Africa remains a sweet investment destination due to its resilience to internal and external shocks that have hampered economic growth globally.

This was according to the latest African Economic Outlook report, produced by the African Development Bank, the OECD and the United Nations Development Programme, released yesterday.

Africa’s economy is expected to grow to 4,8% this year and further accelerate to around 6% in 2015.

Growth on the continent has largely been driven by domestic demand, infrastructure development and an increase in continental trade, particularly in manufactured goods.

Mthuli Ncube, African Development Bank chief economist and vice-president says that in order to solidify economic growth on the continent, countries need to be more effective in global value chains, which should form part of their medium- to long-term strategies.

“In order to sustain the economic growth and ensure that [they] create opportunities for all, African countries should continue to rebuild shock absorbers and exercise prudent macro management. Any slackening on marco management will undermine future economic growth,” he said in a statement.

While African exports to the rest of the world grew at an exponential rate, primary commodities like oil, coffee, cocoa, cotton, sugar, tea and tobacco account for just 3,5% of global merchandise export.

What’s needed to sustain economic growth on the continent, says OECD development centre director Mario Pezzini, is to tap into the global value chain.

Dr Lyal White, director of the Centre for Dynamic Markets at the Gordon Institute of Buisness Science says African countries now need to move beyond resource extraction and commodity producers to more industrialised economies.

“What’s very important around all of this is the notion that African economies become open and connected with each other internally as well as the rest of the world. Africa needs to build economies of scale on the continent. Connectivity is how we become part of the global value chain,” White says.