Africa is the world's second-largest and second-most populous continent

AFRICA

The African Union (AU) is a continental union consisting of 55 member states.

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In a recently published analysis based on World Values Survey data, the Austrian political scientist Arno Tausch maintained that several African countries, most notably Ghana, perform quite well on scales of mass support for democracy and the market economy.

A Harvard University study led by professor Calestous Juma showed that Africa could feed itself by making the transition from importer to self-sufficiency. “African agriculture is at the crossroads; we have come to the end of a century of policies that favoured Africa’s export of raw materials and importation of food. Africa is starting to focus on agricultural innovation as its new engine for regional trade and prosperity.”

Africa straddles the Equator and encompasses numerous climate areas; it is the only continent to stretch from the northern temperate to southern temperate zones.

 The majority of the continent and its countries are in the Northern Hemisphere, with a substantial portion and number of countries in the Southern Hemisphere.

Despite this low concentration of wealth, recent economic expansion and the large and young population make Africa an important economic market in the broader global context.

From 1995 to 2005, Africa’s rate of economic growth increased, averaging 5% in 2005. Some countries experienced still higher growth rates, notably Angola, Sudan, all of which had recently begun extracting their petroleum reserves or had expanded their oil extraction capacity.

Nigeria

Nigeria

Nigeria is classified as a mixed economy emerging market. It has reached lower-middle-income status according to the World Bank, with its abundant supply of natural resources, well-developed financial, legal, communications, transport sectors and stock exchange (the Nigerian Stock Exchange), which is the second-largest in Africa.

Nigeria was ranked 21st in the world in terms of GDP (PPP) in 2015. Nigeria is the United States’ largest trading partner in sub-Saharan Africa and supplies a fifth of its oil (11% of oil imports). It has the seventh-largest trade surplus with the U.S. of any country worldwide.

Morocco

Morocco’s economy is considered a relatively liberal economy governed by the law of supply and demand. Since 1993, the country has followed a policy of privatisation of certain economic sectors which used to be in the hands of the government. Morocco has become a major player in African economic affairs, and is the 5th African economy by GDP.

Morocco was ranked as the first African country by the Economist Intelligence Unit’s quality-of-life index, ahead of South Africa. However, in the years since that first-place ranking was given, Morocco has slipped into fourth place behind Egypt.

Economy of AFRICA

Tausch’s global value comparison based on the World Values Survey derived the following factor analytical scales: 1. The non-violent and law-abiding society 2. Democracy movement 3. Climate of personal non-violence 4. Trust in institutions 5. Happiness, good health 6. No redistributive religious fundamentalism 7. Accepting the market 8. Feminism 9. Involvement in politics 10. Optimism and engagement 11. No welfare mentality, acceptancy of the Calvinist work ethics. The spread in the performance of African countries with complete data, Tausch concluded “is really amazing”. While one should be especially hopeful about the development of future democracy and the market economy in Ghana, the article suggests pessimistic tendencies for Egypt and Algeria, and especially for Africa’s leading economy, South Africa. High Human Inequality, as measured by the UNDP’s Human Development Report’s Index of Human Inequality, further impairs the development of Human Security. Tausch also maintains that the certain recent optimism, corresponding to economic and human rights data, emerging from Africa, is reflected in the development of a civil society.

The continent is believed to hold 90% of the world’s cobalt, 90% of its platinum, 50% of its gold, 98% of its chromium, 70% of its tantalite, 64% of its manganese and one-third of its uranium. The Democratic Republic of the Congo (DRC) has 70% of the world’s coltan, a mineral used in the production of tantalum capacitors for electronic devices such as cell phones. The DRC also has more than 30% of the world’s diamond reserves. Guinea is the world’s largest exporter of bauxite. As the growth in Africa has been driven mainly by services and not manufacturing or agriculture, it has been growth without jobs and without reduction in poverty levels. 

2008-present

African agriculture is at the crossroads; we have come to the end of a century of policies that favoured Africa’s export of raw materials and importation of food.

Future

In recent years, the People’s Republic of China has built increasingly stronger ties with African nations and is Africa’s largest trading partner.

Economic development

Wealth

From 1995 to 2005, Africa's rate of economic growth increased, averaging 5% in 2005.