rates Africa would have enjoyed if these key determinants had taken OECD rather than African values. Expensive investment …

rates Africa would have enjoyed if these key determinants had taken OECD rather than African values. Expensive investment …

of both oil and non-oil producers to investment. Contrary to widespread belief, we do not find evidence that low quantity … of investment is the main of low growth. The decline in the investment rate followed rather than preceded the reduction … in the aggregate growth rate. We conclude that the low quality of investment projects is the key determinant of growth …