Commodity price crash hits Africa’s fortunes

Africa’s impressive average economic growth of around 5 per cent over the 14 years to 2014 saw economists toasting to the continent’s development potential PHOTO: COURTESY

Just three years ago, most of the world’s fastest-growing economies were in Africa.

Among them were Angola, Chad, Ethiopia, Mozambique, Nigeria, Rwanda and Sierra Leone. A middle class was emerging, led by young, tech-savvy entrepreneurs who bought flashy cars, new houses and the latest smartphones.