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East African countries should accelerate a real structural transformation by transitioning from low value-added production to higher value-added activities. (Image source: Nina Stock/Pixabay)

Economic disruption caused by the COVID-19 pandemic has pushed East Africa’s growth projection for 2020 down to 1.2 per cent, a rate that outstrips other African regions and is forecast to rebound to 3.7 per cent in 2021, according to the African Development Bank’s (AfDB) East Africa Regional Economic Outlook 2020

African governments have committed to support MSMEs at the national level. (Image source: Enhanced Integrated Framework/Flickr)

AUDA-NEPAD, the African Union Development Agency, and Ecobank Group are committing to pool African resources, capabilities, financing, market access and technology, to help achieve a continental response to resources to Africa’s Micro Small and Medium Enterprises (MSMEs)

Somalia also benefitted from the Bank’s drought-related assistance channeled through the Intergovernmental Authority on Development. (Image source: United Nations Photo/Flickr)

In early 2020, Somalia, with support from the United Kingdom Government and the European Union, settled its arrears to the African Development Bank (AfDB), paving the way for the lifting of 30-year old sanctions imposed by the Bank and the resumption of full engagement with the fragile East African country

The transition to digital payments is in line with the Government of Sudan’s intention to establish the multi-ministerial Digital Transformation Agency. (Image source: Ministry of Finance & Economic Planning, Republic of Sudan)

Sudan has joined the United Nations-based “Better Than Cash Alliance” and announced commitment to accelerate digital payments, improving financial inclusion and transperancy throughout Sudans vast territory

The report recognises mitigating steps government has already taken, and this forecast assumes the authorities will take additional health and economic policy measures to mitigate negative impacts. (Image source: Jorge Cancela/Flickr)

Notwithstanding Tanzania’s strong growth performance in 2019, its economy will also suffer the effects of the COVID-19 pandemic and global economic crisis, according to a World Bank report

More Articles …

  1. Boosting sub-Saharan Africa’s economic growth and jobs
  2. Ecobank and Google to offer digital solutions to African SMEs
  3. African equity capital markets activities see downward turn
  4. African leaders endorse plan to build climate resilience into recovery from COVID-19
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