Category:African Union member economies
Pages in category "African Union member economies"
The following 51 pages are in this category, out of 51 total, this list may not reflect recent changes (learn more).
The following 51 pages are in this category, out of 51 total, this list may not reflect recent changes (learn more).
1. Economy of Algeria – In 2014, the Algerian economy expanded by 4%, up from 2. 8% in 2013. Growth was driven mainly by the oil and gas sector. In 2012, the Algerian economy grew by 2. 5%, excluding hydrocarbons, growth has been estimated at 5. 8%. Inflation is increasing and is estimated at 8. 9%, the oil and gas sector is the country’s main source of revenues, generated about 70% of total budget receipts. The economy is projected to grow by 3. 2% in 2013, the country’s external position remained comfortable in 2012, with a trade surplus of about USD27.18 billion. Oil and gas export earnings made up more than 97% of total exports, Algeria has enormous possibilities to boost its economic growth, including huge foreign-exchange reserves derived from oil and gas. A development strategy targeting stronger, sustained growth would create jobs, especially for young people. The total imports and exports on the eve of the French invasion did not exceed £175,000. By 1850, the figures had reached £5,000,000, in 1868, £12,000,000, in 1880, £17,000,000, from this point progress was slower and the figures varied considerably year by year. In 1905 the total value of the trade was £24,500,000. About five-sixths of the trade is with or via France, into which country several Algerian goods have been admitted duty-free since 1851, French goods, except sugar, have been admitted into Algeria without payment of duty since 1835. After the 1892 increase of the French minimum tariff which applied to Algeria for the first time, foreign trade greatly diminished. GDP per capita grew 40 percent in the Sixties reaching a growth of 538% in the Seventies But this proved unsustainable. Failure of timely reforms by successive governments caused the current GDP per capita to shrink by 28% in the Nineties and this is a chart of trend of gross domestic product of Algeria at market prices estimated by the International Monetary Fund with figures in millions of Algerian Dinars. For purchasing power parity comparisons, the US Dollar is exchanged at 70.01 Algerian Dinars only, average wages in 2007 hover around $18–22 per day. In March 2006, Russia agreed to erase $4.74 billion of Algerias Soviet-era debt during a visit by President Vladimir Putin to the country, Algerias economy has grown at about 4% annually since 1999. The countrys foreign debt has fallen from a high of $28 billion in 1999 to its current level of $5 billion, however, an ongoing drought, the after effects of the November 10,2001 floods and an uncertain oil market make prospects for 2002-03 more problematic. The government pledges to continue its efforts to diversify the economy by attracting foreign, President Bouteflika has announced sweeping economic reforms, which, if implemented, will significantly restructure the economyEconomy of Algeria – View of the oil port of Béjaïa.
2. Economy of Angola – The Economy of Angola is one of the fastest-growing in the world, with reported annual average GDP growth of 11.1 percent from 2001 to 2010. It is still recovering from 27 years of the war that plagued the country from its independence in 1975 to 2002. Despite extensive oil and gas resources, diamonds, hydroelectric potential, and rich land, Angola remains poor. Since 2002, when the 27-year civil war ended, the nation has worked to repair and improve ravaged infrastructure, the Portuguese explorer Diogo Cão reached the Angolan coast in 1484, after which Portugal began to found trading posts and forts along the shore. Paulo Dias de Novais founded Sāo Paulo de Loanda in 1575, são Felipe de Benguella followed in 1587. The principal early trade was in slaves, Portuguese merchants purchased the slaves from the local Imbangala and Mbundu peoples, notable slave hunters, and sold them to the sugarcane plantations in Brazil. Brazilian ships were frequent visitors to Luanda and Benguela and Angola functioned as a kind of colony of Brazil, with Brazilian Jesuits active in its religious, the Portuguese Empire was neglected during the period of the Iberian Union, which lasted from 1580 to 1640. The Dutch, bitter enemies of their masters in Spain. During Portugals separatist war against Spain, the Dutch occupied Luanda from 1640 to 1648, the Dutch used the territory to supply their own slaves to the sugarcane plantations of Northeastern Brazil, which they had also seized from Portugal. John Maurice, Prince of Nassau-Siegen, conquered the Portuguese possessions of Saint George del Mina, Saint Thomas, Portugal recovered the territory between 1648 and 1650. In the high plains, the Planalto, the most important native states were Bié and Bailundo, Portugal expanded into their territory, but did not control much of the interior prior to the late 19th century. The Portuguese started to develop townships, trading posts, logging camps, from 1764 onwards, there was a gradual change from a slave-based society to one based on production for domestic consumption and export. Following the independence of Brazil in 1822, the trade was formally abolished in 1836. However it did continue locally into the 20th century, in 1844, Angolas ports were opened to foreign shipping. The principal exports of the economy in the 19th century were rubber, beeswax. Maize, tobacco, dried meat and cassava flour also began to be locally produced, grains, sugar, and rum were also produced for local consumption. The principal imports were foodstuffs, cotton goods, hardware, legislation against foreign traders was implemented in the 1890s. The territorys prosperity, however, continued to depend on plantations worked by labor indentured from the interior, from the 1920s to the 1960s, strong economic growth, abundant natural resources and development of infrastructure, led to the arrival of even more Portuguese settlersEconomy of Angola – Luanda is the financial center of Angola
3. Economy of Benin – The economy of Benin remains underdeveloped and dependent on subsistence agriculture and cotton. Cotton accounts for 40% of GDP and roughly 80% of official export receipts, there is also production of textiles, palm products, and cocoa beans. Maize, beans, rice, peanuts, cashews, pineapples, cassava, yams, Benin began producing a modest quantity of offshore oil in October 1982. Production ceased in recent years but exploration of new sites is ongoing, a modest fishing fleet provides fish and shrimp for local subsistence and export to Europe. Formerly government-owned commercial activities are now privatized, a French brewer acquired the former state-run brewery. Smaller businesses are owned by Beninese citizens, but some firms are foreign owned, primarily French. The private commercial and agricultural sectors remain the principal contributors to growth, since the transition to a democratic government in 1990, Benin has undergone an economic recovery. The manufacturing sector is confined to light industry, which is mainly involved in processing primary products. The service sector has grown quickly, stimulated by economic liberalization and fiscal reform, membership of the CFA Franc Zone offers reasonable currency stability as well as access to French economic support. Benin sells its products mainly to France and, in quantities, to the Netherlands, Korea, Japan. France is Benins leading source for imports, Benin is also a member of the Economic Community of West African States. Despite its rapid growth, the economy of Benin still remains underdeveloped and dependent on agriculture, cotton production. Growth in real output averaged a sound 5% since 1996, but a population rise offset much of this growth on a per capita basis. Inflation has subsided over the past several years, commercial and transport activities, which make up a large part of GDP, are vulnerable to developments in Nigeria, particularly fuel shortages. Two major products involved such working conditions in Benin, cotton, benin’s financial sector is dominated by banks, and in general remains shallow. However, a series of reforms were undertaken in the 1990s, a legal framework regarding licensing, bank activities, organizational and capital requirements, inspections and sanctions is in place and underwent significant reforms in 1999. There is no customer deposit insurance system, Benin has a lively and diversified microfinance sector. Data from 2003 by the Central Bank stated a penetration rate of services of almost 60 percentEconomy of Benin – Cotonou is the largest city and economic capital of Benin
4. Economy of Botswana – Since independence, Botswana has had the highest average economic growth rate in the world, averaging about 9% per year from 1966 to 1999. Growth in private sector employment has averaged about 10% per annum over the first 30 years of independence, Botswana is also commended for the site of Africas longest and among the worlds longest economic booms. The relatively high quality of the countrys statistics means that these figures are likely to be quite accurate, the government has consistently maintained budget surpluses and has extensive foreign exchange reserves. Botswanas impressive economic record has been built on a foundation of diamond mining, prudent fiscal policies, international financial and technical assistance, and it is rated the least corrupt country in Africa, according to international corruption watchdog, Transparency International. By one estimate, it has the fourth highest gross income at purchasing power parity in Africa, giving it a standard of living around that of Mexico. Nevertheless, although Botswana is in ways a exemplar for countries in the region, its dependence on mining and high rate of HIV/AIDS infection. Trade unions represent a minority of workers in the Botswana economy, in general they are loosely organized in-house unions, although the Botswana Federation of Trade Unions is consolidating its role as the sole national trade union centre in the country. Agriculture still provides a livelihood for more than 80% of the population but supplies only about 50% of food needs, subsistence farming and cattle raising predominate. The sector is plagued by erratic rainfall and poor soils, Tourism is also important to the economy. Substantial mineral deposits were found in the 1970s and the sector grew from 25% of GDP in 1980 to 38% in 1998. Unemployment officially is 21% but unofficial estimates place it closer to 40%, the Orapa 2000 project doubled the capacity of the countrys main diamond mine from early 2000. This will be the force behind continued economic expansion. Economic growth slowed in 2005-2008, then turned negative in 2009 and this was due in part to a major recession in the industrial sector, which shrank by 30%, and contrasts with most other African nations who experienced continued growth through this period. Some of Botswanas budget deficits can be traced to relatively high military expenditures, some critics contend this is unnecessary, given the low likelihood of international conflict, but these troops are also used for multilateral operations and assistance efforts. One of the biggest problems is the level of economy diversification they have. In 2008, they depended largely on services, industry and agriculture strictly linked to the trade with South Africa, Botswana is part of the Southern African Customs Union with South Africa, Lesotho, Swaziland, and Namibia. The World Bank reports that in 2001, the SACU had a weighted average common external tariff rate of 3.6 percent, based on the revised trade factor methodology, Botswanas trade policy score is unchanged. The main export of Botswana is diamonds, Jwaneng, in Botswana, is the worlds largest and richest diamond mine thus the demand of diamonds from Botswana is fairly highEconomy of Botswana – Southern African Development Community headquarters in Gaborone
