Audio By Carbonatix
Economic growth in sub-Saharan Africa is slowing sharply, the International Monetary Fund (IMF) has warned.
In its latest African Economic Outlook, the fund forecasts growth in the region of 3.75% this year, the slowest growth in six years.
Next year, the report forecasts growth of 4.25%.
Low oil and commodity prices, together with a slowdown in the Chinese economy, are the main reasons for the overall downturn, the IMF says.
China is the region's largest trading partner and many African countries have benefited hugely from exporting raw materials to the country.
"The strong momentum evident in the region in recent years has dissipated," says the report, titled Dealing with the Gathering Clouds.
"With the possibility that the external environment might turn even less favourable, risks to this outlook remain on the downside."
'Addressing inequalities'
Oil exporters such as Nigeria and Angola are being hit particularly hard by the slump in the oil price, which has fallen by more than 50% since mid-2014 to less than $50 a barrel.
Mineral exporters such as Zambia, Ghana and South Africa are also suffering from lower commodity prices, the report says.
The IMF calls on African governments to adopt policies to lessen the impact of this economic slowdown, such as allowing currency depreciation to help boost exports.
It also urges governments to address income inequalities that are particularly high in the region, as well as gender inequality.
Latest Stories
-
Trump says Russia and Ukraine to observe three-day ceasefire
36 minutes -
Iran accuses US of ‘reckless military adventure’
39 minutes -
Oppong Nkrumah named chair of NPP policy committee amid party reorganisation
39 minutes -
GSE equity market records 72% return in April 2026, SIC led pack of 10 gainers
45 minutes -
US judge rules humanities grant terminations by DOGE were unlawful, discriminatory
46 minutes -
Nalerigu High Court halts NPP elections in Bunkpurugu constituency
49 minutes -
Davido announces break from music
50 minutes -
Ethiopian woman’s joy at rare quintuplets after 12 years trying for a baby
58 minutes -
Fitch upgrades Ghana’s credit rating amid global uncertainty, economic turbulence
60 minutes -
International cyber attack disrupts swathe of universities and schools
1 hour -
The companies making billions from the Iran war
1 hour -
Alexander-Arnold omission ‘mind-boggling’ to Rooney
1 hour -
From Nyameduase to academic leaderhsip : The inspiring rise of Dr Richard Owusu Nyarko
3 hours -
Security guard accused of raping KNUST students hit with robbery charge
3 hours -
Police secure conviction of reckless driver following viral video
3 hours