The World Bank has advised resource rich countries in Sub-Saharan Africa to build strong institutions that promote good governance, rule of law, accountability, and increase transparency so that the natural resources can benefit their citizens.

The World Bank further says despite the slowdown in the global economy, Sub-Saharan Africa remains one of the fastest growing regions in the world at 5.2%. The growth is mainly supported by resilient domestic demand and monetary policies in the region.

However, it warns that despite this positive outlook, Africa may be gravely impacted by external risks such as economic slowdown particularly in the Eurozone and China. Another risk singled out is the rising food price.

According to the Bank’s chief Economist for Africa Shanta Devarajan, the improvement in macro-economic policies in Sub-Saharan Africa is better than those in other low income countries in the world. He, however, adds that in order to sustain this growth, countries must create productive jobs, short of which most Africans will continue to be employed in the informal sector, earning low pay and leaving poor quality lives.

He was addressing Journalists from ten African countries during an e-conference ahead of the launch of Africa’s pulse- a bi-annual report that highlights economic trends and events that are shaping the fight against poverty.