The standard story of 20th-century Africa's economic development goes like this: the first half of the century – under colonial rule – saw some growth, although this was often closely tied to commodity price booms and busts. The first few years of the post-colonial period were generally characterised by rapid growth: in some cases, like Uganda, reaching rates of 5% or more for several years. There was much to be optimistic about.
And then, so the story goes, tragedy set in. The rise of dictators in many African countries crushed the economic hopes and aspirations of an independent Africa; the three decades between 1970 and 2000 are often considered the"lost decades". It is only since 2000 that many African countries experienced some growth, although one could argue that this, again, is tied to a commodity price boom.Get 14 days free to read all our investigative and in-depth journalism.