There is an undoubted transformation taking place in Africa, writes Oliver Bell, manager of the T. Rowe Price Frontier Markets Equity Strategy. Currently home to more than one billion people, the African continent will have the planet’s largest population of working-age people by 2040. It is also a region with a large amount of resources and very little debt, while investment in infrastructure is visibly picking up. Recent improvements in peace, democracy and economic management are driving an abundance of investment opportunities across the continent.