Major changes needed, new World Bank report says

Sub-Saharan Africa could, under the right conditions, end the cycle of missed opportunities and conflict that marred its prospects in the second half of the 20th century, according to a new report, the World Bank said on Wednesday.

The new World Bank report, ‘Can Africa Claim the 21st Century?’, notes that while war and discord have renewed doubts about Africa’s future, a more complex and encouraging reality is also unfolding.

It suggests that where countries, such as Mozambique and Ghana, have made key economic reforms, liberalizing markets and trade, improving economic management, and promoting private sector activity, growth and personal incomes have risen and poverty has been reduced.

Elsewhere on the continent, there is also good news, it says: Nigeria, for example, is rebuilding its economy and political system after years of hardship, private investment has picked up, and more effective regulation in key sectors such as opening up West Africa’s airspace to competition will also help to galvanize economic performance.