by Thomas Mulenga on 21 Mar 2019by Mirriam Chabala on 21 Mar 2019by Thomas Mulenga on 21 Mar 2019by Sipilisiwe Ncube on 21 Mar 2019
- Goal Diggers
by Abraham Kalito on 17 Mar 2019by Abraham Kalito on 14 Mar 2019by Abraham Kalito on 14 Mar 2019by Alex Chilumbwe on 11 Mar 2019
by Sipilisiwe Ncube on 21 Mar 2019by Daniel Chansa in Kitwe and Stuart Lisulo in Lusaka on 21 Mar 2019by Stuart Lisulo on 20 Mar 2019by Stuart Lisulo on 20 Mar 2019
by Zondiwe Mbewe on 21 Mar 2019by Zondiwe Mbewe on 21 Mar 2019by Zondiwe Mbewe on 20 Mar 2019by Zondiwe Mbewe on 20 Mar 2019
- Editor's Choice
by Diggers Reporter on 4 Mar 2019by Andyford Mayele Banda on 29 Jan 2019by Davies Mwila on 22 Jan 2019by Diggers Reporter on 17 Jan 2019
by Diggers Editor on 21 Mar 2019by Diggers Editor on 20 Mar 2019by Diggers Editor on 19 Mar 2019by Diggers Editor on 17 Mar 2019
by Zindikilani Banda in Sinda on 20 Mar 2019by John Chola on 20 Mar 2019by Thomas Mulenga on 19 Mar 2019by Joseph Mwenda on 8 Mar 2019
- Guest Diggers
by Sishuwa Sishuwa on 20 Mar 2019by Ompie Nkumbula Liebenthal on 18 Mar 2019by Chisoni Mumba, PhD on 16 Mar 2019by Ompie Nkumbula Liebenthal on 6 Mar 2019
US-China trade wars will slow down Africa’s economic growth – RBBy Abraham Kalito on 7 Dec 2018
The on-going trade wars between the Western countries and China meant to impose barriers on trade will ultimately have major implications on Africa’s economic growth, says former republican president Rupiah Banda.
Speaking during 135th Trade and Development Bank (TDB) Board of Directors meeting in Addis Ababa, Ethiopia, Banda said Africa, including the global economy, would experience sluggish trade, which he projected to further contract due to the ongoing Sino-US trade wars.
China and the US are currently locked in a full-scale trade war as both sides are entangled in trade tariff disputes on various goods flowing from either direction.
In July this year, US President Donald Trump’s administration released a list of proposed tariffs on US $200 billion worth of goods, ranging from auto parts to construction material.
The White House on July 6 imposed a 25 per cent tariff on US $34 billion of imports from China, especially manufacturing components, which Beijing promptly matched with tariffs of its own, including on U.S. soya beans.
In a statement issued by First Secretary at the Zambia Embassy in Ethiopia Inutu Mwanza, Banda observed that tariff dispute will have adverse effects on African economic growth as most economies on the continent are commodity-dependent.
He observed that there was need for African countries to reduce dependence on exports of primary products, but to instead add value to products and improve the diversification of economies.
“Zambia’s fourth president, His Excellency, Mr. Rupiah Bwezani Banda, says the ongoing trade wars between the Western countries and China meant to impose barriers on trade have major implications on Africa’s economic growth. Speaking during a special High-Level Stakeholders Appreciation and Engagement dinner on the occasion of the 135th Trade and Development Bank (TDB) Board of Directors meeting in Addis Ababa, Ethiopia, the former president said the global economy, too, is likely to experience a period of sluggish trade, with risks of further slowing down as a result of the trade wars. Prominent among the people who attended the dinner were former Ethiopian Prime Minister Desalegn Haile Mariam; Ethiopian Minister of Finance and Economy, Ahmed Shide; Ethiopia’s first female Chief Justice Meaza Ashenafi; National Bank of Ethiopia Governor, Abdallah Hamdok and Abdallah Hamdok, a member of the TDB eminent panel of experts. Mr. Banda co-chairs the Eminent Panel of Experts on the TDB board with the President of Seychelles, Mr. Danny Faure,” read Mwanza’s statement.
“The former president emphasised the need for African countries to reduce its dependence on exports of primary products, but add value to products and improve the diversification of its economies. Mr. Banda said faster integration of African economies focused on inter-African trade, removing barriers to mobility of persons and capital investing in infrastructure was one sure way of guaranteeing the continent’s economic growth. He urged African Union member-states to embrace the Continental Free Trade area (CFTA), the Tripartite Agreement between COMESA, SADC and EAC, which is expected to trade from Cape Town to Cairo. The former president further urged African countries to come up with export-processing zones like the Lusaka Multi-Facility Economic Zone (MFEZ), which was focused on producing clean energy, while at the same time promoting tourism through a national game reserve linked to the facility.”
Banda added that the Trade and Development Bank was actively engaged in intra-African trade and currently had an asset base amounting to US $ 5.4 million.
“On the Trade and Development Bank, Mr. Banda said the bank was actively engaged in the African trade space with the total asset base amounting to US $ 5.4 million as of 30th December, 2017. And Mr. Banda commended the government of the Federal Democratic Republic of Ethiopia for the young and dynamic leadership that has embraced gender parity. He said Africa was watching with great interest the transformation that was taking part in Ethiopia,” read the statement.
The 135th Trade and Development Bank (TDB) meeting was being held under the theme: “Integrating and Advancing the region’s economies.”0Related Items
Subscribe for email alerts
Weekly Most Digged
ArchivesApr0 PostsMay0 PostsJun0 PostsJul0 PostsAug0 PostsSep0 PostsOct0 PostsNov0 PostsDec0 Posts
- March 2019
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
The News Diggers
Deputy News Editor
Plot No. Lus/9812/649-MC8
off Alex Chola Road
P.O. Box 32147
Telephone or WhatsApp:
+26-097-7708285, 095-3424603, 096-5815078
diggers [at] diggers [dot] news
editor [at] diggers [dot] news
Send this to a friend