There’s less than a week to go until South Africa’s pivotal election and there remains significant uncertainty about the ANC’s likely vote share and, if it’s forced to go into coalition, who it will ally with. Investor concern is clearly focussed on what the risk of a turn to the left could mean for the public finances and monetary policy. Elsewhere, Kenyan President William Ruto’s US tour has secured billions of dollars in foreign investment pledges and an audience with President Biden. This course correction from the US on its relations with Africa is long-overdue, although a greater focus elsewhere on the continent will be needed to turn truly compete with Chinese influence.
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