Africa ’s Investment Drive Gathers Pace

Africa Investment Forum 2018By Farhana Haque RahmanROME, Oct 18 2019 (IPS) Headwinds are blowing amid IMF warnings of a “synchronised slowdown” in global economic growth, yet Africa’s investment drive is still gathering pace, supported by intense international competition in development finance. Despite the global slowdown, 19 sub-Saharan countries are among nearly 40 emerging markets and developing economies forecast by the IMF to maintain GDP growth rates above 5 percent this year. Particularly encouraging for Africa is that its present growth leaders are richer in innovation than natural resources. While Akinwumi Adesina, president of the African Development Bank, admits to sleepless nights over the “headwinds” to African growth – primarily the US-China trade war – he remains excited over the continent’s prospects as the AfDB gears up for its annual Africa Investment Forum. The November 11-13 gathering in Johannesburg follows major milestones achieved in 2019, notably the coming into force of the African Continental Free Trade Agreement, described by Adesina as a “phenomenal development”. In May, 54 of Africa’s 55 countries became signatories to the initiative which aims to eliminate 90 percent of tariffs on goods and significantly reduce non-tariff barriers. The free trade area means to integrate Africa into a unified market with a population of over one billion and output of $1.3 trillion. The AfDB does not gloss over the enormous challenges ahead,...
Source: IPS Inter Press Service - Health - Category: International Medicine & Public Health Authors: Tags: Africa Armed Conflicts Climate Change Combating Desertification and Drought Development & Aid Economy & Trade Featured Financial Crisis Green Economy Headlines Health Labour Peace TerraViva United Nations Trade & Investment Source Type: news