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Submitted by Kwabia Boateng on
Growth in Africa may decline only slightly as a result of the global recession (and financial crisis). However, the poverty situation may worsen, because much of the reduction in poverty in Africa in recent decades has been due to remittances from abroad to support household consumption at home. The point has been highlighted of Africa's abysmal performance to adjust to the global crisis of the 1970s and 1980s. This time Africa has a better chance because of the more capable institutional and policy environment that exist. The 1970s and 1980s were days of military rulers when economic policy was largely in the hands of non-commissioned officers (NCOs)of the armed forces, who had no training in economics, finance or statistics. Today Africa has some of the best brains in the ministries and other government agencies, who undertand the practical issues of policy management. Hence, I expect Africa's performance during this global crisis to be better than it was two decdes ago.