'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.