Economic Development in Africa Report, 2022: Rethinking the Foundations of Export Diversification in Africa: The catalytic role of business and financial services
Africa’s exports are heavily reliant on primary products in the agricultural, mineral and extractive sectors, making it one of the least diversified regions on the globe. Out of the 54 African countries, 45 are commodity-dependent (83%), indicating that each country’s share of primary commodity exports to total merchandise exports translates to over 60%. This dependency on commodities makes the continent vulnerable to fluctuations in global commodity prices thus hindering its potential for inclusive growth and development.