East Africa’s tech hubs spur the next generation of disruptors
LONDON, United Kingdom, June 20, 2018/ —
Ongoing improvement in East Africa’s economic prospects is forecast by Ecobank’s research team in the newly published East Africa section of its flagship financial website, AfricaFICC (https://Ecobank.com/AfricaFICC). Ethiopia, Kenya, Tanzania and Uganda are the regions’ economic powerhouses and are enjoying a period of significant economic growth – their Gross Domestic Products are forecast to grow by between 5.2% and 8.5% this year – supported by ongoing reforms and the improvement in commodity prices which has driven up export revenues.
Much of the region is reliant on agricultural crops and commodities for export earnings, but continued economic optimism looks assured. The combined effects of further export diversification, improvements in infrastructure, industrialisation, major oil discoveries, and the potential for significant growth in commercial services, look set to turbocharge their economies.
East Africa is a well-integrated Anglophone trade hub, but the Africa Continental Free Trade Area (AfCFTA) could pave the way for the entire African continent to capitalise on its enormous growth potential. Ever-closer economic co-operation and integration will provide the bedrock for the continent’s increased competitiveness globally.
Samuel Adjei, Ecobank Kenya Managing Director and Regional Executive of Central, Eastern and Southern African (CESA) countries at Ecobank said: “The East African nations look set for continued and sustained economic growth, assisted by commodity prices and the prospect of significant oil production. The region is a world leader in disruptive Fintech, illustrated by the resounding success of mobile money and Kenya, together with Rwanda, Tanzania and Uganda, represent a regional powerhouse for global commercial services.”
Dr. Edward George (https://twitter.com/DrTeddGeorge), Ecobank’s Head of Group Research said: “The countries in East Africa, most of them members of the East African Community (EAC), make up one of the most dynamic commercial and economic regions in Africa. East Africa is a leading exporter of tea, coffee, cut flowers and minerals to world markets, is a financial, logistics and services hub, and has some of the most diverse intra-regional trade flows in Africa. Consumers in countries like Kenya have been transacting by mobile for more than a decade and we are now seeing East African tech hubs in Nairobi, Kigali and Kampala take a leadership role in developing innovations to address long-standing African challenges. It’s an exciting time for East Africa.”
Further key research findings on the East Africa region are:
Ecobank’s flagship Africa Fixed Income, Currency and Commodities (FICC) online resource – https://ecobank.com/AfricaFICC – provides key facts for businesses and investors on the economies of countries in Sub-Saharan Africa and the key sectors of activity. The website gives a country-by country analysis, including the general economic outlook (https://goo.gl/9HQKdH), details of the FX, FI and banking sectors (https://goo.gl/A9GFTr), and overview of the energy (https://goo.gl/PbMpqb) and soft commodity sectors (https://goo.gl/ZNHgrw), as well as of key trade flows (https://goo.gl/MRgYgB).
The new students hall of residence was commissioned to commemorate the 41st convocation of…
The Agency for Universal Health Coverage in Senegal has launched a new digital platform – sunucmu.comBy extending this process of democratisation to provide access to health to all countries …
Nigeria: Investors say African Development Bank’s Special Agro-Industrial Processing Zones will drive agricultural revolutionSAPZs are designed to concentrate agro-processing activities within areas of high agricult…
Load More Related Articles
Africa rising as Bizcommunity launches .Africa domain Bizcommunity, the wholly independent…
MainOne is building and operating approximately 750 km terrestrial fiber infrastructure in…
Load More In African Technology News
Comments are closed.