Africa from the Inside
From the “Africa Rising” narrative to “Multispeed Africa”
Like the majority of emerging markets, GDP growth in the African region has dropped dramatically over the last three years. Of sub-Saharan Africa’s big four economies – Nigeria, South Africa, Angola and Kenya – two are rapidly contracting (Nigeria, Angola) whilst one is static (South Africa). It is only Kenya which is bucking the regional trend and growing at a decent emerging market rate of over 5% – arguably the base norm for a true emerging market in the region for progress in the face of high population growth.
So what then is the “new normal” for Africa? There has been a severe commodity price correction; debt serviceability by sovereigns is posing crises for many countries; localised conflict is flaring up across the continent; and governance is seemingly on the decline.