I don't know much (anything) about this competition, but I do think it's a fun competition to watch. Sadly, Mrs ThunderCelt is expert at hiding her enthusiasm for African football so I won't get to see as many matches as I'd like. Here's some thoughts, mainly taken from web surfing rather than any in-depth knowledge of the competition.
Some of the bigger/traditional nations aren't there - Egypt, South Africa, Cameroon, Nigeria, Algeria, etc all miss out. In fact, it looks as if only four of the top ten ranked African teams (according to the FIFa rankings) are there - Ivory Coast, Ghana, Senegal, and Tunisia. I'd assume that means the quality is diluted. These four sides are in different groups so could meet in the semis. They weren't seeded like that so that's just luck of the draw!
Looking at the squad lists, the three highest ranked teams look by far the strongest, with several players in the top European leagues. Below that (generalisation) you get players in mid-ranking European teams, or playing in their own countries.
I'm not sure what that means for betting, but my most likely (modest) ante-post punt is to back Ivory Coast, Ghana and Senegal, with savers on Morocco and Tunisia, and then back and lay or increase stakes as the competition goes on. I reckon that means if one of the top three wins a profit on the starting bets of around 10%, and money back if Morocco or Tunisia win. I suspect the other sides will simply make up the numbers, but we'll know in a few days.