Africa Archives - Page 7 of 8

Growth in Africa to Outpace World Average

Economic growth in Sub-Saharan Africa is likely to reach 5 percent on average over the next three years, outpacing global growth, as a result of high commodity prices and strong consumer spending on the continent, said the World Bank on Monday.

In its latest edition of Africa’s Pulse, a twice-yearly analysis of issues shaping Africa’s economic prospects, the bank saw increased investment, high commodity prices and a pick-up in the global economy driving this expected growth surge in the world’s poorest continent.

The Great East African Dream: Economic Integration For A Better Future

Despite possessing massive potential in natural resources, individual states within East Africa remain too small, and too fragmented, to fully utilise these resources in the global arena, without being exploited by larger and more developed economies. The hope of citizens as such lies in an East African Federation and, further down the line, a fully-integrated African state.

Are Bad Habits Stifling Africa’s Economic Potential?

Ever since the start of their post-colonial era, problems such as corruption, poor governance, ethnic divisions and poor infrastructure have continued to haunt several African economies in their quest for sustained economic growth. Can these issues be overcome and will Africa live up to its promise?

Can Africa Break Its Resource Curse?: Joseph Stiglitz

Resources should be a blessing, not a curse; yet contrary to common sense, resource-rich countries in Africa have tend to experience less economic growth in the long run than those deprived of natural riches. The new discoveries of natural resources in several African countries – including Ghana, Uganda, Tanzania, and Mozambique – thus raises an important question: will these newly enriched countries be able to avoid the “resource curse”?

China Pledges $20bn in Loans to Africa

In a bid to strengthen ties and mutual cooperation, China has promised $20 billion in credit for Africa over the next three years. The loan is double the amount China pledged in a three-year period in 2009, since which time China has become Africa’s largest trading partner.

Chinese president Hu Jintao had made the announcement at a summit in Beijing yesterday, where leaders from 50 African nations were in attendance.

South Sudan President Pleads With Officials To Return $4 Billion In “Stolen” Public Money

South Sudanese government officials should return nearly $4 billion in “stolen” public money back to the government, said president Salva Kiir in a letter obtained by Reuters on Monday, with the country struggling to rebuild its public infrastructure following the separation from Sudan last year.

Why Foreign Aid Skeptics Are Wrong: Jeffrey Sachs

In 2010, global donor aid for low-income countries reached $26.9 billion, leading to major successes in public health and saving millions of lives. Yet, there are still some who would have you believe that all the funds are going to waste, and that aid-supported programs should be halted immediately.

NEW YORK – The critics of foreign aid are wrong. A growing flood of data shows that death rates in many poor countries are falling sharply, and that aid-supported programs for health-care delivery have played a key role. Aid works; it saves lives.

Will Africa’s Wet Dreams Turn Into A Nightmare?

Scientists have discovered a vast reservoir of groundwater located within Africa, which is said to contain a hundred times the amount of water found on the continent’s surface. But while the news has already sparked excitement across the once water-scarce continent, this joy will be short-lived unless global leaders exercise moral and social responsibility.

Ghana’s Cedi Now Worst Performing Currency In Africa

The value of Ghana’s cedi will decline by another 9.2 percent in 2012 following record depreciation last year, said a report by Bloomberg on Wednesday, which will make the cedi the worst-performing African currency over the last two years.

Africa’s Oil Bill Outstrips Overseas Aid

Africa’s development efforts could be at risk of stalling, said a representative from the International Energy Agency (IEA) on Sunday, after new figures showed that African countries were paying out more for oil imports than what they received in financial aid.

According to the IEA, Sub-Saharan Africa received just $15.6 billion in overseas development aid last year, as compared to the $18 billion they spent during the same period for importing oil from overseas.