We have all heard the bull case for African investment. Many of its economies are among the fastest-growing in the world (from a glaringly obvious low base). About 40% of Africa is urbanised, which is a similar proportion to China. And there is a stabilising economic outlook — or so we were led to believe.This year, it has not seemed that way at all.Nick Ndiritu, who co-manages the Allan Gray Africa ex-SA fund, says the "Africa Rising" narrative has been replaced by the exact opposite view of the continent.John Mackie, head of Stanlib’s Africa franchise, says it has been a year for damage control.The benchmark MSCI Africa index excluding SA is down 11% over the past 12 months. But a bigger concern has been the lack of liquidity.Any fund manager trying to sell shares in Nigeria, Zimbabwe or, until recently, Egypt has faced long queues to get money out of these countries and redeploy it, as exchange controls have been tightened.Fungai Tarirah, manager of the independent Rudiarius Afri...
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