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Commodity price slump brings change to African economies

Posted on 04 April 2016

The prolonged commodity price slump has provided the impetus for sectorial rebalancing of African economies away from the extractive sector, towards a greater diversification of economic base, Economic Insight Africa Report by Oxford Economics said. In its quarterly briefing for the first quarter of 2016, it said the continent is at a threshold of a large-scale rotational shift towards the services and manufacturing sectors.
Although growing at a fast pace, the contribution of the manufacturing sector to Africa’s gross domestic product remains minimal. A retraction from the extractive sector opportunities, due to subdued commodity prices could provide scope for development of downstream activities. Moreover, development of the manufacturing sector would provide Africa with alternative to increase direct benefits derived from natural resources, including improved tax potential and job opportunities………………………………………..Full Article: Source


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