LKN Global

The African Growth and Opportunity Act (AGOA) is historic, bipartisan legislation enacted in 2000.

AGOA marked a fundamental shift in U.S. policy toward Africa, for the first time, the United States emphasized increased trade as a means of promoting economic development, as much as the traditional forms of development assistance. AGOA sought to increase trade by allowing qualifying sub-Saharan African (SSA) countries to export most products to the United States duty-free. In order to qualify for AGOA benefits, countries must make progress toward improving the rule of law, human rights, and respect for core labor standards including addressing child labor issues.

Thirty-seven countries now qualify for AGOA benefits .The U.S. Government intends that the largest possible numbers of Sub-Saharan African countries are able to take advantage of AGOA. President Clinton issued a proclamation on October 2, 2000 designating 34 countries in Sub-Saharan Africa as eligible for the trade benefits of AGOA .

Angola (top)

It is part of the Southern African Development Community (SADC) agreement, which has with the main aim of coordinating development projects in order to lessen economic dependence on the then apartheid South Africa.

The country is a member of the Central African Economic and Monetary Union (CEMAC), created in 1991 to improve economic and political cooperation in the region.

It is a member of the Organization of Petroleum Exporting Countries (OPEC), which secures an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital to those investing in the petroleum industry.

Angola is the second largest oil producer in Africa after Nigeria. Most oil comes from offshore fields. A number of oil analysts believe that new discoveries could soon make the country Africa's leading producer. Domestically, oil accounts for over 50% of GDP and almost 90% of the government's revenues and export earnings .

Manufacturers are benefiting from an improved economic environment and construction is booming. Several new hotels are planned by 2010.

Benin (top)

It is part of the West African Power Pool, an organization of 14 countries which share power across the region in order to ensure more reliable energy supplies.

Benin is a member of the West African Economic and Monetary Union (WAEMU), whose mission is to promote economic integration.

The economy of Benin is dependent on subsistence agriculture, mainly cotton production. Aside from cotton, the only other export of significance is palm oil. Other agricultural products include corn, sorghum, cassava (tapioca), yams, beans, rice, palm oil, peanuts, poultry and livestock.

Overall economic pace of growth improved in 2006 and 2007 owing to strong gains in services, mainly transport and communications and greater activity at the Port of Cotonou .

Botswana (top)

It is part of the Southern African Development Community (SADC) agreement, which has with the main aim of coordinating development projects in order to lessen economic dependence on the then apartheid South Africa.

The country is a member of the Southern Africa Customs Union (SACU), whose aim is to maintain the free interchange of goods between member countries and provides for a common external tariff and a common excise tariff to this common customs area.

Diamond output has doubled in the past decade and is currently 28-30 million carats per year. Botswana produces more than a quarter of the world’s diamonds . Agricultural is the main employer with cattle herding contributing over 85% of total farming production .

Burkina Faso (top)

It is part of the West African Power Pool, an organization of 14 countries which share power across the region in order to ensure more reliable energy supplies.

Burkina Faso is a member of the West African Economic and Monetary Union (WAEMU), whose mission is to promote economic integration.

The economy has performed reasonably well with growth averaging 6% per year over the past decade. Much of this success, however, is due to favorable climatic conditions for its farming purposes . Cotton accounts for nearly 70% of exports, while oil makes up some 20% of imports.

A program to reform public financial management, and overhaul and simplify the tax system was begun in 2008 and continues in 2010. The VAT regime is being revised while changes in business taxes are promised. These reforms should lower the costs of complying with tax and customs administration and promote private sector investment.

Burundi (top)

The country is a member of the Central African Economic and Monetary Union (CEMAC), created in 1991 to improve economic and political cooperation in the region.

The economy is predominantly agricultural with roughly 90% of the population dependent on subsistence agriculture. The government intends to increase productivity in the agriculture sector, which still makes up for about 50% of GDP. Its economic health depends on the coffee crop, which accounts for 80% of foreign exchange earnings .

Reform of the coffee and sugar industries is in process. One of the objectives of the coffee sector reform is to phase out the government's crop credit guarantee. Reform of the sugar sector focuses on liberalizing domestic prices, reducing the minimum import valuation, and lifting export and domestic distribution restrictions.

Cameroon (top)

Cameroon is a member of the Central African Economic and Monetary Union (CEMAC), created in 1991 to improve economic and political cooperation in the region.

Cameroon is richly endowed with natural resources and has a diversified, commodity-based economy.

The main cash crops are cocoa and coffee, both of which have enjoyed steady growth in output in recent years. Only 32% of the land is farmed with much of the remainder being dense forests. Many farms are extremely small but the government hopes to develop larger-scale agro-industrial complexes that will boost productivity. Cocoa production and exports are expected to grow substantially over the next five years thanks to more investor interest and government support.

