Welcome to Issue 14 of “Made in Africa”, our leading publication exploring, with our international colleagues and partners in Africa, the latest local and international legal developments, market analysis and hot topics for investors into and businesses operating throughout the continent.
The macro-economic picture continues to influence investment. Continuing pressures on commodity and oil prices and global demand as well as weakening growth forecasts have seen a shift in investment priorities and governments looking more closely at incentivising investment in non-resource sectors as they tussle with fiscal tensions and economic balance. Certain elections have come and gone and the new governments have started to outline their plans over the next term.
Despite this backdrop, private funds have continued to be raised (approaching record levels), particularly driven by the consumer facing industries as well as power, real estate and infrastructure. The world’s institutions have also continued to show their support both directly and indirectly (for example the guarantee for the recent sovereign bond issue by Ghana which includes an attractive 15 year maturity term).
Power capacity as always has been high on the agenda and we are seeing increased opportunities across both non-renewable and renewables/clean energy sectors and this in turn is seeing interest in funds focused on these sectors which follows initiatives such as Africa 50 and Power Africa. Other sectors such as financial services, healthcare, education and retail are also getting more attention.
I would like to personally thank all our contributors, particularly our friends from African law firms and organisations, for their efforts in making this publication the must read for investors and businesses operating in Africa.
We look forward to 2016 and continuing to be at the forefront of representing clients investing in and out of Africa.