'Africa is diversifying away from commodities'

Africa is not as reliant
on commodities as many
think.
According to Michael
Lalor, director of strategy
and innovation for
Ernst & Young’s Africa
Business Center, Africa
did experience major
growth following the
increase in commodity
prices and resources did
have a role to play.
“Sub-Saharan Africa
has had a sustained
income growth over the
past decade with many
making the assumption
that it has been resourcedriven,
but if we look at
our growth curve from
2002 then it is clear
that less than a third of
this can be attributed to
resources.”
Lalor said this clearly
indicated that African
countries had managed to
diversify their economies
in the past ten years.
“The services sector
has been the biggest
driver of growth on the
continent with the latest
figures estimating a
contribution of around
58% to GDP,” he said.
“The various political
reforms have provided a
platform for growth,” he
added.