The tourism industry is important but underdeveloped. Tourism employs about 3.5% of the work force and revenues amount to around 4% of GDP. Tourism provides employment for about 150,000 .

Industrial development centers on bauxite, with a large aluminum smelter at Edéa. There are several large mineral-related investment projects that are nearing completion. These include another bauxite mining and aluminum smelter to be completed in 2013, a nickel-cobalt-manganese project that will be one of the world's largest and other projects involving iron ore and uranium. Diamond production is expected to begin in 2010 .

Cape Verde (top)

This country is a member of the West African Economic and Monetary Union (WAEMU), whose mission is to promote economic integration.

The tourism sector is strengthening, driven by significant growth in FDI in hotels and other tourism-related construction. Recently the tourist industry has benefited from public investment in infrastructure and better external transportation links. The banking industry’s total assets have grown to the equivalent of more than 90% of GDP, with growth heavily concentrated in the construction sector .

The main agricultural products are bananas, corn, beans, sweet potatoes, sugarcane, coffee and peanuts. Agriculture accounts for 11% of its GDP .

Chad (top)

Chad is a member of the Central African Economic and Monetary Union (CEMAC), created in 1991 to improve economic and political cooperation in the region.

The country has experienced consistently high economic growth rates associated with the development of the Doba Basin oil fields and the construction of the Chad-Cameroon pipeline.

Chad's economy is dominated by the agricultural sector, with the overwhelming majority (around 80%) of its population relying on agriculture for its livelihood. Cotton is grown in the south of the country, while cattle herding, the other main source of foreign revenues, is conducted in the central regions. Cotton was the major cash crop prior to the development of the oil industry .

In 2006, the government created a national oil company, National Oil Corp of Chad, and has indicated that it hopes to control 60% of the oil sector. Oil presently accounts for around 50% of GDP .

Chad is rich in other natural and mineral resources. Currently, only deposits of sodium carbonate and kaolin are utilized commercially. Deposits of other minerals have been discovered in Chad, including gold, bauxite, tin, tungsten, titanium, iron ore and petroleum.

The government is implementing a plan to improve roadway systems during 2006-2010 at the cost of CFA4 billion to improve its transport infrastructure. Upon completion, this will create more attraction of foreign investment and expansion foreign markets .

Congo, Democratic Republic (top)

The country is a member of the Central African Economic and Monetary Union (CEMAC), created in 1991 to improve economic and political cooperation in the region.

It is one of Africa’s most abundant countries, replete with resources and the world’s second biggest rainforest. There are several consumer products that can be found here.

Farming, which is carried out mainly on a subsistence basis, continues to be the dominant sector of the economy. The sector accounts for about 47% of GDP and employs more than 70% of the population. Palm oil, coffee, rubber, cocoa and timber are grown for export, while cassava, cereals, fruit and tobacco are grown for the domestic market .

The industrial sector accounts for 13.7% of GDP. Construction and beverages, such as beer are the most important industries .

International analysts still estimate that investment in copper and cobalt projects could reach US$3 billion through 2012, allowing production to attain levels not seen since the 1980s. The government expects growth of around 10% per year once inflows of FDI recover .

Djibouti (top)

The government has introduced a VAT tax regime and modernized regulations governing the operation of Djibouti's free trade zone. Both moves should help to boost government revenues. A privatization program is underway.

The government’s overriding goal is to transform the economy into a hub for regional trading and services. The country is well positioned to become a services and logistics hub. The hope is that it will become the central link between the raw materials of Africa and the oil wealth of Arabia.

The country provides services as both a transit port for the region and an international trans-shipment and refueling center. Port facilities were upgraded in 2007. With more investment from Dubai, Djibouti expects to expand its port from 300,000 containers per year to 3 million .

An influx of foreign banks has increased competition and pushed down interest rates. A surge in investment expenditure can be explained in part by domestically financed capital expenditure, in addition to outlays on equipment and infrastructure, three factories were started up in Ali-Sabieh.

Ethiopia (top)

Ethiopia is a country made up of 82 ethnic groups and many separatist movements. This creates opportunity for foreign companies seeking new markets and diversity. The government hopes to stimulate production through additional investment and to formalize most of the unregistered production. The financial sector has showed some growth but no foreign banks are allowed.

Tourism has been growing at a double-digit pace for several years. According to the World Bank, tourism accounts for 15% of foreign exchange earnings and has significant growth potential. Officials hope to turn Ethiopia into one of the leading destinations in Africa by 2020 and to attract 500,000 visitors by 2010 .

