Sanou Mbaye on reasons for renewed growth in the continent:
Many factors have contributed to this upturn. Emerging-market demand has pushed up commodity prices. Urbanisation has given rise to a dynamic informal sector. Improved governance, higher food production, increased inter-regional trade, debt cancellation, better use of official development assistance (ODA), and thriving telecommunications and housing markets have helped as well.
But transfers from the African diaspora stand out as the most significant contributing factor. A study commissioned by the Rome-based International Fund for Agricultural Development indicates that more than 30 million individuals living outside their countries of origin contribute more than $40bn annually in remittances to their families and communities back home. For sub-Saharan African countries, remittances increased from $3.1bn in 1995 to $18.5bn in 2007, according to the World Bank, representing between 9% and 24% of GDP and 80-750% of ODA...[continue reading]
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