5. Economy of Burkina Faso – Burkina Faso has an average income purchasing-power-parity per capita of $1,666 and nominal per capita of $790 in 2014. More than 80% of the population relies on agriculture, with only a small fraction directly involved in industry. Highly variable rainfall, poor soils, lack of communications and other infrastructure, a low literacy rate. The export economy also remains subject to fluctuations in world prices, the country has a high population density, few natural resources, and a fragile soil. Industry remains dominated by unprofitable government-controlled corporations, maintenance of its macroeconomic progress depends on continued low inflation, reduction in the trade deficit, and reforms designed to encourage private investment. The Burkinabé financial system represents 30% of the country’s GDP and is dominated by the banking sector, eleven banks and five non-bank financial institutions operate in the country. The banking sector is concentrated, with the three largest banks holding nearly 60% of total financial sector assets. Banks are generally adequately capitalized, but remain vulnerable due to their overexposure to the cotton sector, as of 2007, the World Bank estimated that 26% of the Burkinabé population has access to financial services. The Central Bank of the West African States reports that about 41 microfinance institutions operate in the country, Burkina Faso is a member of the regional Bourse Regional des Valeurs Mobilières located in Abidjan, Ivory Coast. As of 2009, the regional stock market capitalization reached nearly 10% of Burkina Faso’s GDP. Burkina Faso was ranked the 111th safest investment destination in the world in the March 2011 Euromoney Country Risk rankings and this is a chart of trend of gross domestic product of Burkina Faso at market prices estimated by the International Monetary Fund with figures in millions of CFA Francs. For purchasing power parity comparisons, the US Dollar is exchanged at 470.70 CFA Francs only, mean wages were $0.56 per man-hour in 2009. Current GDP per capita of Burkina Faso grew 13% in the Sixties reaching a growth of 237% in the Seventies. But this proved unsustainable and growth scaled back to 23% in the Eighties. Finally, it shrank by 37% in the Nineties, average wages in 2007 hover around 2 to 3 dollars per day. Although handicapped by an extremely resource-deprived domestic economy, Burkina Faso remains committed to the adjustment program it launched in 1991. It has largely recovered from the devaluation of the CFA in January 1994, many Burkinabé migrate to neighbouring countries for work, and their remittances provide a substantial contribution to the balance of payments. The agricultural economy highly vulnerable to fluctuations in rainfallEconomy of Burkina Faso – Burkina Faso Exports Treemap (2009)
6. Economy of Burundi – Burundi is a landlocked, resource-poor country with an underdeveloped manufacturing sector. The mainstay of the Burundian economy is agriculture, accounting for 54% of GDP in 1997, agriculture supports more than 70% of the labour force, the majority of whom are subsistence farmers. Large numbers of displaced persons have been unable to produce their own food and are largely dependent on international humanitarian assistance. Burundi is a net importer, with food accounting for 17% of imports in 1997. Little industry exists except the processing of agricultural exports, although potential wealth in petroleum, nickel, copper, and other natural resources is being explored, the uncertain security situation has prevented meaningful investor interest. Industrial development also is hampered by Burundis distance from the sea, lake Tanganyika remains an important trading point. The trade embargo, lifted in 1999, negatively impacted trade, since October 1993 the nation has suffered from massive ethnic-based violence which has resulted in the death of perhaps 250,000 people and the displacement of about 800,000 others. Foods, medicines, and electricity remain in short supply, Burundi is heavily dependent on bilateral and multilateral aid, with external debt totalling $1.247 billion in 1997. IMF structural adjustment programs in Burundi were suspended following the outbreak of the crisis in 1993, the World Bank has identified key areas for potential growth, including the productivity of traditional crops and the introduction of new exports, light manufactures, industrial mining, and services. Other serious problems include the role in the economy, the question of governmental transparency. To protest the 1996 coup by President Pierre Buyoya, neighbouring countries imposed an embargo on Burundi. Although the embargo was never ratified by the United Nations Security Council. Following the coup, the United States also suspended all but humanitarian aid to Burundi, the regional embargo was lifted on January 23,1999, based on progress by the government in advancing national reconciliation through the Burundi peace process. In 2014, the size for a farm was about one acre. FP added that The consequence is remarkable scarcity, In the 2013 Global Hunger Index, Burundi had the severest hunger, economy of Burundi at DMOZ Burundi latest trade data on ITC Trade MapEconomy of Burundi – Fisherman on Lake Tanganyika
7. Economy of Cameroon – For a quarter of a century following independence, Cameroon was one of the most prosperous countries in Africa. Real per capita GDP fell by more than 60% from 1986 to 1994, the current account and fiscal deficits widened, and foreign debt grew. Yet because of its oil reserves and favorable conditions, Cameroon still has one of the best-endowed primary commodity economies in sub-Saharan Africa. This is a chart of trend of gross product of Cameroon at market prices estimated by the International Monetary Fund with figures in millions of Central African CFA Francs. The government embarked upon a series of reform programs supported by the World Bank. Many of these measures have been painful, the government slashed civil service salaries by 65% in 1993, the CFA franc — the common currency of Cameroon and 13 other African states — was devalued by 50% in January 1994. The government failed to meet the conditions of the first four IMF programs, as of March 1998, Cameroons fifth IMF program — a 3-year enhanced structural adjustment program approved in August 1997 — is on track. Cameroon has rescheduled its Paris Club debt at favorable terms, GDP has grown by about 5% a year beginning in 1995. There is cautious optimism that Cameroon is emerging from its period of economic hardship. France is Cameroons main trading partner and source of private investment, Cameroon has an investment guaranty agreement and a bilateral accord with the United States. USA investment in Cameroon is about $1 million, most of it in the oil sector, inflation has been brought back under control. Cameroon aims at becoming emerging by 2035, cameroon’s financial system is the largest in the CEMAC region. Access to financial services is limited, particularly for SMEs, as of 2006, bank loans to SMEs hardly reached 15 percent of total outstanding loans. Less than 5 percent of Cameroonians have access to a bank account, while the microfinance sector is consequently becoming increasingly important, its development is hampered by a loose regulatory and supervisory framework for microfinance institutions. The banking sector is concentrated and dominated by foreign commercial banks. 6 out of the 11 largest commercial banks are foreign-owned, while foreign banks generally display good solvency ratios, small domestic banks are in a much weaker position. Their capitalization is well below the average of banks in the CEMAC region and their profits are close to 2 percent, Cameroon Transport in Cameroon Economy of Cameroon at DMOZ Cameroon latest trade data on ITC Trade Map World Bank Summary Trade Statistics CameroonEconomy of Cameroon – Douala, the economic capital of Cameroon
8. Economy of Cape Verde – Cape Verde is a small archipelagic nation that lacks resources and has experienced severe droughts. Agriculture is made difficult by lack of rain and is restricted to four islands for most of the year. Most of the nations GDP comes from the service industry, Cape Verde has significant cooperation with Portugal at every level of the economy, which has led it to link its currency first to the Portuguese escudo and, in 1999, to the euro. About 75% of food is imported, Cape Verde annually runs a high trade deficit, financed by foreign aid and remittances from emigrants, remittances constitute a supplement to GDP of more than 20%. Economic reforms, launched by the new government in 1991, are aimed at developing the private sector. Since 1991, the policies the government has pursued include a welcome to foreign investors. Fish and shellfish are plentiful, and small quantities are exported, Cape Verde has cold storage and freezing facilities as well as fish processing plants in Mindelo, Praia, and on Sal. However, the potential, mostly lobster and tuna, is not fully exploited. The economy is service-oriented, with commerce, transport, and public accounting for almost 70% of the GDP. Although nearly 35% of the lives in rural areas, the share of agriculture in GDP in 2010 was only 9. 2%, of the 1998 total. In 1994-95 Cape Verde received a total of about U. S. $50 million in investments, of which 50% was in industry, 19% in tourism. Prospects for 2000 depend heavily on the maintenance of aid flows, remittances, mining is an insignificant contributor to the countrys economy. Most of the countrys mineral requirements are imported, Cape Verde was not a natural gas or petroleum producer as of 2007. Cape Verdes strategic location at the crossroads of air and sea lanes has been enhanced by significant improvements at Mindelos harbor. Ship repair facilities at Mindelo were opened in 1983, and the harbors at Mindelo, the major ports are Mindelo and Praia, but all other islands have small port facilities, some of which are to be expanded in the near future. The archipelago has 3,050 kilometers of roads, of which 1,010 kilometers are paved, the new Praia International Airport is currently operative. Cape Verde is considered a country, and is included on the list of the United Nations Small Island Developing States. In 2007 the United Nations graduated Cape Verde from the category of Least Developed Countries, on December 18,2007, the General Council of the World Trade Organization approved a package for the accession of Cape Verde to the WTOEconomy of Cape Verde – A market place in Praia
