Whither Africa’s “Frontier Markets”?
Africa seems to make international headlines only when disaster strikes. But, over the past several years, several sub-Saharan countries have attracted unprecedented inflows of foreign capital, and recent global financial turmoil has only added to their allure, because they are less vulnerable to international volatility than are more familiar emerging economies.
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NEW YORK – Zimbabwe’s election appears, once again, to confirm a truism: Africa only seems to make international headlines when disasters strike – a drought, a coup, a war, a genocide, or, as in the case of Robert Mugabe, grossly incompetent government. But, over the past several years, a number of sub-Saharan countries have attracted unprecedented inflows of foreign capital. Recent global financial turmoil has only added to Africa’s allure, because its frontier markets are less vulnerable to international volatility than are most of the world’s more familiar emerging economies.