Kampala, 23/11/2007
 
THE WORLD BANK GIVES AFRICA CLEAN BILL OF HEALTH IN GROWTH

By Leo Odera Omolo
 
Sub-Saharan African economies have finally attained a critical measure of stability that might keep them on the path of accelerated growth according to this year’s World Bank African Development Indicators (ADI) just published here.
 
The African hope for prosperity according to the report ,is premised on the solid economic performance witnessed across the region in the decade 1995-2005 compared with say 1975-1985 when a number of the economies there stagnated while others plunged to their nadir.
 
“Over the past decade, Africa has recorded an average growth rate of the world” Obiageli Ezekwesili,the world Bank Vice President for Africa region said in a statement.
 
Africa ,the report suggested has shown that it can spread and sustain economic growth if efforts were concentrated on accelerating productivity and increasing private investment.
 
The bank suggested that this  could start taking root as the business climatic and infrastructure in African countries improve gradually.
 
Further more the Bank said African countries would need to spur innovation and build robust institutional capacity. Noteworthy, too the Bank reported most sub-Saharan African countries are starting to reap from the reformist policies that they implemented throughout 1990 inflation is under control budget deficits are narrowing debt repayment are now manageable.
 
Even more remarkable  “governance is on the mend” In most countries and that there are more assaults on corruption according to the World Bank “These better economic fundamentals have helped to spur growth but equally important to avoid the growth collapses that took place between 1975 and 1995.
 
However, much of the dismal and humiliating economic realities that constraint Sub-Saharan Africans appears to bellei the World Bank optimistic portrayals of the regions future.In fact some of indicators and observations in the report itself would seem to cast the Banks optimistic themes in deep doubt.
 
For instance the author lamented that economic growth in Africa ,even at it is stabilizing remains troubling volatile than in any other region. That reality is reported to be deepening investors confidence.
 
Also even when the region is seen to make strides ahead, the scandalously huge human welfare gap between it and other developed nations make it remain overshadowed by the bolder image of backwardness
 
According to some of the basic facts on Sub-Saharan Africa contained in the ADI report for example only two persons out of a thousand in DR Congo and Ethiopia have used the internet.
 
Ends
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