9. Economy of the Central African Republic – The Central African Republic is classified as one of the worlds least developed countries, with an estimated annual per capita income of $547 PPP. Sparsely populated and landlocked, the nation is overwhelmingly agrarian, the vast bulk of the population engages in subsistence farming and 55% of the countrys GDP arises from agriculture. Subsistence agriculture, together with forestry, remains the backbone of the economy of the Central African Republic, principal food crops include cassava, peanuts, sorghum, millet, maize, sesame, and plantains. Principal cash crops for export include cotton, coffee, and tobacco, timber has accounted for about 16% of export earnings and the diamond industry for nearly 54%. Much of the limited electrical supply is provided by hydroelectric plants located in Boali. Fuel supplies must be barged in via the Oubangui River or trucked overland through Cameroon, resulting in frequent shortages of gasoline, diesel, the C. A. R. s transportation and communication network is limited. The country has only 429 kilometers of paved road, limited international, and no air service. River traffic on the Oubangui River is impossible from April to July, the telephone system functions, albeit imperfectly. Four radio stations operate in the C. A. R. as well as one television station. Numerous newspapers and pamphlets are published on a basis. There are 22.9 million hectares of forest, but only 3.4 million hectares of dense forest, the CAR’s exploitable forests cover 27 million hectares, or 43% of the total land area. Transportation bottlenecks on rivers and lack of connections are serious hindrances to commercial exploitation. Most timber is shipped down the Ubangi and Zaire rivers and then on the Congo railway to the Atlantic, more than a dozen types of trees are felled, but 95 percent of the total is composed of obeche, sapele, ebony, and sipo. A dozen sawmills produced 516,000 m3 of sawn logs, the government is encouraging production of plywood and veneer. Roundwood removals were estimated at 2.8 million m3 in 2003, competition from lower-cost Asian and Latin American loggers has hurt the local industry, which is encumbered with high transportation and labor costs. In 2003, the country exported $89.8 million of forest products, the country has rich but largely unexploited natural resources in the form of diamonds, gold, uranium, and other minerals. There may be petroleum deposits along the northern border with Chad. Diamonds are the only of these mineral resources currently being developed, reported sales of largely uncut diamonds range between 20-30% of the CARs export earningsEconomy of the Central African Republic – OBangui Hotel in Bangui
10. Economy of Chad – Landlocked Chads economic development suffers from its geographic remoteness, drought, lack of infrastructure, and political turmoil. About 85% of the population depends on agriculture, including the herding of livestock, of Africas Francophone countries, Chad benefited least from the 50% devaluation of their currencies in January 1994. Financial aid from the World Bank, the African Development Bank, because of lack of financing, the development of oil fields near Doba, originally due to finish in 2000, was delayed until 2003. It was finally developed and is now operated by Exxon Mobil Corporation, Chad Economy of Africa General This article incorporates public domain material from the CIA World Factbook website https, //www. cia. gov/library/publications/the-world-factbook/index. html. Economy of Chad at DMOZ Chad latest trade data on ITC Trade Map World Bank -- Chad-Cameroon Pipeline ProjectEconomy of Chad – A tailor in Chad
11. Economy of the Comoros – The Comoros is made up of three islands that have inadequate transportation links, a young and rapidly increasing population, and few natural resources. The low educational level of the labor force contributes to a level of economic activity, high unemployment. The Comoros, with a gross domestic product per capita income of about $700, is among the worlds poorest and least developed nations. Although the quality of the land differs from island to island, as a result, most of the inhabitants make their living from subsistence agriculture and fishing. Average wages in 2007 hover around $3–4 per day, agriculture, including fishing, hunting, and forestry, is the leading sector of the economy. It contributes 40% to GDP, employs 80% of the labor force, the country is not self-sufficient in food production, rice, the main staple, accounts for the bulk of imports. Continued foreign support is essential if the goal of 4% annual GDP growth is to be met, at 24 percent of GDP, remittances constitute an important source of inflows for the Comorian economy. The GDP per capita of the Comoros grew 55% in the 1980s, but this proved unsustainable and it consequently shrank by 42% in the Nineties. During the colonial period, the French and local leading citizens established plantations to grow crops for export. A serious consequence of this approach has been the languishing of the agricultural sector. In 1993 the Comoros remained hostage to fluctuating prices on the market for such crops as vanilla, ylang-ylang. The Comoros is one of the worlds poorest countries, its per capita gross national product was estimated at US$400 in 1994, following the January devaluation of the Comorian franc. Gross domestic product grew in real terms by 4.2 percent per year from 1980 to 1985,1.8 percent from 1985 to 1988, and 1.5 percent in 1990. In 1991, because of its balance of payments difficulties, the Comoros became eligible for the IDAs Special Program of Assistance for debt-distressed countries of sub-Saharan Africa, the economy is based on private ownership, frequently by foreign investors. Nationalization, even during the Soilih years, has been limited, Soilih did expropriate the facilities of a foreign oil company, but only after the government of Madagascar took over the companys plants in that country. The nationalization was short-lived, however, because Socovia and other enterprises were either liquidated or privatized as part of economic restructuring efforts in 1992. The government delayed implementing the structural adjustment plan and was directed by the World Bank, the plan recommendations entailed discharging about 2,800 of 9,000 civil servants, among other unpopular measures. The IMF granted the Comoros a new credit for US$1.9 million in March 1994 under the Structural Adjustment Facility, for the period 1994-96, the Comoros sought an economic growth rate of 4 percent as well as an inflation rate of 4 percent for 1995-96Economy of the Comoros – A market place in Moroni
12. Economy of the Democratic Republic of the Congo – Sparsely populated in relation to its area, the Democratic Republic of the Congo is home to a vast potential of natural resources and mineral wealth. Its untapped deposits of raw minerals are estimated to be worth in excess of US$24 trillion, despite this, the economy has declined drastically since the mid-1980s. At the time of its independence in 1960, the Democratic Republic of the Congo was the second most industrialized country in Africa after South Africa and it boasted a thriving mining sector and its agriculture sector was relatively productive. Since then, corruption, war and political instability have been a detriment to further growth. Malnutrition affects approximately two thirds of the countrys population, agriculture is the mainstay of the economy, accounting for 57. 9% of GDP in 1997. In 1996, agriculture employed 66% of the work force, the economy of the third largest country in Africa relies heavily on mining. However, much activity occurs in the informal sector and is not reflected in GDP data. In 2006 Transparency International ranked the Democratic Republic of the Congo 156 out of 163 countries in the Corruption Perception Index, tying Bangladesh, Chad, President Joseph Kabila established the Commission of Repression of Economic Crimes upon his ascension to power in 2001. The conflicts in the DRC were over water, minerals, political agendas have worsened the economy, as in times of crisis, the elite benefit while the general populace suffers. This is worsened as a result of national and international corporations. The corporations instigate and allow the fighting for resources because they benefit from it, a large proportion of fatalities in the country are attributed to a lack of basic services, which is a reflection of the treatment of the citizens of the DRC. The influx of refugees since the war in 1998 only serves to worsen the issue of poverty, money of the taxpayers in the DRC is often misappropriated by the corrupt leaders of the country, who often use the money to benefit themselves instead of the citizens of the DRC. The DRC is consistently rated the lowest on the UN Human Development Index, forced labor was important for the rural sector. The corporations that dominated the economy were mostly owned by Belgium, independence caused the Congo to become the most industrialized country in Sub-Saharan Africa, after South Africa. The 1950s were a period of rising income and expectations, Congo was said to have the best public health system in Africa, but there was also a huge wealth disparity. Belgian companies favored workers in areas more and exported them to work in different areas. Favored groups also received education and were able to secure jobs for people in the same ethnic group which increased tensions. In 1960 there were only 16 university graduates out of a population of 20 million, Belgium still had economic power and independence gave little opportunity for improvementEconomy of the Democratic Republic of the Congo – Kinshasa, capital and economic center of the Democratic Republic of the Congo
