Angola’s steady story of economic growth has been badly disrupted by the global collapse in oil prices. Can the 'ultimate petrostate' weather the storm?

Angola has big potential as a visitor destination, and as a sector, tourism could be a driver of non-oil growth and jobs. But high costs and red tape are deterring overseas visitors and the country needs to work harder to deliver on its ambitions.

The Angolan banking sector has been hit hard by the oil price slump, adding to concerns about systemic loan book weakness. However, a tough new asset quality review should improve matters, as should the expansion of the country's capital markets.

Angola's failure to diversify away from oil has led to faltering growth in what has been in recent years one of Africa's best-performing economies. Though the government is managing the crisis better than in previous years, the currency remains unstable and access to foreign currency is in short supply. 

Home to some of Africa's largest banks, Morocco has weathered both the financial crisis and regional political upheaval. Now its financial institutions are beginning to extend their reach into the rest of the continent.

A plunge in oil prices has brought uncertainty to Algeria's banking sector, which is facing declining profitability and tightening liquidity, leading to calls for far-reaching reforms.

The global financial crisis and Arab Spring uprisings all but decimated Egypt's economy. However, its banks survived this period with admirable resilience, and now that the economy is back on an upward spiral, they are looking to cash in.

A loyal investor base welcomed the long-dated bond with three equal maturities that helped smooth the Côte d’Ivoire sovereign's refinancing profile.