Making Africa Work

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Greg Mills. Making Africa Work

Preface

Acronyms and abbreviations

Introduction

Part 1

Chapter 1

Chapter 2

Chapter 3

Part 2

Chapter 4

Chapter 5

Chapter 6

Chapter 7

Chapter 8

Part 3

Chapter 9

Chapter 10

Chapter 11

Conclusion

Notes and references

Acknowledgements

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A handbook for economic success

Greg Mills

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Whatever the value and accuracy of such bold predictions, it is clear that African economic growth cannot continue to rely on commodities, not only because the continued demand is questionable, but also because commodities do not provide the jobs that Africa needs. The price upswing was driven primarily by demand from China, which grew its share of worldwide metals consumption from 6.4 per cent in 1990 to 43.9 per cent in 2015. However, China’s annual increase in metals consumption has slowed from 10.3 per cent during the period 1995 to 2008, to 3.2 per cent during 2010 to 2014.35 China’s growth rates are expected to continue to decline as it transitions from a manufacturing economy to one focused on services and consumption.

The end of the commodity super-cycle has been followed by the drying up of other funding sources. In the decade from 2005, 17 African countries issued dollar denominated bonds to foreign investors as investors looked to Africa for higher yields. Ghana’s debut dollar bond was four times oversubscribed. Zambia’s 10-year bond, issued in 2012, was 24 times oversubscribed, selling at a yield of 5.6 per cent.

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