Africaaagh

31 December 2020 By Ed Cropley Follow @edwardcropley

Even before Covid-19, the continent faced a reckoning. Low commodity prices remove a major growth pillar, while mounting leverage rules out more foreign borrowing. With budgets and citizens under pressure from Angola to Zimbabwe, Africa Rising looks more like Africa Uprising.

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Africa’s governance performance worsened in 2019 for the first time in nearly a decade due to a broad deterioration in human rights, security and rule of law, according to a survey published on Nov. 16.

Fitch Ratings said on Dec. 8 the outlook for most sub-Saharan African sovereigns was negative as governments struggled with mounting debt and tight external liquidity.

The ratings agency also said weak governance continued to weigh on the creditworthiness of many sovereigns, while elections and the possible departure of long-standing leaders could trigger political unrest.

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