CAPE TOWN, South Africa (AP) — Economic growth in Africa is likely to pick up to 6.2 percent this year, according to a report published yesterday at the opening of the World Economic Forum's annual conference in Africa.The Africa Competitiveness report said that growth rates in sub-Saharan Africa would increase to 6.8 percent, up from 5.7 percent last year.

But the report, published jointly by the World Bank and African Development Bank, said the boom was largely based on factors like strong commodity prices. It warned that long-term growth would depend on improved competitiveness that in turn would depend on better infrastructure and stronger institutions.

It singled out low access to financial services as a major obstacle for African enterprises, as well as corruption and low levels of education.

It said that energy and transport were among the main bottlenecks to productivity growth and competitiveness in Africa. Firms lost as much as eight percent of sales due to power outages, and transportation delays could account for as much as three percent of lost sales, it said.

"Africa has the potential to become a far more competitive player in the global economy," said Obiageli Katryn Ezekwesili, a World Bank vice-president. "While a number of governments have significantly improved the business climate in their countries, the region as a whole has much more to do to make Africa a competitive location for enterprise." But Senegal's president, Abdoulaye Wade, said the continent's lack of competitiveness was largely due to past injustices rather than present failings.

"Africa is not poor. Africa has been impoverished," he told the opening session, listing slavery, colonialisation and foreign domination among the ills.

He said it was "paradoxical" that a barrel of oil costs $10 in Angola, $6 in Nigeria and yet $69 for non-producing countries like Senegal.

"Oil companies make a lot of money. We who do not produce oil, we are victimised. It is immoral to extract so much wealth from Africa while leaving so much poverty behind," he complained.

He said that more African countries should participate in the oil business and take their share of the profits.

Senegal's main crop is peanuts and it doesn't boast any mineral resources of other West African nations. But despite its poverty, it is regarded as a model of good management in a region beset by political and economic upheavals.

Wade, 80, who was recently re-elected for a second term in office, said Senegal's success was based on "human resources, creativity and good relations with those who have money".

He said that Senegal invested 40 percent of its budget into education — far higher than the African average.

"I've decided to bet on the future," he said.

South African President Thabo Mbeki singled out education and agricultural development as vital to pull the continent out of poverty.

Some 700 business leaders are attending the three-day conference in the coastal city of Cape Town.