The fall in inflation in Ghana in September gives the central bank some leeway to consider cutting rates at its next meeting. Elsewhere, data out this week showed that Nigeria’s crude oil output rose by around 7% in September, which is helping to provide hard currency revenues and some support for the naira. But it doesn’t prevent the need for a further devaluation. Finally, the IMF struck a relatively optimistic tone when launching its Regional Economic Outlook for Sub-Saharan Africa. Our 2024 growth forecasts for the major economies are weaker and we are more concerned about the health of balance sheets in the region.
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