By Klaus Wille – Jun 9, 2013
Africa is experiencing the strongest growth in new sovereign wealth funds in the world as the continent’s nations are amassing commodity revenues and foreign-exchange reserves, according to JPMorgan Asset Management Inc.
During the past two years, 15 state funds have been set up or are being considered in Africa, Patrick Thomson, the global head of sovereigns at JPMorgan Asset said. The region will see more starting in the coming years, he added.
With commodity prices rising, African countries are putting their surpluses into government-owned funds designed to manage a country’s wealth for future generations. Angola set up its $5 billion state fund in October, Uganda said in April it plans to create a sovereign fund, and Nigeria, Africa’s biggest oil producer, inaugurated its $1 billion fund eight months ago.
“We expect the number in Africa to grow further over the coming…
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Dr. Bukar Ali USMAN, mni 