Cabo Verde - Afrikan Heroes

Cabo Verde Deposits Agreement Establishing the African Continental Free Trade Area (AfCFTA)

February 7, 2022

Secretary of State of Foreign Affairs and Cooperation of Cabo Verde, Miryan Djamila Sena Vieira

The Republic of Cabo Verde became the forty-first (41st) State Party to deposit the instrument of ratification of the Agreement Establishing the African Continental Free Trade Area (AfCFTA). On behalf of H.E. The Chairperson, the Office of the Legal Counsel received the instrument from Secretary of State of Foreign Affairs and Cooperation of Cabo Verde, Miryan Djamila Sena Vieira, Ambassador of Cabo Verde in Nigeria and ECOWAS, Belarmino Silva. The Secretary-General of the AfCFTA Secretariat, H.E. Wamkele Mene expressed his delight and welcomed Cabo Verde for becoming a State Party.

To date, the Agreement Establishing the AfCFTA has been signed by 54 AU Member States. Forty-one (41) African Union Member States are also State Parties to the Agreement by virtue of their deposits of the instruments of ratification of the Agreement, demonstrating an unequivocal political will to achieve market integration in Africa. Pursuant to Article 13 of the Agreement establishing the African Continental Free Trade Area (AfCFTA), the Assembly has established the AfCFTA Secretariat. The seat of the AfCFTA Secretariat is Ghana, Accra.

Under the AfCFTA, African countries have collectively undertaken commitments to substantially liberalise all trade by eliminating tariffs on 97% of tariff lines – over a 13-year period from the start of implementation. So far, the AfCFTA Secretariat 44 countries representing 80% of African Union membership have submitted their tariff offers, with Algeria being the latest. Regarding Trade in Services, so far, the Secretariat has received 46 initial offers submitted by State and non-State Parties, covering the five priority sectors, namely: Business, Communication, Financial, Tourism and Transport services sectors. On Trade in Services, there has been some progress in the implementation of the objectives of the Protocol on Trade in Services. So far, the AfCFTA Secretariat has received 46 initial offers submitted by State and non-State Parties, covering the five priority sectors, namely: Business, Communication, Financial, Tourism and Transport services sectors. Some State and non-State Parties, namely members of CEMAC, EAC, and ECOWAS, have all presented consolidated offers as part of this process.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Cabo Verde Launches Bank-funded Capital Markets Project

February 5, 2022

The government of Cabo Verde has launched a project to propel the development of vibrant capital markets in the country. The African Development Bank approved a $350,000 grant from its Capital Markets Development Trust Fund in October 2021 to help develop the country’s first-ever Capital Markets Masterplan. The funds will also facilitate the expansion of domestic fixed-income markets by upgrading existing infrastructure.

During the virtual launch held on 1 February 2022, Cabo Verde’s Vice Prime Minister Olavo Correia said the project would result in a more dynamic, technologically advanced capital market, with greater liquidity. “The African Development Bank has been an important development partner of Cabo Verde since independence, and now, once again, the Bank is doing so by supporting one of the main instruments for enabling and promoting sustainable investment and savings through the Cabo Verde Stock Exchange.”

African Development Bank Deputy Director General for West Africa, Joseph Ribeiro, said: “The project we are supporting will help Cabo Verde’s efforts to deepen and widen local domestic resource mobilization needed for economic diversification and the delivery of national development plans. It is in line with both Cabo Verde and African Development Bank priorities.”

The local stock exchange, Bolsa de Valores de Cabo Verde, will execute the project in partnership with the domestic capital markets ecosystem. Marcia Teixeira Marçal, Executive Director at the BVC, said he believes the initiative will create business opportunities for companies, investors, operators and other stakeholders, “for which we are very grateful for this partnership with the African Development Bank.”

The objectives of the project are aligned with the priorities of the Bank’s Country Strategy for Cabo Verde, which seeks to build the foundations for economic diversification and inclusive growth. The Capital Markets Development Trust Fund is a multi-donor grant facility that supports the Bank’s efforts to mobilize domestic resources to finance Africa’s development. Administered by the African Development Bank, the Trust Fund is currently supported by two donors: the Ministry of Finance of Luxembourg and the Ministry of Foreign Trade and Cooperation of the Netherlands