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Good News From Africa, main stream growth economy

by SOLARLIFE | October 7, 2008 at 01:43 pm

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Africa is doing well with 5 - 6 % growth 2008

The subsaharan Westcoast with Ghana, as 15 years young business center is developing independant of the credit crisis. Accra will become the first manufacuring place for Renewable Energy, in special solar PV photovoltaic with chinese and european companies starting local production. African entrepreneurs assembly LED solar lanterns now.

Africa is widely regarded as a world leader by measure of basket-case symptoms — war, disease, famine and humanitarian disaster. The continent has a greater share of its people mired in poverty than any other, and hosts the world's two greatest humanitarian crises, Darfur and Somalia.

Africa, considered the main stream economy for growth; UK comment during Bailout crisis.
Mo Ibrahim Celtel cellphones for Africa

One most famous african entrepreneur Mo Ibrahim with mobile phones company Celtel, started in 1998 to work exclusively in Africa, there were just 2 million cell phones on the continent. When he sold it seven years later, there were more than 100 million.

So it may come as a bit of a surprise to many that much of Africa is doing rather nicely, in some cases recording healthier economic expansion than in the industrialized world. Even amid the financial meltdown in the West and dire predictions of global recession, the International Monetary Fund estimates that Africa will post economic growth of 6.5% this year, although the world credit crisis could trim that to 5%. And the Organization for Economic Cooperation and Development reports that a larger share of the money coming into Africa since 2006 has been investment by entrepreneurs seeking profit rather than aid

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gerrypopplestone

at 07:48 on October 8th, 2008

I'm not sure that it is the case that 'much of Africa is doing rather nicely! In any case, five percent of a country's GDP where most people live below the poverty line isn't really 'doing rather nicely' in my judgement. I would really like to know how the OECD defines investment coming into African countries and whether it includes payments from Africans living abroad.

SOLARLIFE

at 08:01 on October 8th, 2008

gerrypopplestone, ..."I am not sure if Africa is doing nicely", I can understand this viewpoint for total Africa. Many countries Westcoast Afirca have growth of 5% continuing. Today the UK in the middle of the crisis stated: "Africa, considered the main stream economy for growth". I see it like Brazil 10 years ago. Now mainly chinese investors starting production in Africa. The development of Anglosaxon Africa will double Francophone Africa. Leading Ghana with Solarindustry starting. Barkley's Bank Accra has no problem, but Barkley's London. Thanks for comment, I am a reader of your developing world channel.