1478 African equity markets experienced an unprecedented decline for just over two years following the peak of the MSCI Emerging and Frontier Markets index for Africa excluding South Africa in September 2014. This followed the collapse of the oil price from its level of over USD 100 per barrel, where it had been for more than three years, as well as weaker commodity prices in general. Investor appetite for emerging and frontier markets reduced as the underlying economies are often considered to be largely driven by commodity exports. This is true for many of these economies, but in Africa there is also a distinction to be made as many African economies are benefiting from improved demographics and better political leadership combined with better economic management.