Ethiopia's agricultural sector employs 85% of the workforce and generates the bulk of export earnings. Coffee and tea are the major export products. The country has 1.2 million coffee farmers, and the government estimates that about 15 million households are either directly or indirectly dependent on coffee for their livelihoods. Government officials predict a bumper coffee harvest in 2009/2010 .

Gabon (top)

The country is a member of the Organization of Petroleum Exporting Countries (OPEC), which secures an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital to those investing in the petroleum industry. Gabon has sub-Saharan Africa's third largest oil reserves and is its fifth largest producer. There are currently 122 oil fields and further exploration is under way.

Gabon is a wealthy country by African standards but its wealth is not equally divided. Foreign investment is needed to improve items such as access to potable water.

Gabon contains substantial natural resources and is currently the eighth largest supplier of uranium ore in the world, producing an average of 500-600 tons of uranium dioxide yearly. With the help of Chinese investors, the country could soon become the world's leading supplier of manganese; with annual production of 7 million tons .

Cocoa, coffee, rubber, sugar cane and coffee are the major exports while cassava, maize, groundnuts and vegetables are produced for the domestic market. Roughly half the country's food is imported.

Gabon's economy relies heavily on production of crude oil. Exports of crude oil account for approximately 63% of government revenues and more than 50% of GDP .

The government is trying to drive further oil exploration by attracting new investment to the energy sector. Both the legal and tax systems are structured to favor expatriate investors, and certain aspects of oil exploration are exempt from the VAT.

Ghana (top)

It is part of the West African Power Pool, an organization of 14 countries which share power across the region in order to ensure more reliable energy supplies.

Ghana is a member of the West African Economic and Monetary Union (WAEMU), whose mission is to promote economic integration.

Ghana's economy is heavily reliant on agriculture and mining. Agriculture depends heavily on cocoa. Cocoa accounts for 40% of export revenues. Farming has much potential since only 5% of irrigable land is actually irrigated . However, the government wishes to diversify away from core exports such as gold and cocoa, especially in an effort to create more jobs.

The service sector has performed well in recent years. Insurance and financial services are the driving forces behind growth in services. Tourism has also experienced an upswing. The government has a target of reaching $US1 million in annual receipts from international visitor within the next two years. The tourist industry is already the third largest foreign exchange earner behind exports and remittances .

Oil production should provide a greater boost to the economy by 2011 and 2012. Oil exports should produce about US$1.2 billion per year for the government's coffers, even without additional discoveries, should last for at least two decades.

Guinea (top)

It is part of the West African Power Pool, an organization of 14 countries which share power across the region in order to ensure more reliable energy supplies.

Guinea has one-third of the world's bauxite reserves and is the world's second largest bauxite producer. Bauxite alone accounts for nearly half of the country’s exports. In 2008, Russia and China promised to invest US$1 billion to fund development of a hydropower dam in return for the right to mine bauxite .

The country's modest program of privatization has attracted some foreign investment, particularly in the mining sector. Guinea has significant diamond stocks, iron ore, vast hydroelectric potential and some gold. Foreign investments in mining are expected to approach US$27 billion over the next eight years .

Agriculture accounts roughly for one-quarter of GDP and over 80% of Guinea's population depend on subsistence farming for their livelihood. The main products are bananas, groundnuts, oil palm, cotton and pineapples. Coffee is grown for export. Cassava, rice and maize are the staples for the domestic market .

Guinea-Bissau (top)

Kenya (top)

In 2005, Kenya, Tanzania and Uganda created the East African Community (EAC) Customs Union. The EAC calls for the elimination of duties on goods traded within the Community. A common currency and a central bank are to be created before 2010.

Kenya is the world’s second-largest exporter of black tea. Coffee, tea, cotton, sugar, tobacco and pyrethrum are produced for export . To strengthen Kenya's external competitiveness, the government is trying to reform the wage-setting system and liberalize trade.

Kenya's population has doubled since 1978, dropping the median age to around 18 years . This creates opportunity for foreign companies with this median age as their target market.

In the service sector, tourism is the dominant industry, accounting for nearly 50% of GDP. The industry employs approximately 11% of the Kenyan work force. The government has set very ambitious targets for its “Kenyan Vision Strategy”. They include annual rates of growth of 10% and the annual creation of 500,000 jobs.

The government has sought to bring in partners to assist with oil exploration in the country. Recent oil surveys have indicated that more than half of the country has oil potential.

The government has reduced the degree of political interference, a move that has significantly boosted business confidence. An ambitious reform of licensing procedures has been launched. The government aims to boost growth to 10% by 2013. If that is to happen, the economic base needs to be broadened considerably. The government has made it a priority to invest in items such as lack of infrastructure.

