Rwanda, putting an end to the western toxic relationship, African economies to grow by 4.1%, AGOA benefits overstated.
Good morning Africa,
There is an African proverb that says, “Until the lion tells the story, the hunter will always be the hero.” That has more often than not been the theme of the largely western influenced information on any success story on our continent, it is time to put an end to this. If you are into podcasts but here for the first time, Check out The K Financial Podcast channel. We have two new exciting products for you.
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Rwanda, the African story the West hates.
Rwanda, a country described by the West as a failed state just 30 years ago, is now often described as one that punches above its weight. That middle weight boxer that has gone on to contend in the heavyweight division, if you are a fan of boxing think of Roy Jones Jr at 135 pounds defeating John Ruiz at 210 pounds, that is Rwanda.?
Rwanda’s unprecedented success over the past 30 years has often been hailed as a result of Western support but if you are a reader, a keen follower of economics and global politics, Rwanda’s continued success has been anything but as a result of Western support.?
The West are that hunter who for a long time has taken the Lion’s kindness for a weakness. The hunter that more often not goes to the jungle and savannas only to kill and steal just to leave behind some dead carcass for the lion to feed on.? But thanks to the growing change in telling our own story, young Africans are saying no to the story of the hunter and are now telling their own story, the numbers don’t lie; economic growth of close to 10% the last decade, increased infra-Africa trade, Rwanda’s story is inspiring other African countries to rethink their one sided relationship? with the west. It’s time to put an end to this toxic relationship.
Africa’s Economy to grow by 4.1% in 2025
According to a report released by the Africa Development bank, Africa’s economy is expected to grow by an average of 4.1% in 2025. That's above the global growth projection of 3.3%. Senegal, Rwanda and Uganda are expected to lead the way with more than 7% growth while Equatorial Guinea and Sudan are the only economies expected to have contracting economic growth.??
AGOA benefits overstated, an AFCFTA opportunity
“Short term pain, long term gain.” Idf the United States does not renew the Africa Growth Opportunity Act as threatened by President Trump, African governments should look at this as an opportunity to accelerate the adoption and adaptation of the African continental free trade area (AFCFTA). Failure to renew AGOA that provides free access to about 1,800 exports to the US Market. But have the benefits of AGOA been overstated?? Total exports through AGOA accounted for just 0.5% of Africa’s GDP. Nigeria and South Africa, the biggest beneficiaries, only exported 1% of their GDP through this act. Going by the numbers, African countries have more looking inward, accelerating the AFCFTA and looking to long term gain if AGOA is not renewed.??