GIPS targets passage of procurement bill … 4 By Eugene Davis
Tuesday 18 Apirl 2023 Issue No.40
A N E W THINKING
AfCFTA will boost Africa’s auto industry Transformative change is underway in the African automotive industry as trade begins under the African Continental Free Trade Area (AfCFTA), a new report by the World Economic Forum has indicated. The continent’s auto industry, valued at $30.44 billion in 2021, is expected to grow to $42.06 billion by 2027 — a nearly 40% increase in value. According to the report titled "a New Era for Global Business and Investment in Africa", much of this growth can be serviced by local companies within the newly established free trade area. Under the AfCFTA, over 1.3 billion people will be connected into a single market. For the automotive industry, that’s a significant opportunity. International companies have found success in the automotive industry by partnering with African countries, signaling that the automotive sector is ripe for new and increased investment strengthened by the AfCFTA. Across the continent, there is an average annual demand for 2.4 million motor cars and 300,000 commercial vehicles. This domestic demand — which is rising due to the continent-wide increase in disposable income, strong growth of the middle class and rapid urbanisation — is currently being met primarily by imported used vehicles. However, domestic production has also been growing by an average of 7% annually over the past few years. Today, Morocco and South Africa are leading the way as major players in the automotive sector, making up 80% of African exports, with Algeria also experiencing rapid growth. The AfCFTA unlocks several opportunities for African and global businesses in the automo-
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GIPC boss Yofi Grant speaks on investment 2 , trade at a forum in South Africa Trade and Industry Minister K.T Hammond pays familiarization visits to sector agencies
GEXIM Bank appoints Emmanuel EssilfieConduah as Head of Corporate Affairs 2
Mr K.T. Hammond has been visiting some being encountered, and how his leaderAgencies under the Ministry of Trade and In- ship can best aid the successful impledustry as part of his first week in office. mentation of their mandates. According to the minister, who admits that the ministry is a very technical one, the visitation is part of efforts to make him appreciate at first hand, the structure and internal workings of the agencies, programmes and activities they are currently undertaking, challenges
The minister, who was accompanied by the Chief Director of the Ministry, Mr. Patrick Yaw Nimo, first visited the Ghana Enterprises Agency, the agency responsible for implementing policies and pro-
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GNPC chief addresses Donewell Life launches new life challenge with Africa’s energy insurance products 4 strategy; calls for greater synergy The Ghana National Petroleum Corporation (GNPC) CEO has called for concerted action by African states for the development of an African strategy to meet the continent’s energy needs. Opoku-Ahweneeh Danquah, who is attending the 2023
Africa Development Conference (ADC) at Harvard University, USA, explained that rather than the absence of policies, the major factor mitigating a common energy strategy in Africa is the lack of political
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