Lesotho (top)

It is part of the Southern African Development Community (SADC) agreement, which has with the main aim of coordinating development projects in order to lessen economic dependence on the then apartheid South Africa.

The country is a member of the Southern Africa Customs Union (SACU), whose aim is to maintain the free interchange of goods between member countries and provides for a common external tariff and a common excise tariff to this common customs area.

The cost of employment is much lower than in South Africa. Lesotho's underdeveloped financial system is closely tied to South Africa through the Common Monetary Area.

Tax administration has been modernized successfully. The tax burden on companies has been reduced by simplifying the tax structure and decreasing rates. Reforms of the financial sector are designed to improve private sector access to additional credit.

Completion of the US$4 billion Highlands Water Scheme should provide enough hydroelectricity for the whole country and allow it to become a substantial exporter of electricity.

Agriculture contributes about 14% of GDP. Most farming is for subsistence purposes. Maize, sorghum and beans dominate, though livestock herding is also important .

Monetary Area (top)

Liberia (top)

It is part of the West African Power Pool, an organization of 14 countries which share power across the region in order to ensure more reliable energy supplies.

The country is a member of the West African Economic and Monetary Union (WAEMU), whose mission is to promote economic integration.

The farming sector employs nearly 80% of the workforce, producing rubber, coffee, cocoa and timber for export. Rubber accounts for nearly 90% of exports. Both farm output and logging activities are expected to show significant growth in 2010 .

Steps have been taken toward a more transparent and market-based framework for the operations of the banking system, including the introduction of foreign exchange auctions and the removal of ceilings on lending rates. Tighter standards on banks are also being imposed. Competition has increased with the arrival of more foreign-owned banks.

Madagascar (top)

The government hopes for diversification throughout the manufacturing sector by quickening the pace of integration into the Southern African Development Community (SADC), which has with the main aim of coordinating development projects in order to lessen economic dependence on the then apartheid South Africa, and encouraging the sugar industry. Tariffs on imports from the SADC will be phased out with full liberalization by 2010.

Textile exports have struggled somewhat since the Multi Fibre Arrangement (MFA) expired but the industry is diversifying and moving toward higher-value-added products.

Tax reform was initiated in 2007. The tax code was modernized and simplified in 2008 and the tax base will be broadened. Tourism revenues have been rising after eight new hotels opened with the assistance of the tax reform.

In order to encourage the private sector, policy makers are trying to increase access to credit. The Property Act has been amended to allow foreign investors to own land. The change, in combination with an improved land registry system, should facilitate the use of land as collateral for bank loans.

Agriculture, including fishing and forestry, is the mainstay of the economy, accounting for almost one-third of GDP and contributing more than 70% to export earnings . Foreign investment is needed for infrastructure and transport for further development of commercial agriculture.

Foreign investors have committed an estimated US$4 billion to develop two large mining projects by 2010. Others are investing in cobalt mining and exploratory efforts to identify deposits of platinum, gold and uranium. Analysts optimistically project that the country's mining and oil industries could triple in size by 2012 .

Malawi (top)

It is part of the Southern African Development Community (SADC) agreement, which has with the main aim of coordinating development projects in order to lessen economic dependence on the then apartheid South Africa.

Credit to the private sector is growing briskly after a reorganization of the banking industry. Exports nearly doubled in 2004-2008 and are expected to rise further as uranium production begins .

Tourism has considerable potential but facilities seek foreign investment to make necessary improvements.

Malawi has an abundance of natural resources with large reserves of coal, some of which is extracted. There are also known deposits of uranium, phosphates, bauxite, graphite and asbestos.

Regulations and administrative procedures have been simplified to improve the business environment but the legal operating system for private firms in Malawi is still difficult.

Agriculture contributes around 45% of GDP and employs almost 90% of the country's workforce. Export crops such as tobacco, tea and sugar account for 80% of export revenues and have traditionally been produced by the larger farms .

Mali (top)

Mali West African Power Poolis part of the West African Power Pool, an organization of 14 countries which share power across the region in order to ensure more reliable energy supplies.

Mali is a member of the West African Economic and Monetary Union (WAEMU), whose mission is to promote economic integration.

The economy has doubled in size since the transition to democracy in the 1990s and is gradually becoming more diversified with agriculture, services and mining all showing growth. Gold accounts for 80% of exports, and with the rise in gold prices, make an important contribution to the economy . The mining sector is an important source of foreign currency, with uranium, salt, gold and phosphates being mined. There are known deposits of bauxite, iron, manganese and tin, but these are only marginally exploited.

Agriculture accounts for the largest share of GDP. About 10% of the population is nomadic and some 80% of the labor force is employed in agriculture and fishing. Most farming is in a subsistence capacity; however cotton is the dominant cash-crop. The government has introduced several small initiatives to boost cereal production. Farm output rose in 2009.

