Africa feels Europe effect.

Author:Dhlamini, Jonathan
Position:OPINION - Letter to the editor
 
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Once more the African continent is bearing the brunt of global actions by developed countries over which it has no control.

It is clear from the sustained rates of growth in its newly developing countries that Africa is capable of managing its own financial and economic affairs in a far more responsible manner than Europe is. Africa was hit in 2008 after the collapse in the US stock markets and now, as once more the world's stock markets are falling about our ears, Africa is now starting to feel the fallout from the European Union's irresponsibility in failing to stop the spread of the Eurozone debt crisis.

The volatility of European stock markets has a knock-on effect on Africa's economic prospects, it affects prices for our commodities and products, and it creates volatility in the currency and local stock markets. And when uncertainty is created in international markets, money...

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