By Jenneh Brima
Economic growth in sub-Sahara Africa continues to rise from 4.7 percent in 2013 to 5.2 percent in 2014, with performance being boosted by rising investment in natural resources and infrastructure, according to World Bank’s new report, Africa’s Pulse.
However, the biennial analysis of issues shaping the continent’s prospects also states that the region’s infrastructure deficit is most acute in energy and roads and that across Africa, unreliable and expensive electricity supply and poor road conditions continue to impose high costs on business and intraregional trade.
In a statement released yesterday, the Bank said “growth is notably buoyant in resource-rich countries, including Sierra Leone and the Democratic Republic of Congo. It remained steady in Cote d’Ivoire, while rebounding in Mali, supported by improved political stability and security. Non-resource-rich countries, particularly Ethiopia and Rwanda, also experienced solid economic growth in 2013”.
Meanwhile, in a video conference held in Washington DC and involving Sierra Leonean journalists live at the Bank's Howe Street office in Freetown, the Bank’s chief economist for Africa, Francisco Ferreira, said that although Sub-Saharan Africa’s exports remained concentrated in a few strategic commodities, the region’s countries had made substantial progress in diversifying their trading partners.
The World Bank Group’s vice president for Africa, Makhtar Diop, observed that strategic reforms were needed to expand young people’s access to science-based education at both the country and regional levels, and to ensure that they graduate with cutting-edge knowledge that was relevant and met the needs of private sector employees.
“With lower international food and fuel prices, and prudent monetary policy, inflation slowed in the region, growing at an annual rate of 6.3 percent in 2013, compared with 10.7 percent a year ago. Some countries, such as Ghana and Malawi have seen an uptick in inflation because of depreciation currencies. Remittances to the region grew 6.2percent to $32billion in 2013,exceeding the records $30 billion reached in 2011.These inflows, combined with lower food prices, boosted household real incomes and spending”, the report said.
(C) Politico 08/04/14
