Africa, in the last decade, has experienced a marked economic growth fueled by emerging economies. South-South cooperation, as well as intra-African trade, has jump-started the continent’s growth. This comes as the economic center of gravity shifts from industrialized economies to large developing economies. Africa can only take advantage of the new economic landscape by addressing continental cohesion, infrastructure development, and governance — both at national and cross border levels, to further the continent’s economic progress.New trade partners are offering new possibilities as the African continent experiences a new gold rush. The economic center of gravity continues to shift from the industrialized economies to the large developing economies. And emerging economies such as Brazil, Indonesia, India and China are hungry for raw materials, more than ever before, and also need new trading partners for their finished products. Africa provides fertile ground for both.
According to UNCTAD statistics, trade in goods between Africa and developing countries has been on the uprise since the mid-90s. While it represented only $34 billion in 1995, trade rose to $97 billion in 2004, before surging to $283 billion in 2008. In the same year, trade between other developing countries and those in Africa exceeded the total volume of trade between Africa and its main trading partner, Europe, for the first time ever.
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Author: Prince Ofori-Atta
