Skip to main content

Ethiopia default, SA activity, Ghana inflation fall

Ethiopia’s sovereign default appears imminent after the government missed a coupon payment on its 2024 Eurobond this week. The prominence of Chinese and private bondholders in Africa continues to hamper restructuring negotiations with the G20 Common Framework desperately needing reform. Meanwhile, South Africa’s activity data for October suggested that the economy is on the brink of a technical recession. Tight monetary policy and intensifying logistical problems will act as headwinds, but we still expect growth to pick up in 2024. Finally, annual inflation in Ghana eased again to 26.4% y/y last month, providing the central bank with further ammunition to start cutting rates.

Become a client to read more

This is premium content that requires an active Capital Economics subscription to view.

Already have an account?

You may already have access to this premium content as part of a paid subscription.

Sign in to read the content in full or get details of how you can access it

Register for free

Sign up for a free account to gain:

  • Unlock additional content
  • Register for Capital Economics events
  • Receive email updates and economist-curated newsletters
  • Request a free trial of our services


Get access