OPINION
Africa Still Rising
By Donald P. Kaberuka and Acha Leke
African firms have not yet proved capable of meeting existing domestic demand.
JOHANNESBURG – Is the honeymoon over for African economies? Less than a decade ago, it seemed that the continent’ s economic dreams were beginning to come true, with many countries experiencing impressive GDP growth and development. Now, as the harsh reality of the continent’ s vulnerability to challenging external conditions has set in, sustaining that growth has proved difficult.
Encumbered by slowing growth in China, a collapse in commodity prices, and adverse spillover from numerous security crises, Africa’ s over- all annual GDP growth averaged just 3.3 % in 2010-2015, barely keeping up with population growth – and down sharply from the 4.9 % recorded from 2000 to 2008.
But a deeper look suggests that things may not be as bad as they seem, for two key reasons. First, though
20 Business Times Africa | 2016