African finance ministers have warned that the growth levels seen in Africa recently are a result of the increase in commodity prices rather than actual economic expansion.
Zimbabwe’s Finance Minister Tendai Biti said at the International Monetary and Financial Committee meeting that African economies have averaged a growth rate of around 5%. “It is not inclusive growth. It’s not a fair reflection of what is actually happening in the economy,” he concluded.
The International Monetary Fund (IMF) said that the projected real economic activity in sub-Saharan Africa would grow by 5.5% in 2011 and 5.9% in 2012. However, commodity-rich countries like Ghana and Nigeria were projected to grow by 13.7% and 6.9% this year respectively. "We cannot rely on those commodity exports to fuel growth in our economies," Chad Finance Minister Gata Ngoulou said.
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