I can see the ACP becoming a European Union-style federation of monarchies, uniting Europe (including Russia) and controlling Africa (and part of Middle East), with Portugal joining to preserve its economy, security and hold on its colonies.
I wonder what will become of Britain once the war ends, and then the Second Depression kicks in and the USA are split and the British are more or less locked out of Eurasian market from Spain to Indonesia. India will become independent (whether Britain wants it or not, but London will surely have the sense to accept it). South Africa is likely becoming independent and then aligned with the ACP, and if SA goes, Rhodesia will likely follow. Middle East will be in ACP hands or ACP-aligned, mostly (except maybe the Trucial States, Oman, Qatar, etc). Britain will likely keep Sudan, Uganda, Kenya, Tanzania and Nigeria, and while those countries might want freedom they also won't want to be alone against the ACP so ironically that might help the British to hold on those colonies. Or Britain might go Mosleyite and align itself on the ACP.