Investing In South Africa To Increase Pan-African Exposure

Outflows from emerging markets has been one of the big stories of the year, as investors brought money back to Europe and the U.S. in anticipation of Federal Reserve tapering, reflecting that some people view emerging markets as an investment of last resort when there are no other good deals to be found. Africa in particular has a reputation for being incredibly risky, with all but a few major markets given the somewhat condescending name ‘frontier markets.’

But once you move the past the commodities sector, where many African investment decisions begin and end, the continent has a unique growth story. First, it’s enormous, with a billion people and a land mass that most people can’t...