Enhancing the private sector role and participation in key strategic sectors in Africa

Abstract

Africa has enjoyed continuous and relatively higher growth rates over the past few years, compared to its performance over the decades before. The African growth rate averaged 6.0% per annum in 2007, slowing to 5.1% in 2008 though expected to drop close to 2% in 2009 (ERA, 2009). Nonetheless, the International Monetary Fund (IMF) anticipates growth of 1.7% in 2009 in Africa and a recovery to 4% in 2010, higher than the 3.1% anticipated corresponding growth rates for world output (WEO, October 2009). Economic performance has varied across subregions and countries in Africa in 2008, reflecting commodity price trends. West and Central Africa grew at 5.4% and 4.9% respectively in 2008 (5.2% and 3.9% in 2007) bucking the global declining trend, according to the Economic Report for Africa (ERA) 2009. GDP growth rates stood lower at 5.4% in North Africa, 5.7% in East Africa and 4.2% in Southern Africa in 2008 and 5.9% in North Africa, 6.3% in East Africa and 6.2% in Southern Africa in 2007.