13. Economy of the Republic of the Congo – Petroleum has supplanted forestry as the mainstay of the economy, providing a major share of government revenues and exports. Nowadays the country is increasingly converting natural gas to electricity rather than burning it, earlier in the 1990s, Congos major employer was the state bureaucracy, which had a payroll of 80,000, which is enormous for a country of Congos size. Between 1994-96, the Congolese economy underwent a difficult transition, the prospects for building the foundation of a healthy economy, however, were better than at any time in the previous 15 years. Congo took a number of measures to liberalize its economy, including reforming the tax, investment, labor, planned privatizations of key parastatals, primarily telecommunications and transportation monopolies, were launched to help improve a dilapidated and unreliable infrastructure. To build on the momentum achieved during the period, the International Monetary Fund approved a three-year ESAF economic program in June 1996. By the end of 1996, Congo had made progress in various areas targeted for reform. It made significant strides toward macroeconomic stabilization through improving public finances and this change was accompanied by improvements in the structure of expenditures, with a reduction in personnel expenditures. Further, Congo benefited from debt restructuring from a Paris Club agreement in July 1996 and this reform program came to a halt, however, in early June 1997 when war broke out. However, economic progress was badly hurt by slumping oil prices in 1998, a second blow was the resumption of armed conflict in December 1998. Congos economic prospects remain largely dependent on the ability to establish political stability. The World Bank is considering Congo for post-conflict assistance, priorities will be in reconstruction, basic services, infrastructure, and utilities. President Sassou has publicly expressed interest in moving forward on economic reforms and privatization, however, the return of armed conflict in 1998 hindered economic reform and recovery. Congo and the United States ratified a bilateral investment treaty designed to facilitate, the country also adopted a new investment code intended to attract foreign capital. Despite this, Congos investment climate is not considered favorable, offering few meaningful incentives, the recent political instability, war damage, and looting also will undermined investor confidence. As a result, Congo has little American investment outside of the oil sector, the Congos growing petroleum sector is by far the countrys major revenue earner. In the early 1980s, rapidly rising oil revenues enabled the government to finance development projects with GDP growth averaging 5% annually. However, the government has mortgaged a substantial portion of its oil earnings, the Congolese oil sector is dominated by the French parastatal oil company Elf Aquitaine, which accounts for 70% of the countrys annual oil production. In second position is the Italian oil firm eni, chevron, independent CMS Nomeco, and Exxon Mobil are among the American companies active in petroleum exploration or productionEconomy of the Republic of the Congo – Brazzaville is the economic center of the Republic of Congo
14. Economy of Ivory Coast – The economy of Ivory Coast is stable and currently growing, in the aftermath of political instability in recent decades. The Ivory Coast is largely market-based and depends heavily on the agricultural sector, almost 70% of the Ivorian people are engaged in some form of agricultural activity. GDP per capita grew 82% in the 1960s, reaching a growth of 360% in the 1970s. But this proved unsustainable and it shrank by 28% in the 1980s and this coupled with high population growth resulted in a steady fall in living standards. Gross national product per capita, now rising again, was about US$727 in 1996, the 50% devaluation of franc zone currencies on 12 January 1994 caused a one-time jump in the inflation rate to 26% in 1994, but the rate fell sharply in 1996-1999. Moreover, government adherence to donor-mandated reforms led to a jump in growth to 5% annually in 1996-99, a majority of the population remains dependent on smallholder cash crop production. Principal exports are cocoa, coffee, and tropical woods, principal U. S. exports to Ivory Coast are rice and wheat, plastic materials and resins, Kraft paper, agricultural chemicals, telecommunications, and oil and gas equipment. Principal U. S. imports are cocoa and cocoa products, petroleum, rubber, by developing-country standards, Ivory Coast has an outstanding infrastructure. Ivory Coasts location and connections to neighboring countries makes it a platform from which Europeans conduct West African business operations. The city of Abidjan is one of the most modern and liveable cities in the region for wealthy French expatriates and its school system is highly regarded and includes an excellent international school based on a U. S. curriculum and several excellent French-based schools. Ivory Coast has stepped up public investment programs after the stagnation of the pre-devaluation era, the governments public investment plan accords priority to investment in human capital, but it also will provide for significant spending on economic infrastructure needed to sustain growth. Continued infrastructure development is expected to occur because of private sector activity. Mean wages were $1.05 per man-hour in 2009, Ivory Coast is among the worlds largest producers and exporters of coffee, cocoa beans, and palm oil. Consequently, the economy is highly sensitive to fluctuations in prices for these products. Despite attempts by the government to diversify the economy, it is largely dependent on agriculture. Forced labor by children bought and sold as slaves is endemic in cacao production, much of the country lies within tsetse-infested areas, and cattle are therefore concentrated in the more northerly districts. In 2004 there were an estimated 1,460,000 head of cattle,1,192,000 goats,1,523,000 sheep, there are 33 million chickens,31,214 tons of eggs were produced in 2004. Milk production is small and there are no processing facilities so the milk is consumed fresh, in 2004, meat productions included, beef,52,200, poultry,69,300, pork,11,760, and sheep and goat,9,429Economy of Ivory Coast – Abidjan is one of the financial centers in Côte d'Ivoire and West Africa.
15. Economy of Djibouti – The economy of Djibouti is derived in large part from its strategic location on the Red Sea. Djibouti is mostly barren, with development in the agricultural and industrial sectors. The country has a climate, a largely unskilled labour force. The country’s most important economic asset is its strategic location connecting the Red Sea, as such, Djibouti’s economy is dominated by the services sector, providing services as both a transit port for the region and as an international transshipment and refueling centre. From 1991 to 1994, Djibouti experienced a war which had devastating effects on the economy. Since then, the country has benefited from political stability, in recent years, Djibouti has seen significant improvement in macroeconomic stability, with its annual gross domestic product improving at an average of over 3 percent since 2003. This comes after a decade of negative or low growth and this is attributed to fiscal adjustment measures aimed at improving public financing, as well as reforms in port management. Despite the recent modest and stable growth, Djibouti is faced with economic challenges, particularly job creation. With an average population growth rate of 2.5 percent. Unemployment is extremely high at over 43 percent and is a contributor to widespread poverty. Efforts are needed in creating conditions that will enhance private sector development and these conditions can be achieved through improvements in macroeconomic and fiscal framework, public administration, and labour market flexibility. Djibouti was ranked the 177th safest investment destination in the world in the March 2011 Euromoney Country Risk rankings, Djibouti has experienced stable economic growth in recent years as a result of achievements in macroeconomic adjustment efforts. From 2003 to 2005, annual real GDP growth averaged 3.1 percent driven by performance in the services sector. Inflation has been low, due to the fixed peg of the Djibouti franc to the US dollar. However, as mentioned above, unemployment has remained high at over 40 percent in recent years, Djiboutis gross domestic product expanded by an average of more than 6 percent per year, from US$341 million in 1985 to US$1.5 billion in 2015. The government fiscal balance is in deficit because the government has not been able to raise sufficient tax revenues to cover expenses, in 2004, a substantial increase in expenditure resulted in a deterioration of the fiscal position. As a result, the government deficit increased to US$17 million in 2004 from US$7 million in 2003, but improvement in expenditure management brought down the fiscal deficit to US$11 million in 2005. Djibouti’s merchandise trade balance has shown a large deficit and this is due to the countrys enormous need for imports and narrow base of exportsEconomy of Djibouti – Port of Djibouti
16. Economy of Egypt – The economy of Egypt was a highly centralized planned economy focused on import substitution under President Gamal Abdel Nasser. Egypt has a stable mixed economy enjoying average growth, averaging 3%–5% in the past quarter-century. Nationalization reduced the importance of the private sector. There was no stock trading to speak of, all banks and financial institutions were under the public sector, inter-War, 1967–1973, adversely affected the performance of the economy and public sector role in import substitution. External Debt Crisis, 1985–1990, the debt crisis and Paris Club rescheduling. Egypt faced the long term supply- and demand-side repercussions of the financial crisis on the national economy. The Egyptian economy is suffering from a severe downturn following the 2011 revolution. Political and institutional uncertainty, a perception of rising insecurity and sporadic unrest continue to affect economic growth. Under comprehensive economic reforms initiated in 1991, Egypt has relaxed many price controls, reduced subsidies, reduced inflation, cut taxes, Manufacturing had become less dominated by the public sector, especially in heavy industries. A process of public sector reform and privatization has begun to enhance opportunities for the private sector, Agriculture, mainly in private hands, has been largely deregulated, with the exception of cotton and sugar production. Construction, non-financial services, and domestic wholesale and retail trades are largely private and this has promoted a steady increase of GDP and the annual growth rate. The Government of Egypt tamed inflation bringing it down from double-digit to a single digit, currently, GDP is rising smartly by 7% per annum due to successful diversification. Based on national currency, GDP per capita at constant 1999 prices increased from EGP411 in 1981, to EGP2098 in 1991, to EGP5493 in 2001 and to EGP8708 in 2006. Based on the current US$ prices, GDP per capita increased from US$587 in 1981, to US$869 in 1991, to US$1461 in 2001, According to the World Bank Country Classification, Egypt has been promoted from the low income category to lower middle income category. As of 2013, the average salaries in Egypt reached LE641. The reform programme is a work in progress, noteworthy that the reform record has substantially improved since Nazif government came to power. Egypt has made progress in developing its legal, tax. Indeed, over the past five years, Egypt has passed, amended and admitted over 15 legislative pieces, the economy is expected to grow by about 4% to 6% in 2009/2010Economy of Egypt – Cairo is the financial capital of Egypt
