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Daily Monitor
Monday December 28 2020
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Africa has been engaged in commodity trade for nearly 200 years and its countries stagnated and even regressed to the bottom of the least developed economies, much behind those from Far East.
This is largely due to its pre-occupation with commodity trade. This business of exporting coffee and cocoa beans, dry cassava, banana, live goats, raw cotton, hides and skins in the agriculture sector, and iron ore, copper ore, bauxite, etc., have in part retarded the pace of African countries’ faster leap into middle to upper middle income economies.
It is even telling to learn that some countries such as Switzerland that invested in knowledge economy, leaped out of poverty with much ease.