Angola’s $3.7bn deal with the IMF adds to the evidence that President João Lourenço is making a real shift towards more orthodox policymaking and while growth will stay weak in the near-term, economic reforms will help to improve the country’s long-term economic prospects. Elsewhere, GDP data released this week showed that Nigeria’s economic recovery remained slow-going in Q3 and the outlook is bleak. In contrast, South Africa’s economy entered Q4 on a stronger footing supporting our view that the SARB will hike interest rates again early next year.
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