On 13 Dec the Johannesburg Stock Exchange JSE spelled out how the sacking of South Africa finance minister Nhlanhla Nene and market reactions to political moves had affected people’s savings, jobs and hopes in the previous 4 days.
African countries (apart from South Africa) are set to place $7 billion of debt this year, buoyed by low interest rates and a huge global appetite. It is more than the previous 5 years combined and African capital markets are feeling the boom.
South Africa’s Minister of Finance, Pravin Gordhan said the continent needs to take advantage of having a market of 1bn people and some of the world’s fastest-growing economies: “You can’t ignore a continent like Africa. In the next 15-20 years the focus on Africa will sharpen.”