COMMENT To many minds, Africa is a picture of hopeless misery: afflicted by poverty, scarred by corruption and ravaged by Aids and war. These facts are true, but they tell only half the story. In many sub-Saharan African countries output briskly outpaced population growth during the last decade, leading to sustained growth in income per capita and promising a lasting escape from poverty.
Behind the success lies many African leaders’ willingness to adopt solid macroeconomic policies and move towards more transparency and less red tape. Economic integration with the world deepened and trading relations diversified. Record-breaking prices boosted commodity exporters’ incomes. The private sector’s success, for example in telecommunications, showed that Africa does not lack good business opportunities. Before the crisis, countries such as Ghana were on course to escaping aid dependence by entering global capital markets.
