Shifting the Narrative on Africa: Playing to the Continent’s Upside

April 13, 2012

Alongside the crises that preoccupy U.S. Africa policymakers and the gloomy headlines that continue to dominate U.S. media coverage on the continent, a far more hopeful story is playing out. Sub-Saharan African economies weathered the global economic downturn of 2008–2009 relatively unscathed and are expected to post an average growth rate of close to 6 percent in 2012—exceeding the projected average of any other world region.

High commodity prices and new sources of energy and mining production—including in Ghana, Mozambique, Liberia, and Sierra Leone—account for much of this surge. But improved macroeconomic management, significant expansion in construction, telecommunications, and financial services, a growing consumer base and middle class, and a broader portfolio of trade and investment partners give greater confidence that this growth can be sustained in the face of future volatility. African states and businesses are finding innovative ways to cut through long-standing barriers to growth and development.