A new industrial strategy is designed to encourage development of the private sector and create more jobs .

A long-term plan, known as Mali 2025, has been created to promote growth of 7% per year in order to reduce poverty and focuses on rebuilding infrastructure and improving the business environment. Foreign investment is needed to help fulfill its plan.

Privatization of the state-owned telecommunications industry was completed. Malawi Telecommunications (MTL) was a necessary step in bringing improvement to telecommunications services. Mobile-cellular services are expanding but cellular network coverage is limited and is based around the main urban areas . Foreign investment is being sought out to improve infrastructure.

Mauritis (top)

It is part of the Southern African Development Community (SADC) agreement, which has with the main aim of coordinating development projects in order to lessen economic dependence on the then apartheid South Africa.

Foreign and domestic capital is treated equally and there is a transparent and well-defined foreign investment code. The country's complex tax system has been simplified for both individuals and firms. Together, these moves have spurred foreign investment and improved the business climate.

A new trade zone costing US$700 million is being financed by Chinese investors that will create 40,000 jobs and serve a variety of export industries that will eventually earn US$300 million per year .

The island's tax treaty with India has spurred the development of the financial services sector with more than 9,000 offshore entities. However, the sector still accounts for only around 10% of GDP. Efforts are also under way to develop Mauritius into a regional platform for the storage, processing and distribution of seafood, and to offer repairs and maintenance services to fishing boats. The employment effects are potentially significant .

A new city is also being built in the highlands at the cost of US$3 billion to relieve congestion and pollution in the capital. This creates opportunity for market expansion and foreign investment.

Tourism is the country’s second largest industry and is performing well. The government is promoting niche sectors such as eco-tourism and medical tourism and hopes to boost tourist arrivals to 2 million by 2015 . Government officials are relying heavily on the tourist industry to provide a boost to growth and generate more employment opportunities.

Mozambique (top)

As part of the Southern African Development Community (SADC) agreement, which has with the main aim of coordinating development projects in order to lessen economic dependence on the then apartheid South Africa, the government reduced all tariffs from 25% to 20% in 2006.

Reforms to encourage development of the private sector are a priority. An emphasis has been given to reducing red tape, simplifying the regulatory framework and addressing labor rigidities that hinder competitiveness.

Construction of a multi-million dollar oil pipeline linking Mozambique's seaport of Nacala to Malawi has begun. The project is expected to greatly reduce transport costs for the countries involved .

New regulations to simplify inspection procedures have been implemented and several one-stop shops for business registration have been created. Import tariffs were cut in 2008 and 2009. Taxes for small businesses were simplified in 2009. Negotiations on bilateral free-trade arrangements are under way with Angola, Tanzania and Zambia.

The manufacturing sector is growing, due in part to the expansion of the Mozal aluminum smelter. The country's largest ever foreign investment, Mozal, has little impact on employment, but it also accounts for nearly three-quarters of all exports.

Agriculture represents the bulk of the economy involving some 80% of the work force and 32% of GDP . Potential is high, particularly in the fertile northern regions. The main cash crops are sugar, copra, cashew nuts, tea and tobacco. All plantations and refineries have been privatized. Marine products, particularly prawns, are Mozambique's largest single export category. There is an abundance of marine resources that are not fully exploited. The sugar industry is being rehabilitated with major foreign investment.

Namibia (top)

It is part of the Southern African Development Community (SADC) agreement, which has with the main aim of coordinating development projects in order to lessen economic dependence on the then apartheid South Africa.

As a member of the Southern Africa Customs Union (SACU), whose aim is to maintain the free interchange of goods between member countries and provides for a common external tariff and a common excise tariff to this common customs area, Namibia participates in the largest market in Sub-Saharan Africa. SACU is becoming more open over time, enhancing Namibia's access to the global economy.

Namibia has a strong tourism potential, but this has yet to be fully developed. Namibia has 26 national parks and reserves and seeks foreign investment to assist with development to attract more tourism.

Commercial agriculture is concentrated in the south and central parts of the country, relatively arid regions suitable for livestock ranching cattle in the north-central districts, sheep and ostriches. Approximately 1.2 million people rely on agriculture for their livelihood, living in communal areas. Meat is the most important export.

The mining industry accounts for roughly 7% of government revenues and one-third of the country's foreign exchange earnings come from diamonds. Other natural resources are copper, gold, lead, cadmium, zinc, salt, vanadium, natural gas, uranium, tin and lithium. Deposits of oil, natural gas, coal and iron ore are also thought to exist, while the country has the world's largest open cast uranium mine at Rossing.

