African economies growing slowly - IMF

African countries are set for higher economic growth in 2007, a positive sign but a small step toward pulling the continent’s people out of poverty, an International Monetary Fund official said.

IMF assistant director for Africa Sanjeev Gupta said high prices for a range of commodities are driving the continent’s economies toward 5.9% growth in gross domestic product for sub-Saharan Africa next year – a full percentage point increase over 2006 estimates.

This year’s figures show slower growth than in 2005.

The larger 2007 growth reflects high oil prices, along with surging demand for diamonds, copper and other commodities.

Meanwhile, inflation is down in many countries and private investment is increasing, according to an IMF report on the region’s economic outlook presented yesterday in Senegal’s capital of Dakar.