Africa: Ripe for reappraisal

Sir Bob Geldof’s latest incarnation says something about Africa’s changing place in the world. Not for the first time, the Irish rock star turned campaigner for aid and debt relief in Africa has been seeking to raise as much as $1-billion. This time, however, he hopes to champion investment in a continent that he had tended to portray as a basket case in perennially urgent need of alms.

His transformation into private equity guru has not been seamless. The former Boomtown Rats and Band Aid frontman has struggled since the global financial crisis to raise sufficient financing to close his fund, 8 Miles, named after the distance between Europe and Africa at the straits of Gibraltar. But Sir Bob’s journey nevertheless chimes with a turnround in global perceptions.

The full Globe and Mail article can be viewed online here.