Niger (top)

It is part of the West African Power Pool, an organization of 14 countries which share power across the region in order to ensure more reliable energy supplies.

Niger is a member of the West African Economic and Monetary Union (WAEMU), whose mission is to promote economic integration.

To improve the business environment, the government has simplified regulations and reduced the costs of starting new businesses.

Mining accounts for around 40% of exports and 3% of GDP. Foreign investment in the sector is expected to reach US$1.4 billion in 2008-2012. A revised mining code has also encouraged investment .

Niger is the world’s third largest producer of uranium after Canada and Australia. It also has coal, iron ore, gold, molybdenum, tin and phosphates but produces very little of these minerals. Altogether, minerals account for about 8% of GDP but the share has begun to rise as a result of new investments .

Nigeria (top)

It is part of the West African Power Pool, an organization of 14 countries which share power across the region in order to ensure more reliable energy supplies.

Nigeria is a member of the West African Economic and Monetary Union (WAEMU), whose mission is to promote economic integration.

Nigeria has a long-term plan, known as Vision 2020, which calls for the country to become one of the world's 20 largest economies by 2020 . To achieve this goal, the country must improve the degree of competition and reduce reliance on oil and gas.

Nigeria is a member of the Organization of Petroleum Exporting Countries (OPEC), which secures an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital to those investing in the petroleum industry.

Nigeria has proven oil reserves of 36 billion barrels and the government expects these to rise to 40 billion barrels by 2010. New sources have been discovered in deeper waters offshore. The government hopes to boost oil production to 4 million bbl/d by 2010 .

The country has 184 trillion cubic feet of natural gas, the 7th largest in the world. The government hopes to boost earnings from natural gas exports to 50% of oil revenues by 2010 .

The country is seeking foreign investment to improve its lack of infrastructure. Only 31% of the country's road network is paved and current power generation is less than a third of estimated demand. The government plans to spend N500 billion on infrastructure between now and 2011 .

The country's privatization program is being pushed more energetically than most reforms. All the country's electricity distribution companies are scheduled for privatization and could open opportunities for foreign investment.

Rwanda (top)

The country is a member of the Central African Economic and Monetary Union (CEMAC), created in 1991 to improve economic and political cooperation in the region.

The Lake Kivu project, which is in progress, will reduce dependence on expensive fuel-generated electricity and lower energy costs. The government also hopes that its membership in the East African Community will spur its plan to become a bilingual trading hub between French-speaking central Africa and English-speaking east Africa.

A vigorous privatization program is underway along with the implementation of several reform programs. These include measures to reduce the cost of doing business and to improve the delivery of public services. Other reforms aim at raising agricultural yields. Rwanda badly needs investment and is trying hard to woo foreign investors.

Agricultural output accounts for about two-fifths of GDP and is the main source of livelihood for 90% of the population. Coffee makes up a third of Rwanda's exports and is the largest foreign exchange earner, followed by tea .

There is steady growth as the flow of credit to businesses improves allowing for the growth of small-scale industries in beer, soft drinks, soap, furniture, shoes, plastic goods, textiles, cigarettes and pharmaceuticals.

Sao Tomé e Príncipe (top)

The country is a member of the Central African Economic and Monetary Union (CEMAC), created in 1991 to improve economic and political cooperation in the region.

The economy's medium-term outlook is improving after the recent oil agreement with Nigeria. Production is expected to begin in 2012. The government expects growth of GDP to be 6% over the next several years while the IMF predicts growth of around 7% per year in 2010-2013 .

Major tax reforms introduced in 2007 aimed at reducing distortions, lowering some rates and enlarging the tax base. One goal is to draw in more of the informal sector. The private sector should benefit from structural reforms, improvements in the business climate and better banking supervision. Corporate income tax was reduced from 45% to 25% in 2007. The government hopes to boost revenues in order to cut the fiscal deficit .

Senegal (top)

It is part of the West African Power Pool, an organization of 14 countries which share power across the region in order to ensure more reliable energy supplies.

The country is a member of the West African Economic and Monetary Union (WAEMU), whose mission is to promote economic integration.

Tourism has considerable potential and the government wants to raise the number of tourists to 1.5 million by 2010. If this target is to be approached, transport and hotel facilities must be improved significantly .

Investors from the Gulf plan the development of a new port and free-trade zone at a cost of more than US$1 billion. The project could jump-start the government's plan to turn Dakar into a regional economic hub .

The financial system is sound and is attracting several foreign entrants, such as the telecommunications industry, which is regarded as one of the best in Africa.

Senegal's industrial base is more diverse than its neighbors and accounts for 21% of GDP. Indian investors have taken over the troubled state-owned phosphate company, which accounts for around 10% of all exports. Mittal, the steel giant plans to build a US$2.2 billion iron ore mine at Tambacounda, the largest foreign investment in Senegal .

