This time last year, Africa’s relatively untapped equity markets were being tipped as one of the best investment opportunities on the planet.
Amid a raft of fund launches, a steady stream of investors scrambled for their piece of the pie. The buying continued even after equity markets in the rest of the world turned sour; African regional equity funds attracted net inflows of $247m (£170m, €187m) in the first seven months of 2008, according to EPFR Global, a data provider, with a further $1.3bn flowing into Middle East and North Africa funds. Outflows from more established emerging markets hit $22bn over the same period.
