Africa's currency crises return, amid barter deals and debt woes

In a recent conversation, an independent power producer (IPP) told African Energy that its southern African utility client has been paying for its electricity “more or less on time”. The problem was those payments were being made in a local currency that cannot be exchanged as “the central bank has no money”. The IPP could turn to international arbitration to try and enforce its contract terms, “but what’s the use of that,” the executive asks, “when there’s nothing to be had?”