Africa: emerging from wilderness

As a prime source of materials for China's manufacturing sector, Africa has become an increasingly compelling equity investment, promising strong performance for 2008. But what are the risks?

The events of recent weeks have not been auspicious for emerging markets, with two countries - Pakistan and Kenya - descending into violent social unrest. This was especially unexpected in Kenya, as the incumbent government had made great strides in improving the economy, but it would seem old tribal loyalties and a lack of faith in the fairness of the election have spilled over into discontent. It is easy to despair at the recent unrest, but it is also somewhat presumptive of the West to judge countries from the comfort of their own armchairs. It took most Western countries several centu...