Okay, most emerging stock markets have had a hard time in the last few weeks, but African stocks have failed to shine all year, with lack of liquidity and political uncertainty to blame.

The MSCI global emerging stocks index has fallen six percent in the past six weeks on wobbles over the Chinese and U.S. economies and the euro zone debt crisis.

The index is still up 11 percent on the year though, while MSCI’s Africa index has risen only 6.5 percent. The Africa index underperformed last year too, plunging more than 30 percent, compared with  a 20 percent drop in emerging stocks.

African markets have not yet recovered from the shock of hedge fund exits during the 2008/09 financial crisis.

According to Jonathan Stichbury, md of fund manager PineBridge’s operations in Africa: