Sanou Mbaye, a former member of the senior management team of the African Development bank, is a Senegalese investment banker and the author of “L’Afrique au secours de l’Afrique” (Africa to the Rescue of Africa).The world economic downturn and financial-market tremors have strained budgets across Africa. With the exception of Ghana, and a few other states, in 2009 most African countries’ fiscal balances deteriorated. But, thanks to prudent management of public finances during previous periods of robust growth, a significant number of African countries have endured the current crisis in better fiscal shape than during past crises.
In 2009, aggregate GDP growth in Africa averaged 1.6%, down from about 5.7% during the 2002-2008 period – but growth all the same. Moreover, several African countries continued to implement long-term reforms to improve their business and investment climate, despite the daunting challenges presented by the crisis. Now that international trade and global industrial production are on the mend, sub-Saharan economies look set for more robust growth, as demand for and prices of oil and other minerals rebound and general economic activity resumes.
