Is Africa worth the risk?

At the end of November 2011, J.P. Morgan's chief strategist noted that, so far, in a year characterised by economic turmoil, developed economies had suffered a total of 32 downgrades in their sovereign debt ratings, while the sovereign debt of emerging economies, from which most of the growth in stock markets has emanated in recent years, had received 35 upgrades. Included among the upgraded countries was South Africa, Africa's largest economy and a member of the BRICS group. A number of other countries in Africa also have a positive credit outlook, reflecting the low levels of debt f...