Seychelles (top)

It is part of the Southern African Development Community (SADC) agreement, which has with the main aim of coordinating development projects in order to lessen economic dependence on the then apartheid South Africa.

Seychelles has achieved one of the highest standards of living in Africa but the country lives far beyond its means. With its exceptionally large Exclusive Economic Zone, Seychelles is a world leader in trans-shipment of tuna fish and products. Considerable income is produced by the foreign fishing vessel licensing and by supplies and services for those ships. Together, agriculture and fishing contribute about 3.5% of GDP .

The government launched a major reform of fiscal policy in late 2008. Some tax exemptions were eliminated, new taxes were introduced and the number of civil service workers was cut by about 17%. A full-cost recovery program was implemented for public utilities and several state-owned firms were privatized. The Seychelles rupee was allowed to float freely, eliminating the parallel exchange market.

Sierra Leone (top)

It is part of the West African Power Pool, an organization of 14 countries which share power across the region in order to ensure more reliable energy supplies.

The country is a member of the West African Economic and Monetary Union (WAEMU), whose mission is to promote economic integration.

The farming sector produces cocoa, coffee, ginger and palm kernels. Agriculture is still the biggest contributor to exports . Rice, cassava, maize and vegetables are grown for domestic consumption. Production of food crops is rising rapidly. There was once a sizeable fishing industry and the government is hoping to develop marine resources in order to boost fish exports.

Officials are taking measures to broaden the tax base and hope to shift public spending towards more investment in infrastructure. Bank credit to the private sector is rapidly growing with most of it being channeled into construction and services.

South Africa (top)

It is part of the Southern African Development Community (SADC) agreement, which has with the main aim of coordinating development projects in order to lessen economic dependence on the then apartheid South Africa.

The country is a member of the Southern Africa Customs Union (SACU), whose aim is to maintain the free interchange of goods between member countries and provides for a common external tariff and a common excise tariff to this common customs area.

South Africa has helped to broker peace in Burundi and taking the lead in creating the African Union and the New Partnership for Africa's Development (Nepad).

The 2010 Football World Cup is the largest sporting event ever staged in Africa. This event with create foreign investment and improve market expansion and infrastructure.

The contribution of the tourist sector to the economy has doubled since the end of apartheid. With its job-creating potential, the sector has been singled out as a priority by the government.

Gold and coal are the country's largest foreign exchange earners. South Africa's has diamonds, iron ore, copper, manganese, limestone and chrome but it is gold that dominates. South Africa has the world's largest gold deposits and about 80% of world platinum reserves . There is a highly developed synthetic fuels industry, which uses the country's abundant coal resources and offshore natural gas.

Swaziland (top)

The country is a member of the Southern Africa Customs Union (SACU), whose aim is to maintain the free interchange of goods between member countries and provides for a common external tariff and a common excise tariff to this common customs area.

It is part of the Southern African Development Community (SADC) agreement, which has with the main aim of coordinating development projects in order to lessen economic dependence on the then apartheid South Africa.

Swaziland has a well-developed banking system but lending is concentrated in only a few industries. With improvements in the fiscal strategy and structural reforms, international analysts estimate that growth could reach about 3% per year .

The agricultural sector is the most important area of the economy, supporting subsistence crops such as sugar cane, cereals and fruits, as well as cash crops such as pineapples and cotton. Exports of sugar and forestry products are the main earners of hard currency. Roughly 60% of the workforce is employed in agriculture .

Tanzania (top)

It is part of the Southern African Development Community (SADC) agreement, which has with the main aim of coordinating development projects in order to lessen economic dependence on the then apartheid South Africa.

In 2005, Kenya, Tanzania and Uganda created the East African Community (EAC) Customs Union. The EAC calls for the elimination of duties on goods traded within the Community. A common currency and a central bank are to be created before 2010. The EAC eliminates internal tariffs and all non-tariff barriers, such as quotas and import bans in the bloc. While goods from Tanzania and Uganda will enter Kenya duty free, goods exported by Kenya to the two other countries will attract duties of up to 10% in Uganda and up to 25% in Tanzania until 2010. The government is committed to pursuing closer regional integration and further trade liberalization, mainly in the framework of the East African Community.

Recent banking reforms have helped increase private sector growth and investment. Private sector credit has been growing at an average annual rate of around 32%. The demand for credit is expected to continue to expand in particular for small- and medium-sized enterprises as well as exporters .

Tanzania is regarded as corruption-free, at least in comparison with neighboring countries. This has made it a favorite of international donors. The costs of starting a business have been cut but poor infrastructure raises the cost of doing business. More public investment in infrastructure is needed.

