The WSJ writes:
The global credit crunch has shaken the kaleidoscope of the world economy. As sub-prime lending problems ricochet around the world, capital is seeking new places to grow. And it is looking farther afield than ever before -- not just to the well-established emerging economies of China or India, but to "emerging emerging" markets in Africa...Their success has been driven by getting the fundamentals right. Nigeria has benefited from banking and pension reform, a crackdown on corruption, debt relief based on sound fiscal policy and the high oil price. Perhaps more remarkably, Ghana has achieved its success without oil windfalls. A strong technocratic team in the top ministries has pushed through a homegrown reform program which has rationalized the electricity sector, led the development of a domestic debt market, and freed up capital controls. There is nothing to stop the rest of Africa following this lead. And the signs are encouraging: The IMF expects sub-Saharan Africa to grow 6.1% in 2007 and 6.8% in 2008.
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