Op-Ed: How emerging markets will shape Africa in 2020 (World Economic Forum)
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Op-Ed: How emerging markets will shape Africa in 2020 (World Economic Forum)
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By Isaac Kwaku Fokuo, Founder and Principal, Botho Emerging Markets Group, and Akinyi Ochieng, Esther Ocloo Fellow, Botho Emerging Markets Group
February 22, 2020
In recent years, Sub-Saharan Africa has increasingly traded old friends, like the US and the European Union, for new ones in emerging markets. Since 2006, the region’s exports to the US have declined by 66%, while exports to countries such as Russia and Turkey have doubled and tripled respectively.
This shift in partnerships comes as Africa embarks on a new era buoyed by the promise of the African Continental Free Trade Area (AfCFTA), the landmark free trade agreement that will become operational in 2020, as well as increased visa openness and harmonization of monetary policy through West Africa’s new Eco currency. African countries can and should start this decade by taking advantage of this progress to shift from reactive to proactive diplomacy by building new ties with vital emerging markets. Instead of a 21st-century scramble, for Africa, 2020 marks the beginning of 21st-century partnerships.
In this article for the World Economic Forum, Isaac and Akinyi cover how:
African countries are building new ties with emerging markets;
These alliances will be critical in 2020 against a backdrop of US-China trade tensions and policy uncertainty in the UK owing to Brexit;
In addition to China, India, Russia and the UAE are emerging as strong investment and trading partners that will shape Africa's economy.
Read more here.