THE EAST AFRICAN ECONOMY MUST NOW REALLY TICK

Dr Richard Sezibera

The Secretary General of the East Africa Community (EAC) Dr Richard Sezibera has advised regional private and public sector players to consider embracing the ideals of a 24-hour-economy to accelerate economic growth.

He said in Arusha last Saturday that the region's reliance on an 8-12-hour economic production cycle is slowing down regional growth.

He said in the face of globalization, East Africa's economy, cannot afford to remain shut overnight as other competing economies in the world operate round the clock.

"At the EAC, we are working hard to support economic development by clearing Non-Tariff barriers and on the same vein, we are actively working to encourage both the private and public sector to adopt a 24 hour approach to business and service delivery."

The EAC boss remarks came at the right time as rapid growth in the regional economy and its competition nature under globalization call for a new way of thinking and doing things.

The region's combined GDP has risen to 75 billion dollars, up from 20 billion dollars in 1999 and following the enlargement of the EAC in 2007, the EAC region now boasts a sizeable market of a combined population of 130 million people.

EAC is also participating as a bloc at the forefront of the Tripartite EAC-COMESA-SADC initiative towards the establishment of the Grand Free Trade Area of the three major African regional economic communities.

This larger trade area will further boost EAC's market advantage and strength. With such growth and aspirations, public and private sector players in the region need to seriously consider going for 24 hours 7 days a week economy.

As government authorities work to promote intraregional trade through identifying and clearing nontariff barriers to trade, we need also to take up the challenge and stretch our working time to meet the demand of our growing economies and rapidly expanding trade.

Government authorities need to prepare to facilitate these new requirements of our economies which will naturally come in, anyway.