17. Economy of Equatorial Guinea – Equatorial Guinea is a small nation of 1.2 million located on the west coast of Central Africa which gained independence from Spain in 1968. However, the country has been ranked only 138th out of 188 countries on the United Nations Human Development Index in 2015, pre-independence Equatorial Guinea counted on cocoa production for hard currency earnings. In 1959 it had the highest per capita income of Africa which it still has, the discovery of large oil reserves in 1996 and its subsequent exploitation have contributed to a dramatic increase in government revenue. As of 2004, Equatorial Guinea is the third-largest oil producer in Sub-Saharan Africa and its oil production has risen to 360,000 barrels per day, up from 220,000 barrels per day only two years earlier. Forestry, farming, and fishing are major components of GDP. However, the government has stated its intention to reinvest some oil revenue into agriculture, a number of aid programs sponsored by the World Bank and the IMF have been cut off since 1993 because of corruption and mismanagement. No longer eligible for concessional financing because of oil revenues. Businesses, for the most part, are owned by government officials, undeveloped natural resources include titanium, iron ore, manganese, uranium, and alluvial gold. Growth remained strong in 2005 and 2006, led by oil, Oil and gas exports have increased substantially and will drive the economy for years to come. The GDP increased by 105. 2% in 1997, and real GDP growth reached 23% in 1999, per capita income grew from about $1,000 in 1998 to about $2,000 in 2000. The energy export sector is responsible for rapid growth. Oil production has increased from 81,000 barrels per day to 210,000 barrels per day between 1998 and early 2001, there is ongoing additional development of existing commercially viable oil and gas deposits as well as new exploration in other offshore concessions. Following independence in 1968, the country suffered under a dictatorship for 11 years. The agricultural sector, which historically was known for cocoa of the highest quality, has never fully recovered, in 1969 Equatorial Guinea produced 36,161 tons of highly bid cocoa, but production dropped to 4,800 tons in 2000. Coffee production also dropped sharply during this period to bounce back to 100,000 metric tons in 2000, timber is the main source of foreign exchange after oil, accounting for about 12. 4% of total export earnings in 1996-99. Timber production increased steadily during the 1990s, wood exports reached a record 789,000 cubic meters in 1999 as demand in Asia gathered pace after the 1998 economic crisis, most of the production goes to exports, and only 3% is processed locally. Environmentalists fear that exploitation at this level is unsustainable and point out to the permanent damage already inflicted on the reserves on Bioko. Consumer price inflation has declined from the 38. 8% experienced in 1994 following the CFA franc devaluation, to 7. 8% in 1998, consumer prices rose about 6% in 2000, according to initial estimates, and there was anecdotal evidence that price inflation was accelerating in 2001Economy of Equatorial Guinea – Old Banknote of Equatorial Guinea
18. Economy of Eritrea – The Economy of Eritrea has experienced considerable growth in recent years, indicated by an improvement in Gross domestic product in October 2012 of 7.5 percent over 2011. However, worker remittances from abroad are estimated to account for 32 percent of domestic product. Eritrea has an amount of resources such as copper, gold, granite, marble. The Eritrean economy has undergone changes due to the War of Independence. In 2011, Eritreas GDP grew by 8.7 percent making it one of the fastest growing economies in the world, the Economist Intelligence Unit expects it to maintain a high growth rate of 8.5 percent in 2013. In the early 1950s, when Eritrea was awarded to Ethiopia, it possessed a far more sophisticated urban, Eritrean critics said industrialization in the years since then focused on other parts of Ethiopia. Ethiopia nationalized Eritrea’s 42 largest factories and systematically dismantled the Eritrean industrial sector during the civil war. By the time of its independence from Ethiopia in 1991, Eritrea’s economy had been destroyed by war and was dependent on income from ports and its agricultural base. The onset of conflict with Ethiopia, which lasted from 1998 to 2000, halted all trade, severely reducing port activity. According to World Bank estimates, Eritrea lost US$225 million worth of livestock and 55,000 homes during the war, GDP growth fell to zero in 1999 and to -1% in 2000. Planting of crops was prevented in Eritreas most productive western region, damage to public buildings is estimated at US$24 million. Eritreas GDP, estimated at $4.037 billion in 2011, is 8.7 percent above the GDP in 2010, the growth was due to increased agricultural output and the expansion of the mining industry along with increasing gold prices. The growth of the GDP, however, is compromised by the ongoing, in 2004, agriculture employed nearly 80 percent of the population but accounted for only 12.4 percent of gross domestic product in Eritrea. The agricultural sector has improved with the use of farming equipment and techniques. Nevertheless, it is compromised by a lack of financial services, major agricultural products are barley, beans, dairy products, lentils, meat, millet, leather, sorghum, teff, and wheat. Currently, almost a quarter of the country’s most productive land remains unoccupied because of the effects of the 1998–2000 war with Ethiopia. Although forestry is not a significant economic activity in Eritrea, its area covers 1,585,000 hectares. Total roundwood production in 2004 was 1,266,000 cubic meters, reliable figures on the extent and value of the fishing industry in Eritrea are difficult to obtainEconomy of Eritrea – Eritrean nakfa
19. Economy of Ethiopia – The economy of Ethiopia is a mixed and transition economy with a large public sector. Ethiopian government is in the process privatizing many of the state-owned businesses, however, the banking, telecommunication and transportation sectors of the economy are dominated by government-owned companies. Ethiopia has one of the economies in the world and is Africa’s second most populous country. Many properties owned by the government during the regime have now been privatized and are in the process of privatization. The country must create hundreds of thousands of jobs every year just to keep up with population growth. The Ethiopian constitution defines the right to own land as belonging only to the state and the people, but citizens may lease land. Various groups and political parties have sought for full privatization of land, while opposition parties are against privatization. The current government has embarked on a program of reform, including privatization of state enterprises. While the process is ongoing, the reforms have begun to attract much-needed foreign investment. Despite recent improvements, Ethiopia remains one of the poorest nations in the world, though the issuing of minted coins didnt begin until around 270, metal coins may have been used in Aksum centuries prior to centralized minting. The Periplus of the Erythraean Sea mentions that Aksum imported brass which they use for ornaments and for cutting as money, some outside influences encouraging the use of coins is undeniable. Roman, Himyarite, and Kushana coins have all found in major Aksumite cities. The minting of coins began around 270 CE, beginning with the reign of Endubis, around the 5th–8th century, the coffee plant was introduced into the Arab world from Ethiopia. Coffea arabica, the most highly regarded species, is native to the highlands of Ethiopia. Long before the cultivation of coffee, however, other crops like finger millet, teff, sorghum, lablab bean. As of 2015, agriculture accounts for almost 40. 5% of GDP,81 percent of exports, many other economic activities depend on agriculture, including marketing, processing, and export of agricultural products. Production is overwhelmingly of a nature, and a large part of commodity exports are provided by the small agricultural cash-crop sector. Principal crops include coffee, pulses, oilseeds, cereals, potatoes, sugarcane, and vegetables. 9% of the world exports, Ethiopia is Africas second biggest maize producerEconomy of Ethiopia – Commercial Bank of Ethiopia in Addis Ababa
20. Economy of Gabon – Gabon enjoys a per capita income four times that of most nations of sub-Saharan Africa, its reliance on resource extraction industry releasing much of the population from extreme poverty. Gabon depended on timber and manganese until oil was discovered offshore in the early 1970s, the oil sector now accounts for 50% of GDP and 80% of exports. In 2012 there were six active oil rigs in Gabon, public expenditures from the years of significant oil revenues have not been spent well. Overspending on the Trans-Gabon Railway, the oil collapse of the 1980s. Gabon has earned a reputation with the Paris Club and the International Monetary Fund for management of its debt. IMF missions have criticized the government for overspending on off-budget items, over-borrowing from the Central Bank, gabons oil revenues have given it a per capita GDP of more than $10,000, unusually high for the region. On the other hand, an income distribution and poor social indicators are evident. The economy is dependent on extraction of abundant primary materials. After oil, timber and manganese mining are the major sectors. Gabon continues to face fluctuating prices for its oil, timber, manganese, foreign and Gabonese observers have consistently lamented the lack of transformation of primary materials in the Gabonese economy. The small processing and service sectors are dominated by just a few prominent local investors. In 1992, Gabon failed to settle arrears on its debt, leading to a cancellation of rescheduling agreements with official. Devaluation of its CFA franc by 50% on 12 January 1994 sparked a one-time inflationary surge, to 35%, the IMF provided a one-year standby arrangement in 1994–1995 and a three-year Extended Fund Facility at near-commercial rates beginning in late 1995. Those agreements mandate progress in privatization and fiscal discipline, France provided additional financial support in January 1997 after Gabon had met IMF targets for mid-1996. The rebound of oil prices in 1999 helped growth, but drops in production hampered Gabon from fully realizing potential gains, animal husbandry is limited by the presence of the tsetse fly, though tsetse-resistant cattle have recently been imported from Senegal to a cattle project. In 2005 there were an estimated 212,000 hogs,195,000 sheep,90,000 goats,35,000 head of cattle, and 3.1 million chickens. In an effort to reduce Gabon’s reliance on imports, the government set aside 200,000 hectares in Gabon’s unpopulated Savannah region for three ranches at Ngounie, Nyanga, and Lekabi. Currently, however, frozen imports are the most important source of beef, poultry production satisfies about one-half of Gabon’s consumption demandEconomy of Gabon – Libreville is the capital and financial center of Gabon
