Still Our Common Interest: Commission for Africa Report 2010

Author:
Commission for Africa
Publisher:
Commission for Africa
Publication Date:
13 September 2010
Tags:
Africa, Economy, Business and Finance, Governance, Environment

Africa has made extraordinary progress in the past five years.

From 2003 to 2008, the continent sustained average annual growth rates of 6%. Foreign investment and exports quadrupled. This was largely driven by African governments’ efforts to make it easier to do business in their countries supported by increased African and international investment in infrastructure - as well as record levels of demand for African goods.

This demand for Africa’s natural resources, particularly from emerging economies, has transformed the continent’s relationships with the outside world. Relief for debt valued at $100 billion and a 46% increase in aid to Africa since 2004 have helped African countries increase their spending on health, education and other social sectors. Governance has improved in many countries, and though some existing conflicts remain intractable, there have been no major new conflicts on the continent.

As a result of this progress, many commentators are predicting great things for Africa. Growing external demand for Africa’s goods and its growth as a market for goods from elsewhere could see Africa becoming the next major emerging market, with increased political power to match.

However, this progress has not been enough to put sub-Saharan Africa on track to meet the Millennium Development Goals (MDGs). Despite the massive progress made by some countries in reducing poverty, sub-Saharan Africa as a whole will not achieve any of the MDGs on time and the vast majority of Africans have yet to benefit from the economic success of recent years. Economic growth and trade have been damaged by the global economic crisis. Climate change and rising food prices will make poverty reduction more challenging in many parts of the continent.

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