As sentiment toward emerging markets has turned negative over the past few years, African economies have not been spared from the ensuing rout.
Of particular note is the fact that several economies are hampered by large twin deficits, both in their fiscal and current accounts, largely as the result of strong growth in government spending over the past decade.
If governments or individuals spend more than they earn, their debt increases. If they have also been importing more than they have been exporting, it means that this increase in debt is denominated in U.S. dollars.
Read more: Africa: The Race Between Debt and Growth | Institutional Investor
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