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

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"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."

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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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