ABSTRACT
Soaring oil and other raw commodity prices as well as growing competition of global players to secure access to vital African resources brought promising prospects for growth and prosperity in Sub-Sahran Africa (Berg and Drummond 2008; OECD 2007; UN 2007; IMF 2007b). On average, Africa grew at about 6.5 per cent in 2007, well above the long-term trend for the fifth consecutive year, the longest growth phase for thirty-five years. All in all, Africa is better placed to withstand a deterioration of the global economic environment than in the 1990s and 1980s. However, growth rates show marked differences between oil- exporting countries and oil importers of 7.4 per cent and 4.7 per cent respectively. Nevertheless, even small landlocked countries profited from the newly gained independence in international relations, and increased bargaining power, provided by the quest of Asian super-powers for African resources and emerging markets.
