In the annals of history, the continent of Africa stood as a bustling marketplace, where trade routes crisscrossed vast terrains, connecting civilizations and cultures through a tapestry of commerce. Exploring the historical evolution of trade among African nations unveils a narrative woven with resilience, ingenuity, and interconnectedness.
Antiquity’s Trading Legacies:
The mosaic of African trade dates back to antiquity, epitomized by the flourishing networks along the renowned Trans-Saharan trade routes. This exchange of gold, salt, and ivory fueled the prosperity of empires like Ghana, Mali, and Songhai, showcasing the economic might and interdependence of diverse African societies.
Maritime Trade and Coastal Influences:
Venturing further, the Swahili Coast epitomized Africa’s maritime prowess. Ports like Kilwa, Mombasa, and Zanzibar thrived as pivotal hubs, fostering trade between East Africa, the Arabian Peninsula, and the Indian subcontinent. This bustling commerce not only facilitated the exchange of goods but also nurtured a rich blend of cultures and traditions.
Colonial Intrusion and Trade Disruption:
However, the continent’s narrative took a dark turn with the onset of colonialism. European powers, driven by exploitative agendas, disrupted indigenous trade networks, imposing new routes and trading patterns that served colonial interests. The arbitrary boundaries drawn during the Berlin Conference fragmented traditional trade routes, fostering economic disarray.
Post-Colonial Realities and Aspirations:
In the wake of independence, African nations sought to rekindle intra-continental trade cooperation. Initiatives by organizations like the Organisation of African Unity (OAU) aimed to foster unity and economic collaboration. Despite these efforts, persisting challenges such as high tariffs, inadequate infrastructure, and political instability hindered substantial progress.
The Modern Era of Collaboration:
Nevertheless, the 21st century heralded a new dawn. The establishment of the African Union and the ambitious African Continental Free Trade Area (AfCFTA) in 2018 signaled a renewed commitment to bolstering intra-African trade. AfCFTA’s objective of creating a vast free trade zone underscores the continent’s collective pursuit of economic integration and growth.
Exemplary Triumphs and Promising Vistas:
Rwanda emerges as an exemplar of leveraging intra-African trade for economic growth. Despite its landlocked status, the country’s strategic focus on trade agreements and infrastructure development propelled its economy forward. Additionally, Nigeria, with its immense market potential, continues to explore avenues to strengthen regional trade ties, envisioning a more interconnected African market.
Charting the Path Ahead:
Yet, impediments persist on the road to a flourishing intra-African trade landscape. Addressing infrastructural deficits, harmonizing trade policies, and surmounting political barriers stand as imperatives to unlock the continent’s full economic potential. However, amidst these challenges lie unprecedented opportunities for job creation, sustainable development, and inclusive growth across Africa.
As Africa embraces this pivotal juncture, rekindling the spirit of historic trade routes, the vision of a unified and prosperous African economy beckons. In the symphony of intra-African trade, the echoes of ancient exchanges reverberate, reaffirming Africa’s legacy of resilience and unity.
Market Highlights
INTERBANK FOREX RATES 💴💰
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Dogecoin $0.07512 🔻2.19%
💵Bloomberg USDGHS Cross Rate – *11.9328* (YTD -🔺️14.52%)
💰STANBIC BANKFOREX RATES💵
US$GH¢ Buy 11.5500 Sell 11.9950
GB£GH¢ Buy 14.0956 Sell 14.7179
EU€GH¢ Buy 12.3169 Sell 12.8658
CH¥GH¢ Buy 1.5786 Sell 1.6530
🔼GSE DAILY GAINERS ➖ PRICE ➖ %CHANGE
No gainers for today
🔻GSE DAILY LOSERS ➖ PRICE ➖ %CHANGE
No losers for today
〽Inflation rate in Ghana ➡️38.10%
🏦Ghana Reference Rate ➡️ 32.00%
✳Policy Rate in Ghana ➡️ 30.00%
¶ TREASURY RATES💸
91 – Day Discount Rate 27.7702% Interest Rate 29.8420%
182 – Day Discount Rate 27.4935% Interest Rate 31.8753%
364 – Day Discount Rate 25.0638% Interest Rate 33.4469%
🛢Petroleum Products – Average Price
🏗Petrol – Gh¢12.99/ltr (YTD 🔺️+4.76%)
🛢Diesel – Gh¢13.50/ltr (YTD 🔼-7.53%)
⛽LPG – Gh¢12.90/kg (YTD-🔺️+40.22%)
🏧MARKET INDEXES
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* NYSE Composite Index 15,411.49 +23.05 +0.15%
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*Germany DAX 15,345.00 +110.61 +0.73%
*Japan NIKKEI 225 32,585.11 +17.00 +0.05%
*Tokyo TOPIX Index 2,336.62 -0.10 0.00%
*Hong Kong HANG SENG 17,426.21 +222.95 +1.30%
*Shanghai Shenzhen 300 3,579.41 -7.08 -0.20%
*S&P/ASX 200 Index 6,948.84 -27.66 -0.40%
*Bloomsberg EU 500 287.15 +2.03 +0.71%
*France CAC All-Tradable 5,257.95 +30.33 +0.58%
*Dubai DFM General Index 3,982.93 +13.65 +0.34%
*MOEX Russia Index 3,248.27 +6.21 +0.19%
*FTSE/JSE South Africa 65,653.69 +219.24 +0.34%
*Nairobi SE 20 Share 1,420.14 +3.82 +0.27%
*Nigeria SE Main 70,644.88 -209.30 -0.30%
*BBG EMEA World Index 198.07 +1.45 +0.74%
*GSE Composite Index 3,195.79 0.00 0.00%
*GSE Financial Index 2,042.09 0.00 0.00%
GSE INDEXES ⏸ 2023 YTD RETURNS%
*GSE Composite Index 3,195.79 🔼+30.77%
*GSE Financial Index 2,042.09 🔻-0.51%
🔼GSE 2023 GAINERS ➖ PRICE ➖ YTD%
BOPP ➡️Gh¢19.93 🔼+160.52%
TOTAL➡️Gh¢ 9.00 🔼+125.00%
UNIL ➡️Gh¢8.10 🔼+108.76%
GGBL ➡️Gh¢3.40 🔼+65.85%
MTNGH ➡️Gh¢1.40 🔼+59.09%
🔻GSE 2023 LOSERS ➖ PRICE ➖ YTD%
EGL ➡️Gh¢2.41 🔻-24.69%
SIC ➡️Gh¢0.24 🔻-22.58%
CAL ➡️Gh¢0.51 🔻-21.54%
ACCESS ➡️Gh¢3.40 🔻-15.21%
GOIL ➡️Gh¢1.50 🔻-12.79%
COMMODITIES MARKET
*Brent Crude USD/barrel⛽82.71 +1.28 +1.57%
*Natural Gas 🏭 USD/millon BTUS 3.24 +0.20 +6.69%
*Gold 👑 USD/troy ounce 1,950.70 +13.00 +0.67%
*Silver 💍 USD/troy ounce 22.37 +0.08 +0.38%
*Corn 🌽 USd/bushel 476.75 +12.75 +2.75%
*Cocoa 🍫 USD/metric ton 4,064.00 +50.00 +1.25%
*Coffee ☕ USd/pound 173.20 +2.65 +1.55%
*Sugar🎂 USd/pound 27.71 +0.42 +1.54%
Rubber USd/100kg 146.60 -0.60 -0.41%
Sources: Bank of Ghana, Bloomberg, GSE, Reuters, Citifm, Doobia, BBC,Ghana News Agency, Norvan Reports.
Mark G. Darko, Accra
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