Economic Turn Around for African Countries

According to 2007 statistics released by the World Bank, many parts of Africa are now seeing booming economies.

The World Bank commissioned report, Africa’s Development Indicators 2007, has shown a marked increase in the microeconomic stability of 27 of the 36 African countries studied.

The World Bank highlighted this huge turnaround of fortunes stating that many of the continent's economies are now seeing growth rates of 5.4%, comparable to many countries within the rest of the world. The report confirmed that as a result of macroeconomic, trade, and governmental reforms, the continent’s future prospects all show good economic growth and indicate a continuation of this trend.

Much of the growth is driven by highly priced oil and mineral exports. Although the report also confirmed that, "18 non mineral economies, with more than a third of the sub-Saharan African people, have also been doing well."

Common issues relating to emerging markets such as inflation, budget deficits and foreign debt is now more manageable. Other factors include an increase in open trading and private enterprise, spurred on by improved governance and the introduction of democracy.

The ‘good performance’ rating for the macro economy has risen from 5 to 15 between 1999 and 2006, with 27 out of the 36 countries assessed showing a marked improvement. Among the strongest performers are the Gambia, Ghana, Kenya, Madagascar, Senegal, and Tanzania.

Local property buyer and businessman Mr Adebayo from Nigeria comments, "There is a lot of negative things said about Africa but so long as you do proper research, it can be as good as investing in property anywhere else in the world."