Recent progress in economic growth and policy environment in Africa has led to improving perception of the region as one of the largest and most exciting groups of frontier markets (Chung, 2007). According to the IMF, private capital flow to Sub-Saharan Africa has tripled since 2003. In 2006, total gross private capital flows amounted to about US$45 billion, almost six per cent of gross domestic product, compared to about US$9 billion in 2000 (Chung, 2007). Some private capital and foreign direct investments have been made in areas such as transport infrastructure development, which are essential to sustainable economic development in Africa (Africa Research Bulletin, 2006).