Africa looking for good news
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The Africa Rising narrative from a few years ago has increasingly become an Africa is dead storyline. The negative image currently portrayed in the media is probably not completely without merit. The continent faces some tough challenges, from macro-economic headwinds resulting from lower commodity prices and a generally weaker external environment to a shortage of hard currency and weaker currencies. Furthermore, the drought in southern Africa regions is causing higher inflation and putting pressure on consumer discretionary incomes. Despite the persistent flow of negative news and the short-term deterioration of economic fundamentals, we believe there are a number of reasons to be optimistic about the longer term investment potential of Africa.