DAR ES SALAAM, Tanzania -- Financial markets may have priced in the recent U.S. rate hike well in advance, but for businesses in emerging nations, life is only getting harder.
The Federal Reserve raised its benchmark interest rates for the first time in nine and a half years on Dec. 17. This policy "normalization," as Fed Chair Janet Yellen described it, is hitting emerging Africa particularly hard, spurring capital outflows and weakening local currencies.
