August 3, 2015
Volume 2 April 2015
There is a link between primary commodity export prices and economic performance. Many African economies are primary commodities export biased, often in few primary commodities. Previous studies focus on the impact of commodity prices on growth in Africa with little attention paid to different primary commodities and level of diversification in primary commodities export. This study, investigates the effect of primary commodity prices on the long-run growth of 24 primary commodities-based African economies; by commodity types and level of diversification in primary commodities exports.
On a Month-on-Month basis, average growth rate of selected food prices decreased in October 2017. Precisely, contracting by 1.24 percent in October, average growth rate fell from 0.08 percent recorded in September 2017. Notably, the contraction reflected in the food sub-index of the headline inflation for October 2017. The marginal decrease in the prices of selected food items may be in line with seasonal levels, as the harvest season reaches its peak, thus making food items relatively available at various demand levels. Going forward, investment towards the provision of better farming inputs, technology, financing, and value addition across the agricultural value chain could help improve yield output and food security all through the year.
This study examines the potential of regional trade in facilitating the achievement of inclusive development in the West African region. It employs descriptive analysis to examine the nature, composition and dimension of ECOWAS trade within the group and with the rest of the world, vis--vis three other Regional Economic Communities (RECs) in sub-Saharan Africa (SSA). From the preliminary study, it can be observed that the growth rate of West African economies is increasing, but the rising economic growth does not translate to improvement in inclusive development, as there was no significant reduction in poverty levels in the region. Further evidence reveals that extra-regional trade of the region is increasing at a very high rate, and also at a disproportionate rate with intra-regional trade, compared with SADC. This indicates the existence of opportunity to boost regional trade for inclusive development through conversion of part of the extra-regional trade into regional trade.