Building Africa's Green Economy
13 September 2012
Think Africa Press: Africa’s energy demand is forecast to dramatically expand as rapid urbanisation and economic growth push consumption to new heights. Yet the continent is currently plagued by poor power infrastructures and chronic power shortages. According to the World Bank less than a quarter of the population of Sub-Saharan Africa has access to electricity. And on average, African economies lose 2.1% of GDP as a result of power shortages annually.
A rise in the global price of crude oil has left African economies with a reduced budget for investment in other areas. Even countries which are relatively on track to achieve the Millenium Development Goals (MDGs), such as Senegal, will see their commitment to the MDGs called into question by the high expenditure on oil imports. In Senegal, oil imports total 8.5% of its GDP, more than the budget allocation of its health and education sectors combined.