (a major promotional event organised by the Board of External Trade) from June 28 to July 8, this year. Some of the countries that have confirmed participation are China, Syria, Egypt, Nigeria, Cuba, Mozambique, Iran, Kenya, Rwanda, Oman, United Arab Emirates (UAE), and Sudan. Others include Korea, Germany, Ghana, United States of America (USA), Vietnam, South Africa, Zambia, Germany, Ghana, Algeria and Malaysia, Lebanon, Norway and Poland.  A Pre-fair meeting will be conducted on June 14 to go along with the special training seminar for small and medium scale traders.

Africa Needs a Sound Data Base

Most African countries have a long way to go in collecting and utilizing statistical data for research and development.  Opening a five-day workshop for SADC statisticians, the Zanzibar Ministry of Finance and Economic Affairs Principal Secretary, Mr Khamis Mussa, said the region generally lacked the appropriate human resources to produce, analyze, disseminate, and effectively utilize data. "Timely and reliable statistics are an important input in the planning processes. This stimulates the need towards further capacity building to generate and utilize statistics in the SADC region," said Mr Mussa. He said a sound data base was important for the realization of the 2025 vision for Tanzania mainland and 2020 for Zanzibar. However, inadequate and erratic funding for statistical operations and generally outdated legal frameworks were largely to blame, he said. The Manager of the Southern African Development Community (SADC) basic course in statistics project, Mr Maphion Jambwa, said a lot of money was spent on collecting data but use of the data is low.

Common Customs Union for COMESA

A renewed drive towards a common customs union for Common Market for Eastern and Southern Africa (COMESA) is underway in Nairobi, with intergovernmental talks ahead of the trading bloc's 12th Heads of State Summit set for May 22 to 23. Kenya's Trade and Industry minister, Mukhisa Kituyi urges the COMESA countries to strengthen the trading agreement by adopting a common customs union. According to him, Kenya appreciated the progress made towards a common customs union, through the adoption of duty-free and quota-free trade. Other steps taken in the lead-up to the common customs union are a common description and classification of goods, tariff nomenclature, valuation system, and customs procedures. The summit will review programmes and oversee their fast-tracking, including strengthening of the free trade area, while deepening integration through a common customs union.

James Shikwati to Join World’s Most Fascinating Thinkers and Doers

James Shikwati (Director, Inter Region Economic Network) will join the world’s most fascinating thinkers and doers during the TED (Technology, Entertainment, Design) conference in Arusha-Tanzania on June 4-7, 2007. Under the theme “Africa: The Next Chapter”, 50 speakers from Africa will be challenged to give an 18 minute talk.  The speakers are drawn from diverse fields, which include inventors, business leaders, entrepreneurs, scientists, designers, artists, writers, activists, musicians and mavericks.

Compiled by Anne Mugoya
Inter Region Economic Network