(1888PressRelease)
October 05, 2007 - Robust commodity prices have helped economic growth in Africa rise to its highest level since the 1970s, it has been revealed.
However, given the fact that this growth has been driven by high commodity prices the continent needs assistance if trade is to be expanded, it was argued at a regional forum this week.
Donald Kaberuka, head of the African Development Bank (AfDB), believes that despite the fact that African economies grew by an average of five per cent this year and that future growth is predicted, action still needs to be taken to ensure expansion is maintained.
"Much of the recovery has been spurred by the price effects (of) rising demand for commodities," he told the 300 attendees at a meeting organised by the AfDB, World Trade Organisation (WTO), United Nations and World Bank, according to Reuters.
"The underlying conditions are still fragile and the structural weaknesses remain the same, implying vulnerability to price shifts. The work to be done in trade facilitation is at all levels: before the borders, at the borders and beyond the borders."
Africa's share of world trade is currently less than three per cent, the forum heard.
Further analysis of the commodities market could be supplied by Aranca, an end-to-end provider of on-demand, custom investment, business and economic research.
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