Africa tax in brief – Nov 2021

Africa tax in brief - Nov 2021


Regulatory Energy Transition Accelerator launched at COP26

The International Energy Agency (IEA), the United Kingdom (UK) government and other international organisations have launched the Regulatory Energy Transition Accelerator (RETA) to accelerate and improve the regulatory capacity necessary to decarbonise energy systems. The RETA is a global initiative bringing together energy regulators to discuss the challenges they face and to share best practice in order to help keep the world on track for a 1.5 degree Celsius pathway. In addition to the IEA, it includes the UK’s Office of Gas and Electricity Markets (Ofgem), the International Renewable Energy Agency (IRENA) and the World Bank. The IEA will host RETA’s steering committee, which will determine its yearly work plan. The initiative is part of the Green Grids Initiative, or One Sun One World One Grid (GGI-OSOWOG) and has received broad support from regulators around the world. According to the IEA, regulators have an important role to play in clean energy transitions, both to encourage investment and to manage energy systems that increasingly rely on electricity from renewable sources.

Source: ESI Africa

East Africa

AfDB projects economic growth in 13 African countries

Economies of Tanzania, Kenya, Uganda and other East African countries are projected to grow by 4.1% this year, up from 0.4% in 2020, the African Development Bank (AfDB) has said. The bank’s East Africa Regional Economic Outlook 2021 released on 28 October says the increased growth rate in the 13 economies including Seychelles, Somalia, South Sudan, Sudan and Ethiopia is attributed to the ongoing global economic recovery. "East Africa is the only region on the continent that avoided a recession in 2020," reads the AfDB report. However, according to the lender, a slow rollout of COVID-19 vaccines and risks of spikes in infections that surface in the region could still dampen the positive outlook. Despite it being a global pandemic, the AfDB says COVID-19 has had different effects across the region. Commodity exporters such as Tanzania have been slightly resilient during the pandemic due to export price increases in commodities, particularly gold. Countries that depend highly on tourism like Seychelles and Zanzibar have been hit hardest. Kenya and other countries with more diversified economies have experienced lower impacts of the pandemic.

Source: The EastAfrican

East / Southern Africa

COMESA worries as NTBs boost low-value trade

Increasing informal trade among the Common Market for Eastern […]

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