Tuesday, August 7, 2007

Copper is boosting Africa's growth rate

Africa has plenty of natural resources that are untapped, copper is boosting African countries growth rates. Many African nations are using this commodity to position themselves for the future. Copper is essentially used for almost all industries because it is a good conductor of electricity.

click here to go to the African Business home page

The exceptionally high prices of commodities, particularly those of industrial metals, which leapt by over 50% last year, will help Africa nudge past 6% growth this year. The trend is likely to continue for the next couple of years, driven mainly by strong demand from China. Moin Siddiqi reports.

Mineral-rich Africa is reaping the benefits of strong commodity prices driven by robust global demand. Africa’s economic growth is projected at 6% this year, the highest in two decades, according to the African Development Bank. It will be primarily fuelled by demand from China and other rapidly-growing economies for the continent’s crude oil and metals.

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