Rwanda Day 2024 Celebrated in Washington DC with President KagameBurkina Faso’s Departure from ECOWAS Unlikely to Affect Foreign Trade SignificantlyEquity Bank Opens New Branch in Bumala to Boost Local Economy

WASHINGTON, DC – President Paul Kagame and First Lady Jeannette Kagame are in Washington, DC, to participate in the National Prayer Breakfast and Rwanda Day events. The Rwandan President is slated to address an audience of 3,000 guests at the National Prayer Breakfast, an assembly that includes U.S. Cabinet members and business leaders.

According to Africa News Agency, Rwanda Day 2024 is centered on the socio-economic transformation of Rwanda and the pivotal role of the Rwandan diaspora in the nation’s development. The event serves as a key platform for dialogue between the Rwandan community and President Kagame, aiming to further propel Rwanda’s progress. Since its inception in 2010, Rwanda Day has convened nearly 40,000 Rwandans and friends of Rwanda in cities worldwide, including Chicago, Paris, and London, fostering a global community in support of Rwanda’s development initiatives.

OUAGADOUGOU, Burkina Faso – Burkina Faso’s exit from the Economic Community of West African States (ECOWAS) is expected to have a minimal impact on the nation’s foreign trade activities, as revealed in recent statements.

According to Burkina Information Agency, Aboubakar Nacanabo, in a Sunday interview with the AIB, the country’s trade with ECOWAS member states and external partners within the West African Economic and Monetary Union (UMOA) is limited, suggesting that the withdrawal from the regional bloc will not significantly disrupt Burkina Faso’s trade dynamics.

Nacanabo highlighted that Burkina Faso’s exports to the ECOWAS zone in 2023 constituted 14% of its total exports, with less than 3% directed towards non-UMOA countries like Ghana, emphasizing live cattle as a key export to the Ghanaian market. On the import front, Burkina Faso’s transactions within the ECOWAS region accounted for 26% of its total imports in 2023, including less than 7% from countries outside the UMOA, with a substantial portion of these imports comprising electricity purchased from Ghana.

The minister expressed confidence that the dynamic of on-site transformation initiated by Burkina Faso’s authorities would help manage any potential impacts of exiting ECOWAS. He further clarified that the withdrawal signifies the end of multilateral cooperation within the ECOWAS framework but not the cessation of bilateral relations with individual countries.

This strategic move comes as Burkina Faso, alongside Mali and Niger, established the AES (Alliance for Energy and Security) on September 16, 2023, aiming to defend mutual interests and promote development. These nations collectively withdrew from ECOWAS on January 28, 2024, in protest against what they perceive as the organization’s subservience to foreign powers, unjust sanctions, and deviation from its foundational ideals.

Nacanabo reiterated the principle that international relations are predominantly driven by national interests, suggesting that economic collaboration between Burkina Faso and other nations will persist on a bilateral basis, focusing on mutually beneficial economic engagements.

BUMALA, Busia County – The opening of a new Equity Bank branch at Bumala market has been warmly received by the local business community, marking a significant step in the bank’s strategy to expand its services in Busia County. This new branch, the fourth in the county, aims to enhance financial accessibility for residents, emphasizing financial literacy and fostering a culture of saving among traders.

According to Kenya News Agency, the Equity Bank business development manager, the bank is committed to supporting the local economy by offering comprehensive banking services, including savings, loans, insurance, and financial advisory to the business sector. “We are an ambitious bank with our customers’ interests at the heart of our operations. Bringing financial services closer to the people is crucial for the growth and development of any business center,” Mwangi stated during the branch’s launch.

Mwangi further highlighted the importance of the new branch in facilitating cross-border trade, noting Busia’s strategic position as a gateway for daily traffic of over 3,500 trucks from Kenya and neighboring countries such as Uganda and Rwanda. “As a financial institution, we are pleased to partner with the county government of Busia and the local traders in efforts to eradicate poverty and create a self-reliant society at the border,” he added.

Butula MP Joseph Maero Oyula recognized the branch’s role in saving residents the journey of over 20 kilometers to access banking services in neighboring towns. Oyula encouraged the community to leverage the bank’s services to enhance their financial standing. “This is the first and only financial institution in Bumala, and its presence is expected to spur the development of this town into a municipality,” Oyula remarked.

Marachi Central MCA Simon Maina Kuria lamented the historical marginalization of the town despite its critical role in linking major counties such as Siaya, Kisumu, Kakamega, Bungoma, and Busia. Kuria expressed optimism that the opening of the bank would significantly contribute to the economic development of Bumala. He urged the bank to offer financial education to residents to improve their saving habits and financial management skills.