investors must not put consumer sectors before
For all the excitement over Africa's rising middle class, it
pays to remember that no country can reach its economic
potential without having a few basics in place. Infrastructure
is critical. And in many (but not all) nations across the
continent, particularly sub-Saharan ex-South Africa (SSA), it
is desperately lacking.
In recent months many sources at industry events have,
somewhat apologetically, made this point. They caveat their
comments with "it may sound trite" or "it seems obvious to
say." But the fact is that some people – mainly those
caught up in the Africa rising narrative, and...