The recent spike in food prices could provide a huge boom to African economies, according to Michael Spence, chairman of the World Bank’s commission on growth, given the resource rich nature of the continent.

Speaking at the annual bank conference on development economics, Spence said high food prices were the result of supply problems, rather than increased demand or drought, adding that food prices could come down over the next five years if governments implement sensible policies.

“Africa is very resource rich compared with any other continent in the world,” said Spence, noting that when the supply response comes, the likes of Brazil and Africa could benefit from the opportunity.

He added that current growth rates on the continent could be sustained if governments use the money gained from their resources to invest in projects that promote further job creation.