Continent Can Accelerate Growth Despite Commodities Slowdown

The apparent end to the commodity super-cycle has sent shock waves across the global economy. It has sparked turbulence in world stock markets, put pressure on currencies, and fuelled major concerns about prospects for growth and the stability of public finances.

Africa has not escaped this pessimism. Questions have been asked about the continent’s economic future, with widespread fears that the remarkable gains of the last two decades could be reversed. The mood reminds me of the IMF/World Bank meetings I attended at the height of the Asian Financial Crisis nearly twenty years ago, when analysts were predicting the Asian miracle was at an end. They underestimated the potential of Asia then, and I believe the potential of Africa is being underestimated now.