Several factors have been associated with the slow progress in the attainment of MDGs’ economic progress in Africa. According to a report by the World Bank (2008), there are several challenge that are hindering Africa from attaining economic growth according to the targets of MDGs.
The failure in attainment is realised in disparity of regional development, as African grapples with poverty eradication. The major factors associated with the slow progress of economic development and reduction of poverty levels is the economic crisis that is affecting all regions of the world (Chibba, 2011). According to Chibba (2011), developing nations in Africa has witnessed a negative growth rate or for some a slow growth rate in 2009. Apart from a few emerging markets like Kenya and Uganda, the economic crisis has reduced the ability many African countries to access finance, witnessed higher unemployment, reduced foreign investment, low rates or stopped foreign assistance and the reduction of remittance of foreign exchange from overseas workers (Chibba, 2011).
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