There is a huge potential for tourism but the sector lacks hotels and infrastructure and seeks foreign investment to develop the industry.

The economy depends heavily on agriculture, which accounts for 46% of GDP, provides 85% of exports and employs 80% of the work force. Only 15% of farmable land is cultivated and of that less than 5% is irrigated. The mainland's leading exports include: coconuts, coffee, tea, cotton and groundnuts, while Zanzibar is a worldwide supplier of spices .

Tanzania’s Songo natural gas field is located offshore in the Indian Ocean and contains estimated proven reserves of 420 billion cubic feet (Bcf) and additional probable reserves of 85 Bcf. Tanzania plans to develop two offshore fields to provide fuel for power generation. The pipeline could be extended to the Kenyan port city of Mombasa to supply gas for industrial usage and power generation .

Togo (top)

Togo is a member of the West African Economic and Monetary Union (WAEMU), whose mission is to promote economic integration.

Agriculture is the dominant sector in Togo, accounting for more than 40% of GDP and employing 60% of the workforce. The majority of the population depends on the cultivation of subsistence crops such as cassava, manioc and vegetables. Palm kernels, cocoa and copra are the main exports .

The government expects growth of more than 3% in 2008-2010. Increases in foreign investment and improvements in infrastructure are expected to sustain growth .

Uganda (top)

In 2005, Kenya, Tanzania and Uganda created the East African Community (EAC) Customs Union. The EAC calls for the elimination of duties on goods traded within the Community. Burundi and Rwanda joined the EAC in 2006. A common currency and a central bank are to be created before 2010.

The country's largest single foreign investment is in the development of its cobalt reserves in the Rwenzori foothills. Rehabilitation of copper mines closed in the 1970s is also underway. To further this effort, a new mining code has been put in place.

The government intends to make commercial agriculture a major part of its development strategy. Agriculture accounts for about 22% of GDP but employs more than half the country's work force. Farm output is a major earner of foreign exchange, with coffee, tea and cotton being especially important. The main products for the domestic market are plantains, bananas, cassava, sweet potatoes, potatoes, sorghum and maize. The bulk of the country's exports consist of tea, fish, coffee and cotton. Liberalization has led to more diversification in agricultural exports .

Manufacturing accounts for just 10% of GDP and has been expanding at a moderate pace in recent years. Most foreign investment goes to manufacturers but investments are concentrated around the country's capital. Transport and telecommunications are the most dynamic industries .

Tourism and tea production are the only industries located in the countryside that have received significant amounts of foreign investment. Tourism has much to offer, though hotels and marketing are primitive. With foreign investment the industry could be further developed.

The business environment improved noticeably following a series of reforms. Most markets were liberalized, and the banking system and state-owned enterprises have been privatized. The establishment of four new commercial banks has helped to increase lending to the private sector. Tax incentives have been introduced to encourage foreign investment and bolster exports. Three business parks are under investment.

The government plans to eliminate all domestic arrears, including the paying down of pension arrears. The new Employment Act makes working hours more flexible and modernizes the labor code.

Zambia (top)

Zambia is part of the Southern African Development Community (SADC) agreement, which has with the main aim of coordinating development projects in order to lessen economic dependence on the then apartheid South Africa.

Most farmers still lack access to credit and inputs at affordable prices, making it difficult for them to market their products. With better organization, the agricultural sector could produce much greater quantities of food. Cotton, coffee, tobacco and maize are the dominant exports. Coffee producers have annual export earnings of about US$7.5 million.

Officials plan to increase public spending on agriculture and social projects to help the poverty-ridden. Long-term growth rates of over 8% are required to reduce poverty but rates of growth are expected to be 6-7% in the medium term.

Foreign Direct Investment in mining has risen to more than 8% of GDP.

In the mining sector, copper dominates, generating around 50% of Zambia's foreign exchange earnings in a typical year. Zambia is the world's fourth largest copper producer with about US$2.7 billion per year. New copper mines came on stream in 2008 and a US$200 million copper smelter is also under construction, funded by Chinese investors .

The manufacturing sector is driven by producers of processed foods and engineering products, such as copper rods, cables and wires. Construction continues to grow strongly in response to a brisk rise in the demand for housing and investment in the copper sector.

Parts of the country’s all-important copper industry have been privatized. The move has resulted in a big boost in investment and exports. Three major state-owned enterprises: Zambia Electricity, Zambia National Commercial Bank and Zambia Telecommunications are being prepared for privatization. Officials have also initiated a program to promote multi-facility economic zones to foster growth in the non-mining sector. The government plans reforms to improve access to financing for rural households and small businesses .