Africa Enjoying Dynamic Growth but Challenges Remain

Sound policies strengthened Africa’s growth despite difficult global environment

Regional integration can boost growth, increase trade among African countries

Africa to address remaining vulnerabilities including infrastructure, energy

The ministers told reporters that, although Africa had weathered the crisis remarkably well, efforts needed to be undertaken to maintain solid, inclusive growth.

Noting that Europe, Africa’s traditional trading partner, was still grappling with weak growth, ministers called for more regional integration and greater trade among African countries to maintain dynamic growth in the continent.

Ministers also emphasized that Africa’s continued growth was based on sound policies, including prudent fiscal and monetary policy, adequate foreign reserves, and lower inflation.

They added that improving the business climate through more transparency and an easier access to information and statistics would facilitate the development of a strong private sector, which, in turn, would stimulate growth.

Nigeria’s Finance Minister Ngozi Okonjo-Iweala told the press briefing that Nigeria had seen growth of around 6 percent this year, as well as a decrease of inflation to single digits. She added that reserves in Nigeria were at $50 billion, providing an adequate buffer for the country.

Comoros’ Finance Minister Ali Soilihi said that despite a more difficult global environment and a year of unstable internal situation, growth in Comoros had picked up from 2.6 percent to 3 percent this year.

He credited an increase in activities in the construction sector, a good harvest, the resilience of remittances from expatriates, and significant internal contributions from the banking and financial sectors.

Filling the infrastructure and energy gaps

Despite this bright outlook, ministers noted that challenges in infrastructure and energy needed to be addressed. Cameroon’s Finance Minister Alamine Ousmane Mey underlined that better infrastructure was needed to develop more efficient industries.

“In the case of Cameroon, we are building better roads and ports, and following up on projects such as the Lom-Pangar dam to increase energy supplies in order to boost the creation of industrial centers,” said Mey.

He also added that creating better infrastructure would boost low-cost imports and exports, thus creating a strong domestic demand.

Okonjo-Iweala of Nigeria said that better roads and transport systems were crucial to achieve more...