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Front Cover -- Contents -- Foreword -- Acknowledgments -- About the Editors and Contributors -- Main Messages -- Executive Summary -- Abbreviations -- Overview -- The Untapped Economic Potential of Sub-Saharan Africa's Oil, Gas, and Mineral Resources -- The Legacy and Lessons from Africa's Commodity Price Boom and Bust -- Unlocking the Mining Sector's Economic Potential through Regional Integration and the African Continental Free Trade Area -- Looking Ahead to Africa's Resource Future -- Notes -- References -- Chapter 1 The Untapped Economic Potential of Sub-Saharan Africa's Oil, Gas, and Mineral Resources -- Introduction -- The Significant Rise in Resource-Rich Countries across Africa in the Past Two Decades -- The Untapped Resource Potential of Africa -- Unlocking SME Potential in the Mining Sector -- Conclusions -- Policy Recommendations -- Annex 1A Analysis of Trade Elasticities -- Notes -- References -- Chapter 2 The Legacy and Lessons of Africa's Commodity Price Boom and Bust -- Introduction -- Outcome 1: Economic Growth in Resource-Rich Africa Collapsed Once Commodity Prices Fell -- Outcome 2: Poverty Has Deepened in Resource-Rich Sub-Saharan African Countries -- Outcome 3: Inequality Has Persisted in Resource-Rich Sub-Saharan African Countries -- Outcome 4: Despite Significant Earnings during the Boom, Resource-Rich Africa Failed to Diversify Its Economies -- Export Concentration: The Boom Drove Increased Export Concentration -- Asset Concentration: What Happened to the Wealth of Nations? -- Outcome 5: Governance Was an Important Determining Factor in Outcomes for Resource-Rich Countries -- Governing New Discoveries and Managing Expectations: The Risk of the Presource Curse -- Managing Macroeconomic Risks -- Resource-Backed Loans Carry Hidden Risks -- Conclusions: Insights from the Boom-and-Bust Cycle -- Notes -- References.

Front Cover -- Contents -- Foreword -- Acknowledgments -- About the Contributors -- Abbreviations -- Overview: Market Access Strategy in a New Trade Environment -- Introduction -- Ingredients for Sub-Saharan Africa's Market Access Strategy -- How Can Sub-Saharan African Countries Boost Exports through Preferential Access to the EU and US Markets? -- How Can Sub-Saharan African Countries Diversify Their Market Access? -- How Could Regional Integration Initiatives Help This Dual Strategy to Succeed? -- Contributions of This Volume -- Notes -- References -- PART I Access to Traditional Markets: Taking Stock of Nonreciprocal Trade Agreements and the Way Forward -- Chapter 1 Trade Impact of the AGOA: An Aggregate Perspective -- Introduction -- The African Growth and Opportunity Act -- Trade Flows from Sub-Saharan Africa to the United States -- Impact of the AGOA: Results from the Synthetic Control Method -- Main Drivers of Exports under the AGOA -- Conclusion -- Annex 1A The Synthetic Control Method -- Notes -- References -- Chapter 2 Preferential Access to the United States and Manufacturing Export Performance: A Product-Level Analysis -- Introduction -- A Product-Level Perspective from Disaggregated Export Data -- US Trade Preferences: The GSP and AGOA -- African Export Performance and the Role of the AGOA -- Estimated Impacts of the AGOA and GSP LDC -- Conclusion -- Annex 2A WITS Sectoral Definition, Sub-Saharan Africa Data, and Commodity Prices -- Annex 2B Impacts of the AGOA on Exports and Export Patterns -- Annex 2C AGOA Impacts, by Country -- Notes -- References -- Chapter 3 Comparative Analysis of AGOA and EBA Impacts: Evidence from West Africa -- Introduction -- Estimations of the Trade Impacts of the AGOA and EBA -- ECOWAS Exports to the European Union and the United States since 2000 -- Empirical Specifications and Data.

This paper explores the landscape, contributions, and determinants of sovereign wealth funds' long-term investments in Sub-Saharan Africa. The study finds that of all regions, Africa receives the lowest share of investment from sovereign wealth funds, and the landscape is dominated by Asian funds. The investment strategies of sovereign wealth funds established by African countries tend to be to invest less domestically and more abroad, contrary to Asian funds. In addition, using an enriched simple mean-variance portfolio model with an exponential utility function, the analysis shows that the investment rate of return and political connections have a positive and significant effect on sovereign wealth fund investments, and risk exerts a negative but not significant effect. The paper confirms these results empirically, using a database that includes 26 sovereign wealth fund investments over 1985-2013. Hence, sovereign wealth funds investing in Africa care more about high returns and the political interests of their country of origin than the risk of their investment.

Uganda's economy underwent significant structural change in the 2000s whereby the share of non-tradable services in aggregate employment rose by about 7 percentage points at the expense of the production of tradable goods. The process also involved a 12-percentage-point shift in employment away from small and medium enterprises and larger firms in manufacturing and commercial agriculture mainly to microenterprises in retail trade. In addition, the sectoral reallocation of labor on these two dimensions coincided with significant growth in aggregate labor productivity. However, in and of itself, the same reallocation could only have held back, rather than aid, the observed productivity gains. This was because labor was more productive throughout the period in the tradable goods sector than in the non-tradable sector. Moreover, the effect on aggregate labor productivity of the reallocation of employment between the two sectors could only have been reinforced by the impacts on the same of the rise in the employment share of microenterprises. The effect was also strengthened by a parallel employment shift across the age distribution of enterprises that raised sharply the employment share of established firms at the expense of younger ones and startups. Not only was labor consistently less productive in microenterprises than in small and medium enterprises and larger enterprises across all industries throughout the period, it was also typically less productive in more established firms than in younger ones.