New Oil, Gas and Mineral Discoveries Boost Growth of African Economies


"The World Bank says the economic importance for Africa of its natural resources is likely to continue in the medium term in several established oil and mineral producers."


Despite setbacks in the global economy, sub-Saharan Africa is expected to grow at 4.8% in this year, broadly unchanged from the 4.9% growth rate registered in 2011 and largely on track, according to the World Bank's latest report.

In its new Africa's Pulse, a twice-yearly analysis of the issues shaping Africa's economic prospects, the institution highlights that new discoveries of oil, gas and other minerals in the continent will generate a wave of significant mineral wealth.

With minerals beginning to earn hundreds of millions of dollars in windfall revenues for countries across Africa, World Bank Vice-President for Africa, Makhtar Diop, pointed out the opportunity for "strengthening economic transparency and financial controls around the new discoveries.". . .View Full Article

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