Africa: Economic Growth Hits Snag
The Monitor (Kampala)
8 January 2008
Posted to the web 7 January 2008
Martin Luther Oketch
THE past decade has witnessed growing diversity in income levels and economic growth across Africa, however, the World Bank report 2007 reveals that despite these positive signs, Africa is not growing rapidly enough to substantially reduce income poverty in the next five years.
Now the World Bank says it is well positioned to mobilize private and public development finance to increase annual growth to 7 per cent, the minimum necessary to have significant impact on poverty reduction.
The World Bank report show that sixteen countries grew by more than 4.5 per cent a year over this period, and several of them [including Ghana, Mozambique, Senegal, Tanzania, and Uganda] also diversified their economies and exports.
“The fastest- growing group of non-oil-production producing African countries, which together represents 36 per cent of population in Africa, grew at an average rate of 5.5 per cent. In contrast, the 13 slowest-growing countries, which represent [continue reading]