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By Richard Adorsu- NEW AFRICA DAILY  NEWS (NADN) Accra, Ghana- The International Chamber of Commerce (ICC) and Africa investor (Ai) are joining forces to launch a digitally empowered eTrade initiative to enable the digitization of five million micro small and medium-sized enterprises (SMEs) in Africa. Announced at the second Africa investor Global Trade Organization Leaders’ Summit by ICC Secretary General John W.H. Denton AO and Hubert Danso, Chairman of Africa investor, the campaign will accelerate the digitization and intra African and global market access for millions of African SMEs, in support of the African Continental Free Trade Area (AfCFTA). In line with ICC’s efforts to make technology work for all, and Africa investor’s (Ai), AfricaPLC industrial eTrade and Fintech...

By Abdul Rahman Bangura–  NEW AFRICA DAILY NEWS (NADN) Freetown, Sierra Leone- Egypt has sizably traded additional auxiliary pacts to insure itself against a surge in oil costs, as some importers strive to take expectation of this year’s tax defeat during the 2020-2021 fiscal year ending in June, Finance Minister – Mohamed Maait let out in a talk. “We did a huge number of hedging contracts,” Maait said from his office in Cairo, without disclosing the size of the program or other details. Egypt also hedged in the previous two financial years, though it didn’t say how much money it spent. Further, Oil prices sunk in March and April this year, as the Novel Coronavirus dissipate around the world and lockdowns resulted in the energy market declining. Benchmark Brent crude has since...

By Abdul Rahman Bangura–  NEW AFRICA DAILY NEWS (NADN) Freetown, Sierra Leone-  The International Renewable Energy Agency (IRENA) and the African Development Bank approved together to subsidize venture in low carbon energy projects – a motion predicted to promote Africa’s energy evolution. In an assertion, the entities proclaim, they ratified a statute of purpose to coordinate on a spectrum of activities, including co-organizing renewable energy investment forums as part of IRENA’s donation to the Climate Investment Platform, and collaboration on the bank’s annual flagship Africa Investment Forum event. The cooperation will also concentrate on improving the position of renewable energy in African countries Nationally Determined Contributions under the Paris Accord and other...

By Abdul Rahman Bangura–  NEW AFRICA DAILY NEWS (NADN) Freetown, Sierra Leone- Sosten Gwengwe, Melawi’s Minister of Trade concedes that, smuggling is a primary menace to the local industry. Smuggling is the unlawful importation or exportation of goods subject to customs control. Cutrate Traders Acting General Manager – Austin Majawa, whose company is a distributor of cooking oil in the Eastern Region, said since the introduction of Value Added Tax (VAT), cooking oil industries have boosted prices of the product but about 30% resulting in them forfeiting business. He meant, this has coerced crooked traders to buy cooking oil from Mozambique and smuggle it into the country through permeable borders in the region. “We used to buy a 200 litters drum of cooking oil at K18 000, but...