Managed commodity currencies will face dual headwinds from a sustained period of low oil prices and a rising US dollar. But those countries that have floating exchange rates and have already adjusted should prove more resilient, including Egypt and South Africa. Several countries in Africa have issued hard currency government bonds in recent years, and Nigeria’s US dollar-denominated debt in particular looks attractive. Overall, we expect GDP growth to accelerate across the continent as the shock from weak commodities prices unwinds and China ‘doubles down’. Refresh the chart in your browser | Edit chart in Datastream In the current environment,