A note of caution on African Markets

Adam Wolfe writes:

In the end, global financial markets cannot save Africa alone. It will need to save itself. The World Bank and donor countries can help to finance the necessary infrastructure investments Africa needs to get on its feet, but African government’s will have to stop diverting the revenues from oil and other commodities to their cronies and invest back in their own nations. China has not been helpful in this regard -- by neglecting to put conditions on the money it loans, Beijing only enables corrupt officials to steal from Africa’s future.
Still, the recent interest from Western financial firms has not come out of nowhere. The investment climate is improving in significant ways across most of the continent. But the road from “frontier market” to “emerging market” will be an arduous journey for Africa’s governments. Despite the current opportunities, many may still turn back before reaching their destination.