Cold weather in South Africa prompted officials to return to Stage 6 loadshedding this week, threatening a fresh blow to the economy. We doubt that concerns about the inflationary impact of power cuts will prompt another interest rate hike next week though. Elsewhere, protests and the suspension of a raft of tax hikes has made the Kenyan government’s task of averting a sovereign default all the more difficult. And recent developments in Nigeria suggest that, as we had warned, the policy shift may not be the clean break from “Buharinomics” that some had hoped for.
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