Trump administration is bad news for emerging economies, Kenya central bank governor says
Patrick Njoroge says the volatility being bred by the White House discourages foreign direct investment in developing countries
London — The new US administration spells trouble for frontier economies because its policies are breeding volatility that discourages investors from taking risks, the Kenyan central bank governor said Tuesday. Patrick Njoroge, a 30-year veteran of the International Monetary Fund who returned to his native Kenya in 2015 to lead the central bank, said President Donald Trump’s impact on markets was going to make 2017 the toughest year yet for open, investment-friendly frontier economies such as Kenya’s. Njoroge has become one of the continent’s most senior policy makers to consistently warn of the negative impact the new White House leadership could have on African economies that need US investments and a continued positive trade environment for their goods to solidify decades of economic progress that has helped millions out of poverty on the continent.The contours of the Trump administration’s policy on Africa remain a mystery, with the White House yet to outline policy prescription...
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