It is time to grow the East and Central African Region
Dar es Salaam 1st March 2023 .The East and Central African region enjoys a resource-rich base, which ranges from Agriculture, Livestock, Manufacturing, Economic Infrastructure, Mining, Tourism, Health and Education, ICT and Aquaculture Development.
Although the region received a major economic slowdown due to covid-19, it is estimated that things will bounce back in 2023. A 2022 report by the African Development Bank indicates that countries in the region have experienced heightened inflationary pressures, particularly on food and fuel, leading to rising cost of living. This has resulted in weakening national currencies, floods and drought, contraction in agricultural production ; depressed business activity, and falling revenue collection, among others.
However, the continued reopening of economies globally could mitigate these adverse effects in 2023 with a projected growth rate of 4.7%, repositioning East Africa as the top-performer in growth among the regions of the continent, according to the report.
The economic recovery is projected to be sustained in medium term in East Africa, thanks to the rebound of service and industrial activities, increased public spending, reopening of travel and trade due to uptake of COVID-19 vaccines, recovery of tourism sector, deeper regional ties under the East Africa Community, and supportive macroeconomic policies.
Hon. Mudrik Ramadhan Soraga, Zanzibar Minister of State, President’s Office – Labor, Economic Affairs and Investment, having a chat with delegates on the sidelines of the East and Central Africa Institutional Investors Forum 2023, held at Hotel Verde, in Zanzibar. The two day forum was Convened by MNCapital Group under the theme,“Rethinking Investment Returns in the New Normal, Investing for Impact.”
Hon. Mudrik Ramadhan Soraga, Zanzibar Minister of State, President’s Office – Labor, Economic Affairs and Investment, speaking during the East and Central Africa Institutional Investors Forum 2023 held in Zanzibar, noted that there is need to put up policies to boost post-Covid-19 economic recovery in East Africa. There is a need to build macroeconomic stability through debt restructuring, he noted, adding that climate shocks and other vulnerabilities must also be addressed.
Hon. Mudrik Ramadhan Soraga, Zanzibar Minister of State, President’s Office – Labor, Economic Affairs and Investment, giving the opening remarks during the East and Central Africa Institutional Investors Forum 2023, held at Hotel Verde, in Zanzibar. The two day forum was Convened by MNCapital Group under the theme,“Rethinking Investment Returns in the New Normal, Investing for Impact.”
“We are pleased and honored to host all of you in Zanzibar, and we look forward to working with all of you to turn things back to where they used to be. The government of Tanzania and Zanzibar is ready to support and work with all investors in order to improve the livelihood of our citizens,” said Hon. Soraga.
When Covid-19 struck, there was a complete slowdown of almost all economic activities in the country. Zanzibar being a renowned tourism country across the globe suffered immensely, leading to a frustrated and hopeless population. We are grateful that you have chosen to be here to mitigate some of these challenges. I urge you to feel free to work with us. Personally, I am available when needed.
“There is also the aspect of accelerating domestic resource mobilization and strengthening spending efficiency as well as putting in place temporary fiscal and monetary buffers to mitigate the effects of the Russia-Ukraine conflict,” added Hon. Soraga.
The region’s medium-term outlook remains positive. A number of key domestic and external downside risks could moderate the positive outlook. The Russia/Ukraine conflict has increased global food and energy prices, and could slow down the global and East African economic recovery.
However, key measures must be put in place for the region’s growth to be achieved. Such measures include global and regional economic summits, round table expert discussions, public-private partnerships, as well as stakeholder engagements.
Hemal Naran, Chief Investment Officer, SouthBrigde Investments, speaking during a panel session at the East and Central Africa Institutional Investors Forum 2023, held at Hotel Verde, in Zanzibar. With him is Hassan Belkhayat, Managing Partner, SouthBridge A&I (Left), Will Mbiakop, Executive Chairman, African Sports and Creative Institute, and Nancy Sumari, Managing Director, Bongo5 Media Group. The two day
The East and Central Africa Institutional Investors Forum 2023 was convened by MNCapital Group, under the theme “Rethinking Investment Returns in the New Normal, Investing for Impact.” The forum brought together various stakeholders to engage one-another on various issues pertaining to contributing to the sustainable economic development of the East and Central Africa region.
Key among the forum speakers included Andrew Steer, Head of Jeff Rezis Earth Fund ; Dr. Andrea Giuricin, Chief Executive Officer, TRA Consulting ; Nathaniel Nyika, Chief Investment Officer, Norsad Capital ; Umulinga Karangwa, Equity Investment Manager, Trade and Development Bank ; Hemal Naran, Chief Investment Officer, SouthBridge Investments ; Jacqueline Irving, Senior Sector Economist, International Finance Corporation (IFC), and Elias Masilela, Executive Chairman, DNA Economics, among others.