21. Economy of the Gambia – The Gambia has no important mineral or other natural resources, and has a limited agricultural base. About 75% of the population depends on crops and livestock for its livelihood, small-scale manufacturing activity features the processing of peanuts, fish, and animal hides. Short-run economic progress remains highly dependent on aid, and on responsible government economic management as forwarded by International Monetary Fund technical help. Current GDP per capita of the Gambia registered a growth of 23. 3% in the 1970s. Economic growth slowed by 8. 30% in the 1980s and a further 5. 20% in the 1990s, the Gambia has benefited from a rebound in tourism after its decline in response to the militarys takeover in July 1994. This is a chart of trend of gross product of Gambia at market prices estimated by the International Monetary Fund with figures in millions of Dalasi. For purchasing power parity comparisons, the US dollar is exchanged at 4.35 Dalasi only, average wages in 2007 hover around $1–2 per day. Agriculture accounts for 23% of gross product and employs 75% of the labor force. Within agriculture, peanut production accounts for 5. 3% of GDP, other crops 8. 3%, livestock 4. 4%, fishing 1. 8%, industry accounts for 12% of GDP. Manufacturing accounts for 6% of GDP, the limited amount of manufacturing is primarily agriculturally based. Other manufacturing activities include soap, soft drinks, and clothing, services account for 19% of GDP. Tourism in Gambia has three major strands, there is the traditional sun seeking holiday making use of the hot climate and wonderful beaches. The Gambia is also usually the first African destination for many European birders, in view of its easily accessed, there are also a significant number of African Americans tracing their roots in this country, from which so many Africans were taken during the slave trade. The tourist season is the dry season, during the Northern Hemisphere winter, in FY1999, the UK and other EU countries were the Gambias major domestic export markets, accounting for 86% of all exports. This was followed by Asia at 14% of exports, and the African at 8% of exports, the Gambia re-exports 11% of its exports going to and 14. 6% of its imports coming from the United States. Agriculture - products, peanuts, pearl millet, sorghum, rice, maize, cassava, palm kernels, cattle, sheep, goats, forest, exports, $132 million commodities, peanuts and peanut products, fish, cotton lint, palm kernels. Partners, Benelux 78%, Japan, United Kingdom, Hong Kong, France, Spain Imports, $201 million commodities, foodstuffs, manufactures, fuel, machinery, the Good Tourist in the Gambia, Travelguide for Conscious Tourists. Translated from Swedish by Rolli Fölsch, economy of the Gambia at DMOZ The Gambia latest trade data on ITC Trade Map Company formation GambiaEconomy of the Gambia – Bird-watching tourists in the Gambia
22. Economy of Guinea – Guinea also has considerable potential for growth in the agricultural and fishing sectors. Land, water, and climatic conditions provide opportunities for large-scale irrigated farming, remittances from Guineans living and working abroad and coffee exports account for the rest of Guineas foreign exchange. Guinea was part of the franc zone countries that included most of the former French Colonies, after Independence, these countries did not become completely economical free. France decided against monetary autonomy hence they could not use a convertible currency. The state intervention of the new governments was characterized by stops of quotas on imports,1980, the franc-zone countries had on average a lower inflation and a higher economic growth compared to the Anglophone counterparts, who could use their own currencies. But regarding the time after c.1980 and the liberalism, characterized by Structural Adjustments. The government has eliminated restrictions on agricultural enterprise and foreign trade, liquidated many parastatals, increased spending on education, the government also has made major strides in restructuring the public finances. The IMF and the World Bank are heavily involved in the development of Guineas economy, as are many bilateral donor nations, although Guineas external debt burden remains high, the country is now current on external debt payments. Current GDP per capita of Guinea shrank by 16% in the 1990s, the government revised the private investment code in 1998 to stimulate economic activity in the spirit of a free enterprise. The code does not discriminate between foreigners and nationals and provides for repatriation of profits, foreign investments outside Conakry are entitled to especially favorable conditions. A national investment commission has been formed to review all investment proposals, the United States and Guinea have signed an investment guarantee agreement that offers political risk insurance to American investors through OPIC. Guinea plans to inaugurate a court system to allow for the quick resolution of commercial disputes. Mean wages were $0.45 per man-hour in 2009, bauxite mining and alumina production provide about 80% of Guineas foreign exchange. Several U. S. companies are active in this sector, diamonds and gold also are mined and exported on a large scale, providing additional foreign exchange. Concession agreements have been signed for future exploitation of Guineas extensive iron ore deposits, lately, with the increase of alumina demand from the booming economy of China, there is a renew interest in Guinea riches. This comes with a project from Canadian start-up Global Alumina trying to come with a 2 billion dollar alumina plant in the same region. As of April 2005, the National Assembly of Guinea has not ratified Globals project, revenue from bauxite mining is expected to fall significantly in 2010 due mainly to the world economic situation. Guinea also has potential for growth in the agricultural and fishing sectorsEconomy of Guinea – A proportional representation of Guinea's exports.
23. Economy of Guinea-Bissau – Guinea-Bissau is among the worlds least developed nations and one of the 10 poorest countries in the world, and depends mainly on agriculture and fishing. Cashew crops have increased remarkably in recent years, and the country now ranks sixth in cashew production, Guinea-Bissau exports non-fillet frozen fish and seafood, peanuts, palm kernels, and timber. License fees for fishing provide the government with some revenue, rice is the major crop and staple food. From a European viewpoint, the history of the Guinea Coast is largely associated with slavery. Indeed, one of the names for the region was the Slave Coast. When the Portuguese first sailed down the Atlantic coast of Africa in the 1430s, ever since Mansa Musa, king of the Mali Empire, made his pilgrimage to Mecca in 1325, with 500 slaves and 100 camels the region had become synonymous with such wealth. The trade from sub-Saharan Africa was controlled by the Islamic Empire which stretched along Africas northern coast, Muslim trade routes across the Sahara, which had existed for centuries, involved salt, kola, textiles, fish, grain and slaves. As the Portuguese extended their influence around the coast, Mauritania, Senegambia and Guinea, rather than becoming direct competitors to the Muslim merchants, the expanding market opportunities in Europe and the Mediterranean resulted in increased trade across the Sahara. In addition, the Portuguese merchants gained access to the interior via the Sénégal, the Portuguese brought in copper ware, cloth, tools, wine and horses. Trade goods soon also included arms and ammunition, in exchange, the Portuguese received gold, pepper and ivory. There was a small market for African slaves as domestic workers in Europe. The Portuguese found they could make considerable amounts of gold transporting slaves from one trading post to another, Muslim merchants had a high demand for slaves, which were used as porters on the trans-Saharan routes, and for sale in the Islamic Empire. The Portuguese found Muslim merchants entrenched along the African coast as far as the Bight of Benin, before the arrival of the Europeans, the African slave trade, centuries old in Africa, was not yet the major feature of the coastal economy of Guinea. The expansion of trade occurs after the Portuguese reach this region in 1446, the Portuguese used slave labour to colonize and develop the previously uninhabited Cape Verde islands where they founded settlements and grew cotton and indigo. They then traded these goods, in the estuary of the Geba River, for slaves captured by other black peoples in local African wars. The slaves were sold in Europe and, from the 16th century, the Company of Guinea was a Portuguese governative institution whose task was to deal with the spices and to fix the prices of the goods. It was called Casa da Guiné, Casa da Guiné e Mina from 1482 to 1483, the Portuguese presence in Guinea was therefore largely limited to the port of Bissau. As with the other Portuguese territories in mainland Africa, Portugal exercised control over the areas of Portuguese Guinea when first laying claim to the whole region as a colonyEconomy of Guinea-Bissau – Central Bank of Guinea-Bissau in Bissau
24. Economy of Kenya – Kenyas economy is market-based with a few state-owned infrastructure enterprises and maintains a liberalised external trade system. The country is perceived as Eastern and central Africas hub for Financial. Major industries include, agriculture, forestry and fishing, mining and minerals, industrial manufacturing, energy, tourism, as of 2015 estimates, Kenya had a GDP of $69.977 billion making it the 72nd largest economy in the world. Per capita GDP was estimated at $1,587, the government of Kenya is generally investment friendly and has enacted several regulatory reforms to simplify both foreign and local investment, including the creation of an export processing zone. The export processing zone is expected to grow rapidly through input of foreign direct investment, an increasingly significant portion of Kenyas foreign inflows are remittances by non-resident Kenyans who work in the US, Middle East, Europe and Asia. Compared to its neighbours, Kenya has well-developed social and physical infrastructure, as of March 2014, economic prospects were positive with above 5% GDP growth expected, largely because of expansions in telecommunications, transport, construction and a recovery in agriculture. These improvements are supported by a pool of English-speaking professional workers. There is a level of computer literacy, especially among the youth. In 2017, Kenya ranked 92nd in the World Bank ease of doing business rating from 113rd in 2016, Gross domestic product grew at an annual average of 6. 6% from 1963 to 1973 and 7. 2% during the 1970s. Agricultural production grew by 4. 7% annually during the period, stimulated by redistributing estates, diffusing new crop strains. Between 1974 and 1990, however, Kenyas economic performance declined, with GDP growth averaging 4. 2% per year in the 1980s and 2. 2% a year in the 1990s. Kenyas inward-looking policy of import substitution and rising oil prices made Kenyas manufacturing sector uncompetitive, the government began a massive intrusion in the private sector. Lack of export incentives, tight controls, and foreign exchange controls made the domestic environment for investment even less attractive. From 1991 to 1993, Kenya had its worst economic performance since independence, Growth in GDP stagnated, and agricultural production shrank at an annual rate of 3. 9%. Inflation reached a record 100% in August 1993, and the budget deficit was over 10% of GDP. As a result of these problems, bilateral and multilateral donors suspended program aid to Kenya in 1991. Throughout these first three decades of independence, Kenyas parastatals, partly from a lack of expertise and endemic corruption, prominent Asian-Kenyan businesspeople include Manu Chandaria and Madatally Manji. In 1993, the Government of Kenya began a program of economic reformEconomy of Kenya – Nairobi is the financial centre of Kenya.
