Africa News blog
African business, politics and lifestyle
Ivory Coast, the world’s biggest cocoa grower, kicked off the 2009/10 season on bleak note on Thursday, with the head of the body overseeing the industry warning that even the most optimistic forecasts predicted a fall in production.
“Our plantations have suffered from the crisis,” said Gilbert Ano, echoing concerns about the West African country’s cocoa trees becoming too old, not being looked after properly by under-supported farmers and producing less cocoa as a result.
In talking about the “crisis”, Ano used the increasingly prevalent explanation for why things in Ivory Coast — once the region’s most stable, with an economy that boomed while neighbours stagnated or went to war — are not going very well.
He is referring to the political and military quagmire his country has been stuck in since a brief 2002-2003 war, during which rebels captured the north of the country. United Nations and French peacekeepers have since overseen a fragile peace, during which a return to war has been averted but elections have failed to take place.
Macroscope has discussed the growth of sovereign wealth funds many times (see here or here). Just to recap, the global state-owned SWF industry is set to more than double in the next 10 years from the current $3 trillion, according to estimates from Deutsche Bank.
John Green, global head of business development at Anglo-African bank Investec, argues that Africa will play a key role in the expansion of SWFs in years to come.
from The Great Debate:
- Jorge Maia is head of Research and Information for Industrial Development Corporation of South Africa, established in 1940 to promote economic growth and industrial development. The opinions expressed are his own -
Serious shockwaves are hitting Africa's shores as the global economic crisis unfolds.