African economies to continue growing: World Bank

A significant boom in commodities has been cited as one of the attractions of potential investors

By Manelisi Dubase
The Managing Director of the World Bank (WB) says African economies are likely to continue their growth this year, irrespective of high oil and food prices.

Ngozi Okonjo-Iweala was addressing the US Chamber of Commerce and the US Agency for International Development (USAID) investment forum in Washington. Following recent turmoil in global markets and a possible recession in the US, some analysts were beginning to doubt if Africa will maintain its 6% growth this year.

But the former Nigerian finance minister and second top official of the bank is upbeat about the continent's performance. American businesspeople who are already doing business in the continent say Africa is increasingly becoming a favourable venue for foreign direct investment. A significant boom in commodities has been cited as one of the attractions of potential investors.

As political instability continues to wreak havoc in the Middle East, both the US, Europe and China are looking at Africa for new sources of energy and minerals. China is already investing billions in infrastructure and oil.