While the growth in global commodity prices has unequivocally driven economic growth in Africa, several African countries still lag behind, despite an abundance of mineral resources.
A recent report by British banking and financial services company HSBC revealed that in 35 African countries, commodities accounted for more than 80% of exports.
“As a result of Africa’s commodity market exposure, commodity prices and the ‘supercycle’ that occurred over the first decade-and-a-half of this century had a huge impact on Africa’s growth.
“For much of Africa, there is also considerable concentration of economic exposure, with many economies highly exposed to just one or two commodity exports. For 30 African nations, one particular commodity accounts for over 40% of that country’s total exports,” the report read.