Growth in Africa should not be hampered by a slowdown in the Chinese economy, despite much of sub-Saharan Africa's new infrastructure spending coming from the Asian giant, according to New Star Heart of Africa fund manager Jamie Allsopp.
Speaking at the International Investment Middle East Gulf Forum in Abu Dhabi, Allsopp said growth in Africa is coming from such a low base that it would be hard to derail. "Africa will not see a consumer slowdown like that of Europe and America," said Allsopp. "The demand is for things like soap and deodorant. Only 10% of people in sub-Saharan Africa have a bank account, and only 20% have a mobile phone - the region is growing from such a low base that the global slowdown will have no significant effect on demand." He added that while infrastructure spending from China was the largest i...
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