25. Economy of Liberia – Liberia is one of the poorest countries in the world, and its economy is extremely underdeveloped, largely due to the First Liberian Civil War in 1989-96. The civil war destroyed much of Liberias economy, especially the infrastructure in, the war also caused a brain drain and the loss of capital, as the civil war involved overthrowing the Americo-Liberian minority that ruled the country. Some returned during 1997, but many have not, local manufacturing, such as it exists, is mainly foreign-owned. The Liberian economy had relied heavily on the mining of iron ore prior to the civil war, Liberia was a major exporter of iron ore on the world market. In the 1970s and 1980s, iron mining accounted for more than half of Liberias export earnings. Since the coup détat of 1980, the economic growth rate has slowed down because of a decline in the demand for iron ore on the world market. The United Nations imposed sanctions on Liberia in May 2001 for its support to the rebels of the Revolutionary United Front in neighboring Sierra Leone and these sanctions have been lifted following elections in 2005. In March 2010, Bob Johnson, founder of BET, funded the first hotel constructed in Liberia in 20 years, the 13-acre luxury resort was built in the Paynesville section of Monrovia. Liberias external debt was estimated in 2006 at approximately $4.5 billion, as a result of bilateral, multilateral and commercial debt relief from 2007 to 2010, the countrys external debt fell to $222.9 million by 2011. Liberias business sector is controlled by foreigners mainly of Lebanese. There also are limited numbers of Chinese engaged in agriculture, the largest timber concession, Oriental Timber Corporation, is Indonesian owned. There also are significant numbers of West Africans engaged in cross-border trade, legal monopolies are possible, for example, Cemenco holds a monopoly on cement production. Unlike almost all countries in the world, Liberia has not adopted the metric system as its primary system of measurement. Timber and rubber are Liberias main export items since the end of the war, Liberia earns more than $100 million and more than $70 million annually from timber and rubber exports, respectively. Alluvial diamond and gold mining activities also account for some economic activity, in recent years, foreign investment from ArcelorMittal Steel, BHP Biliton, and China Union is aiding the revitalization of the iron-ore mining sector. Liberia has begun exploration for oil, unproven oil reserves may be in excess of one billion barrels. The government divided its offshore waters into 17 blocks and began auctioning off exploration licenses for the blocks in 2004, an additional 13 ultra-deep offshore blocks were demarcated in 2011 and planned for auction. Among the companies to have won licenses are Repsol, Chevron, Anadarko, Liberia maintains an open maritime registry, meaning that owners of ships can register their vessels as Liberian with relatively few restrictionsEconomy of Liberia – Boy grinding sugar cane 1968
26. Economy of Libya – The Economy of Libya depends primarily upon revenues from the petroleum sector, which contributes practically all export earnings and over half of GDP. These oil revenues and a population have given Libya the highest nominal per capita GDP in Africa. After 2000, Libya recorded favourable growth rates with an estimated 10. 6% growth of GDP in 2010 and this development was interrupted by the Libyan Civil War, which resulted in contraction of the economy by 62. 1% in 2011. After the war the economy rebounded by 104. 5% in 2012, Libya had seen fantastic growth rate, however these proved unsustainable in the face of global oil recession and international sanctions. Consequently, the GDP per capita shrank by 40% in the 1980s, successful diversification and integration into the international community helped current GDP per capita to cut further deterioration to just 3. 2% in the 1990s. Libyan GDP per capita was about $40 in the early 1920s, in 1947 alone, per capita GDP rose by 42 percent. Below is a chart of trend of gross product of Libya at market prices estimated by the International Monetary Fund with figures in millions of Libyan dinars. For purchasing power parity comparisons, the US Dollar is exchanged at 0.77 Libyan Dinars only, mean wages were $9.51 per man-hour in 2009. Libya is an OPEC member and holds the largest proven oil reserves in Africa,41.5 Gbbl as of January 2007, about 80% of Libya’s proven oil reserves are located in the Sirte Basin, which is responsible for 90% of the country’s oil output. The state-owned National Oil Corporation dominates Libyas oil industry, along with smaller subsidiaries, among NOCs subsidiaries, the largest oil producer is the Waha Oil Company, followed by the Agoco, Zueitina Oil Company, and Sirte Oil Company. Oil resources, which account for approximately 95% of export earnings, 75% of government receipts, Oil revenues constitute the principal foreign exchange source. Reflecting the heritage of the economy, three quarters of employment is in the public sector, and private investment remains small at around 2% of GDP. Falling world oil prices in the early 1980s and economic sanctions caused a decline in economic activity. At 2. 6% per year on average, real GDP growth was modest, Libyas GDP grew in 2001 due to high oil prices, the end of a long cyclical drought, and increased foreign direct investment following the suspension of UN sanctions in 1999. Real GDP growth has been boosted by high oil revenues, reaching 4. 6% in 2004 and 3. 5% in 2005, despite efforts to diversify the economy and encourage private sector participation, extensive controls of prices, credit, trade, and foreign exchange constrain growth. Although UN sanctions were suspended in 1999, foreign investment in the Libyan gas, iran and Libya Sanctions Act, which caps the amount foreign companies can invest in Libya yearly at $20 million. As of May 2006, the U. S. has removed Libya from its list of states that sponsor terrorism and has normalised ties and removed sanctions. This clears the road for U. S. oil companies to exploit Libyan oil and is expected to have a impact on the Libyan economyEconomy of Libya – Libya's economy relies heavily on oil. The ENI Oil Bouri DP4 in the Bouri Field is the biggest platform in the Mediterranean sea.
