Is Africa at the “gates” of emergence?

Since 2010, Africa has recorded growth rates of between 4 and 5%.

This contrasts with the 1980s and 1990s (between 1 and 3%, with a recession in 1992-1993) and with 2008-2010 (between 3 and 4%), a period marked by the financial crisis in OECD countries. This “overall” upturn should not hide the major differences between the continent’s 54 countries. Over 2002-2010, oil-exporting countries posted average growth rates of nearly 7%, against 4.5% for oil importers.

This growth is taking hold in economies of very different sizes. North Africa (Algeria, Morocco, Libya, Tunisia, Egypt) accounts for more than 35% of African GDP, and South Africa alone for more than 20%. The other 47 countries account for 45%, although they are home to more than 75% of the population.

Is Africa at the “gates” of emergence? Such enthusiasm calls for a measure of caution. Data quality remains poor, as national statistical systems have long been neglected, and macroeconomic figures are of very limited reliability. More fundamentally, perhaps, are the numbers not being built to portray a continent on the rise — by governments, by international institutions, and even by sovereign rating agencies? The aim would be to leave behind the era of Afro-pessimism in order to attract investors in search of opportunities.

Where does the boom of this diverse and complex continent come from? In this issue you will find seven surprising facts about Africa, a continent whose economy is worth 2,000 billion dollars.

Africa for Africans… On a working and friendship visit to Chad, Tunisian President H.E. Moncef Marzouki also told us that unless the continent’s security issues are resolved, democracy and development will remain empty words. His Chadian counterpart, H.E. Idriss Deby Itno, added that African countries are determined to fight all the forces spreading devastation across the continent: “Terrorism spares neither children nor women. No country can stop or fight terrorism on its own.”

We wish you an enjoyable read and look forward to seeing you in our next issue.