Africa

is a key territory on the global map. Rich in oil and natural resources, the continent holds a strategic position.
Africa is the world’s fastest-growing region for foreign direct investment.

It has approximately 30 percent of the earth’s remaining mineral resources.

Sub-Saharan Africa has six of the world’s 10 fastest-growing economies.

China’s technical competencies and industrial experiences can help Africa to build an effective industrial economy, while African resources and commodity potential can help sustain China’s manufacturing sectors.

East Africa

It is no surprise that the COVID-19 pandemic has dampened growth momentum worldwide. Nonetheless, it is expected for Africa to recover and experience continued economic growth. The launch of the 2021 African Continental Trade Area already shaped a very promising economic future for Africa that can amount to a $450 billion income gain by 2035. Contributions to this growth can be credited to the robust economic dynamics of East Africa. In terms of economic growth, Africa is expected to maintain a stable positive percentage. In 2019, East Africa remained the continent’s fastest-growing region with an average growth of 5%. Projected GDP growth in East Africa before COVID-19 was forecasted above 5%. The economic growth in East Africa is positively contributing to development in Africa overall.

East African Economies

Economic growth can be evidently demonstrated by looking at annual GDP in the last decade. Some of the main economic players of the region show steep upward directions. Notably, of the world’s top 10 fastest-growing economies in 2020, three are East African countries including Rwanda, Ethiopia and Tanzania. In the year 2019, Ethiopia and Rwanda placed second and third respectively. Ethiopia averaged a 10.3% growth as Africa’s fastest-growing economy from 2007 to 2017. For the same period, Rwanda followed closely with an average of 7.5%.

Economic Development Initiatives

Investment within the region has also increased from $152.7 million to $724.6 million. The number of projects supported by these investments increased by 23.3%. To take advantage of the high investment flow in the region, the East African Community (EAC) has placed incentives for development in related markets. The six-member countries of the EAC account for a sizable market of consumers for agricultural raw materials and other extracted goods. Additionally, the EAC provided necessary information and technology to increase opportunities for investment in the financial and banking sectors.

Blockchain explained

If you find yourself wondering how blockchain works or what it is, here’s a brief explanation.

Blockchains are a new form of database. They store transactions (such as transfers, deliveries, or purchases) in blocks. Their advantages arise primarily from two principles:

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• A blockchain works decentrally. All participants first determine what information should go into the blockchain – they agree, so to speak, on certain rules of cooperation. Then they store all transactions on the blockchain as equals and monitor each other. There is no central server that could fail or be manipulated. Anyone who tries to change data later on would have to do so with more than half of all participants.

• Each block receives a digital fingerprint known as a “hash”. And each block contains the hash of the previous block and thus its encoded content. This means that all blocks are linked together (hence the word “chain”). So if someone were to change a block of data, the manipulation would immediately attract attention because the content and fingerprint would no longer match.

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If you are interested in blockchain and crypto technology as a way to change the world, look beyond Bitcoin.

Bluegate blockchain solutions have a real application purpose, real partnerships, and solves existing trade and supply chain business challenges. With actual applications and partnerships. Representing real, physical assets. To know more about the solutions we provide, check MADINI Africa

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