27. Economy of Madagascar – The economy of Madagascar is a market economy and is supported by Madagascars well-established agricultural industry and emerging tourism, textile and mining industries. Malagasy agriculture produces tropical staple crops such as rice and cassava, as well as crops such as vanilla. Madagascars wealth of natural resources supports its sizable mining industry, additionally, Madagascars status as a developing nation exempts Malagasy exports from customs protocol in some areas, notably the United States and European Union. These exemptions have supported the growth of the Malagasy textile industry, foreign investments have resumed following the resumption of elections in early 2014. Agriculture, including fishing and forestry, is Madagascars largest industry, in 2011, agricultural products—especially cloves, vanilla, cacao, sugar, pepper, and coffee—accounted for Madagascars top twelve exports by value. Madagascar produces the second largest vanilla harvest in the world and Malagasy vanilla accounts for about a quarter of the global vanilla market. A small but growing part of the economy is based on mining of ilmenite, with investments emerging in recent years, particularly near Tulear, mining corporation Rio Tinto Group started production at its Fort Dauphin mine in January 2009, following several years of preparation. Gemstone mining is also an important part of Madagascars economy, several major projects are underway in the mining and oil and gas sectors that, if successful, will give a significant boost. In the mining sector, these include the development of coal at Sakoa, the Ambatovy nickel mine is a huge operation and has cost USD $4.76 million to date and is due to start production in 2011. In oil, Madagascar Oil is developing the massive onshore heavy oil field at Tsimiroro, following the 2002 political crisis, the government attempted to set a new course and build confidence, in coordination with international financial institutions and donors. Madagascar developed a plan in collaboration with the private sector and donors. Donor countries demonstrated their confidence in the new government by pledging $1 billion in assistance over five years, Business Council was formed as a collaboration between the United States Agency for International Development and Malagasian artisan producers in Madagascar in 2002. The U. S. -Madagascar Business Council was formed in the United States in May 2003, president Ravalomanana rose to prominence through his agro-foods TIKO company, and is known for attempting to apply many of the lessons learned in the world of business to running the government. Prior to Ravalomananas resignation, concerns had arisen about the conflict of interest between his policies and the activities of his firms, most notable among them the preferential treatment for rice imports initiated by the government in late 2004 when responding to a production shortfall in the country. Madagascar’s appeal to investors stems from its competitive, trainable work force, more than 200 investors, particularly garment manufacturers, were organized under the country’s export processing zone system since it was established in 1989. The absence of quota limits on textile imports to the European market under the Lome Convention helped stimulate this growth, Growth in output in 1992–97 averaged less than the growth rate of the population. Growth has been back by a decline in world coffee demand. During a period of growth from 1997 to 2001, poverty levels remained stubbornly highEconomy of Madagascar – Rice paddies in Madagascar
28. Economy of Malawi – The economy of Malawi is predominantly agricultural, with about 90% of the population living in rural areas. The landlocked country in south central Africa ranks among the worlds least developed countries, in 2013, agriculture accounted for 27% of GDP and about 80% of export revenue. The economy depends on substantial inflows of economic assistance from the IMF, the World Bank, Malawi was ranked the 118th-safest investment destination in the world in the March 2011 Euromoney Country Risk rankings. In 2013, agriculture accounted for 27% of GDP, over 80% of the labour force, Malawis most important export crop is tobacco, which accounted for half of export revenue in 2012. In 2000, the country was the tenth-largest producer in the world, Malawis dependence on tobacco is growing, with the product jumping from 53% to 70% of export revenues between 2007 and 2008. The country also relies heavily on tea, sugarcane and coffee, tea was first introduced in 1878. Most of it is grown in Mulanje and Thyolo, other crops include cotton, corn, potatoes, sorghum, cattle and goats. Tobacco and sugar processing are notable secondary industries, traditionally Malawi has been self-sufficient in its staple food, maize, and during the 1980s it exported substantial quantities to its drought-stricken neighbors. Nearly 90% of the population engages in subsistence farming, smallholder farmers produce a variety of crops, including maize, beans, rice, cassava, tobacco, and groundnuts. Financial wealth is concentrated in the hands of a small elite. Malawis manufacturing industries are situated around the city of Blantyre, Lake Malawi and Lake Chilwa provide most of the fish for the region. For many Malawians, fish is the most important source of proteins, dried fish is not only consumed locally, but also exported to neighboring countries. Most fishing is done on small scale by hand, however, Maldeco Fisheries owns several commercial fishing boats and operates fish farms in the southern part of Lake Malawi. Malawi has few mineral resources. A South-African Australian consortium exploits uranium at a mine near Karonga, coal is being extracted in Mzimba District. Malawis economic reliance on the export of agricultural commodities renders it vulnerable to external shocks such as declining terms of trade. High transport costs, which can comprise over 30% of its total import bill, constitute a serious impediment to economic development, Malawi must import all its fuel products. The following are Malawis top 20 agricultural production values and volumes for 2009, key, F, FAO estimate, Im, FAO data based on imputation methodology, P, Provisional official data In 2013, Malawis manufacturing sector contributed 10. 7% of GDPEconomy of Malawi – Lilongwe market.
29. Economy of Mali – The economy of Mali is based to a large extent upon agriculture, with a mostly rural population engaged in subsistence agriculture. Before 1991, the former Soviet Union, China and the Warsaw Pact countries had been a source of economic. The per capita gross domestic product of Mali was $820 in 1999, Malis great potential wealth lies in mining and the production of agricultural commodities, livestock, and fish. The most productive agricultural area lies along the banks of the Niger River, the Inner Niger Delta and this is a chart of trend of gross domestic product of Mali at market prices estimated by the International Monetary Fund with figures in millions of CFA Francs. Current GDP per capita of Mali registered a growth of 295% in the 1970s. But this proved unsustainable and growth scaled back to just 5. 20% in the 1980s. The mean wage was equivalent to $0.65 per hour in 2009, Agricultural activities occupy 70% of Malis labor force and provide 42% of the GDP. Cotton and livestock make up 75%–80% of Malis annual exports, small-scale traditional farming dominates the agricultural sector, with subsistence farming on about 90% of the 14,000 square kilometres under cultivation. The most productive agricultural area lies along the banks of the Niger River between Bamako and Mopti and extends south to the borders of Guinea, Ivory Coast, and Burkina Faso. Average rainfall varies in this region from 500 mm per year around Mopti to 1,400 mm in the south near Sikasso and this area is most important for the production of cotton, rice, pearl millet, maize, vegetables, tobacco and tree crops. Annual rainfall, critical for Malis agriculture, has been at or above average since 1993, cereal production, including rice, has grown annually, and the 1997–98 cotton harvest reached a record 500,000 tons. Until the mid-1960s, Mali was self-sufficient in grains — pearl millet, sorghum, rice, production has rebounded since 1987 due to agricultural policy reforms undertaken by the government and supported by the Western donor nations. Liberalization of producer prices and an open cereals market have created incentives to production, using water diverted from the Niger, the Office du Niger irrigates about 600 km2 of land for rice and sugarcane production. About one-third of Malis paddy rice is produced at the Office du Niger, sorghum is planted extensively in the drier parts of the country and along the banks of the Niger in eastern Mali, as well as in the lake beds in the Niger delta region. During the wet season, farmers near the town of Dire have cultivated wheat on irrigated fields for hundreds of years, peanuts are grown throughout the country but are concentrated in the area around Kita, west of Bamako. Malis resource in livestock consists of millions of cattle, sheep, approximately 40% of Malis herds were lost during the great drought in 1972–74. The level was restored, but the herds were again decimated in the 1983–85 drought. Sheep, goats, and camels are raised to the exclusion of cattle in the dry areas north, the Niger River is also an important source of fish, providing food for riverside communities, the surplus—smoked, salted, and dried—is exportedEconomy of Mali – A pirogue carrying two passengers on the River Niger at Gao in Mali.
30. Economy of Mauritania – Mauritania has extensive deposits of iron ore, which account for almost 50% of total exports. The decline in demand for this ore, however, has led to cutbacks in production. With the current rise in prices, gold and copper mining companies are opening mines in the interior. The nations coastal waters are among the richest fishing areas in the world, the countrys first deep water port opened near Nouakchott in 1986. In recent years, drought and economic mismanagement have resulted in a buildup of foreign debt, in March 1999, the government signed an agreement with a joint World Bank-International Monetary Fund mission on a $54 million enhanced structural adjustment facility. The economic objectives have been set for 1999-2002, privatization remains one of the key issues. This is a chart of trend of gross product of Mauritania at market prices estimated by the International Monetary Fund with figures in millions of Mauritanian Ougulyas. Current GDP per capita of Mauritania grew 82% in the Sixties reaching a growth of 166% in the Seventies. But this proved unsustainable and growth scaled back to 14% in the Eighties. Finally, it shrank by 29% in the Nineties, mean wages were $0.97 per man-hour in 2009. In 2007, mining accounted for well over 35 per cent of the Mauritanian economy. Diversification of the economy into non-mining industries remains a long-term issue, Mauritania is a net importer of food, reportedly importing 70% of its domestic food needs. In February 2006, the Mauritanian government denounced amendments to an oil made by former leader Maaouiya Ould Taya with Woodside Petroleum. In 2004, Woodside had agreed to invest $US600 million in developing Mauritanias Chinguetti offshore oil project and they also eased environmental constraints, and extended the length and scope of the exploitation and exploration monopoly, among other measures. The disputed amendments were signed by former oil minister Zeidane Ould Hmeida in February 2004, Hmeida was arrested in January 2006 on charges of serious crimes against the countrys essential economic interests. Nouakchotts authorities declared that the government would seek international arbitration. Discovered in 2001, Chinguetti has proven reserves of about 120,000,000 barrels of oil. At the end of December 2005, authorities estimated that in 2006, some U. S. oil companies are alleged to be playing a part in Mauritanias oil related corruption. cia. gov/library/publications/the-world-factbook/index. htmlEconomy of Mauritania – A market place in Tidjikja