This week, Nigeria avoided a potentially disruptive workers’ strike after a late government offer of short-term relief measures, but these risk adding to fiscal and inflationary pressures. Meanwhile in Kenya, officials have been downplaying concerns about meeting a large Eurobond repayment in mid-2024. A recent improvement in the balance of payments gives more scope for the central bank to use reserves to meet debt obligations, but sovereign default risks remain elevated. Finally, the World Health Organization’s approval of the Oxford malaria vaccine could prove to be a potential boon to Africa’s long-run growth prospects.
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