Africa News blog
African business, politics and lifestyle
Forget the days when the image of Africa in the developed world was one of rolling vistas of unspoilt safari parks, natural disasters and war.
In the last 10 years, western firms and investors have been showing much greater interest, ploughing increasing investment flows into the continent of 1 billion people.
In its World Economic Outlook, the IMF predicts sub-Saharan Africa will grow by an average of 4.7 percent this year, a rate that is second only to Asia.
Africa offers a higher rate of return on investment than any other region in the world, Razia Khan, regional head of research for Africa at Standard Chartered Bank in London, told a Thomson Reuters Newsmaker event this week.
The old image of an Africa doomed to get ever poorer has certainly lost credence over the past decade even if it is a view still held by some.
Well, according to a new study, Africans are getting wealthier more quickly than previously believed and the poorest continent’s riches are also spreading beyond the narrow confines of its elite.
It was not the most encouraging message after a year that had few silver linings for the country of 36 million, still recovering from a bout of post-election violence early last year.
Isolation might seem like a good idea when it comes to the storm sweeping global finance and there is no doubt that African countries are among the most isolated in the world economy.
Avoiding the impact seems unlikely, though, particularly at a time when Africa as a whole has been enjoying its fastest growth for decades and the continent has become an increasingly popular investment destination – not only for Asian countries in search of resources but for frontier investors willing to take higher risks for higher returns.
Covering Uganda’s President Yoweri Museveni for four years as the Reuters correspondent in Kampala was seldom dull.
When he was in a good mood, the former rebel would banter with journalists long after his aides wanted him to leave. In a bad mood, he would scowl and growl back answers in return.
Rich countries look set to fall roughly $40 billion short of the amount they had pledged to give to Africa by 2010. So says a report released on Monday by the panel set up to monitor commitments made amid much fanfare at the Group of Eight summit in 2005.
The panel said G8 countries were not keeping their promises at the very moment rising food prices threaten to increase hunger and child mortality. The report also calls for a rethink of trade policies to help African countries and urges rich nations to spend more on renewable energy sources there.