African Economic Growth Without Ripple Effect

Business Africa presenter, Ruth Lago

By Ruth LAGO

Welcome to Business Africa, I am Ruth Lago. The headlines this week:

-The economic growth in Sub-Saharan Africa in the third quarter of 2021 outdid the projections. What’s behind this surprise rebound when the continent grappled with the effects of Covid and conflicts.

-From a 3.8% economic growth in 2020 to 7.2% in 2021, Benin has experienced spectacular growth according to the latest figures from the national institute for demographic studies and statistics.

-And lastly Uganda. Thanks to the wide range of tourist attractions, the country reported a record boom in domestic tourism. This growth could help reduce the unemployment rate in the long run.

No domino effect for Africa's economic growth

According to the International Monetary Fund's latest report on economic prospects for Sub Saharan Africa, 2022 will be less appealing. The body is concerned about a potential food crisis and states barely have any leeway. One achievement in 2021 however is worth noting, Sub Saharan Africa recorded a slight growth.

To get more on this, Sir Abebe Selassie joins us. He is the director of the African Department at the International Monetary Fund in Washington.

Benin: Africa's fastest-growing economy

It’s what you can call spectacular growth. Benin recorded a 7.2% economic growth in 2021. How did the West African country achieve this boom? Our correspondent in Cotonou, Romuald Vissoh, has more on this story.

Tourism or the secret to Uganda's resilient economy

Let us look at another success story. This time we are heading to Uganda where the tourism sector helped reduce the unemployment rate during the Covid lockdowns. A growing number of Ugandans are visiting natural parks and the renowned Lake Victoria.