African Economic Growth Rate At 6.2% Despite Global Challenges in 2007

Tuesday, August 26, 2008 

AfricaAfrica has been plagued with different setbacks in 2008   and this could have distorted the continent’s growth economically but that has not happened.  With the mention of climate change, world trade setbacks and other global phenomena, Africa’s growth rate last year was 6.2% as compared to 2006 which was 5.9%. The figures show that there has been an increase.

A report presented to the 32nd annual general meeting of Association of the African Central Bank governors indicated that inflation has been on the increase but the continent was able to control it.  This success has showed Africans are ready for the take off of a single currency zone with one African central bank.

The growth has been attributed to the good performance of oil producing countries and the export of raw materials. The report also appealed to governments to increase infrastructure development in the energy and agriculture sectors and macroeconomics reforms. Governments also need to prepare to face challenges that might come from external sources, climate conditions, unbalance level of trade between countries in the sub region among other challenges