Africa: Angola the Success Story

Africa thought being a haven for natural resources is not picking up as quickly as countries like Azerbaijan. Between 1997 and 2002, real income per capita of Africa rose 1.8% and at that rate it would have taken the country 40 years to double the per capita income. Since 2002 however, the real income capita has been growing at a rate of 4.6% which is a positive sign. Economists say that Africa suffers from what is known as a “resource curse” which is an inability to capture the value of their abundant natural resources.

But the signs are positive. Angola for example has developed its own refining capacity and now produces two million barrels of oil a day as a member of OPEC. Angola is now China's largest supplier of oil, with Saudi Arabia in second place.

The key problem with Africa is to move people out of farming. According to Dawn Hines, African agriculture meets only 50% of its food needs; 25% is met by importing food and 25% of the population goes hungry. But current measures by Angola and other African nations are sending signals that Africa is willing to correct past mistakes and move ahead.