Africa Economics Update S. Africa’s economy on the backfoot ahead of election The latest hard activity data suggest that South Africa’s economy contracted in the first quarter of 2024 and, regardless of the outcome of the upcoming election, this ongoing weakness will put... 15th May 2024 · 3 mins read
Africa Economics Focus South Africa: a closer look at the EFF’s policies A key concern around South Africa’s upcoming election is that the left-wing Economic Freedom Fighters (EFF) could get into government as part of what’s being dubbed in some quarters as a “doomsday... 14th May 2024 · 15 mins read
Africa Economics Weekly SA elections and inflation target, Angola debt Electioneering in South Africa heated up this week as parties openly warned of the different scenarios that could emerge after this month’s polls. The scenario that is most worrying remains a left... 10th May 2024 · 7 mins read
Africa Economics Weekly SA growth, Nigeria petrol subsidy, Kenya floods South Africa’s manufacturing PMI for April released this week added to the evidence that growth will pick up over the coming quarters. But stronger growth is coming too late to help the ANC’s election... 3rd May 2024 · 5 mins read
Africa Data Response South Africa Manufacturing PMI (Apr.) South Africa’s manufacturing PMI jumped in April, adding to signs the economy is finally moving on from stagnation as the electricity situation improves. And with price pressures still elevated, the... 2nd May 2024 · 2 mins read
Emerging Markets Financial Risk Monitor EM Financial Risk Monitor (Apr. 2024) Higher US bond yields and a stronger dollar have put some EM currencies under pressure this year, but external vulnerabilities have eased in most EMs which should limit adverse spillovers. Indeed, our... 30th April 2024 · 1 min read
Africa Economics Weekly No SARB rate cuts in 2024, SSA subsidy removal The SARB’s biannual Monetary Policy Review published this week, which showed less confidence in South Africa’s disinflation trend and reiterated the desire to move to a lower inflation target... 26th April 2024 · 5 mins read
Africa Economics Update Nigeria: A slower economy risks turning MPC doveish The Central Bank of Nigeria’s (CBN) monetary policy reforms have injected a welcome dose of momentum back into the country’s policy shift. But the minutes to the latest MPC meetings also suggest that... 24th April 2024 · 4 mins read
Africa Economics Weekly Nigeria naira rebound, SA election and late rate cuts The naira’s surprising recent recovery appears to have been driven by FX reserve sales and the currency risks becoming overvalued again. We think renewed naira weakness is on the cards over the rest... 19th April 2024 · 6 mins read
Africa Economics Update South Africa’s economy may be turning a corner South Africa’s latest hard activity data provided some encouraging signs that the economy may be turning the corner even if it comes too late to help the ANC’s hopes of keeping its majority in... 17th April 2024 · 3 mins read
Africa Data Response South Africa Consumer Prices (Mar.) The larger-than-expected fall in South Africa’s headline inflation rate, to 5.3% y/y, in March will not be enough to sway the SARB from starting its easing cycle. 17th April 2024 · 2 mins read
Africa Data Response Nigeria Consumer Prices (Mar.) Nigeria recorded another acceleration in headline inflation to 33.2% y/y in March as the previous falls in the naira have continued to push up prices. And while the naira has staged a recovery... 15th April 2024 · 2 mins read
Africa Economics Weekly Zuma to stand, SA activity, Nigeria fuel prices A court decision this week in South Africa has laid the ground for former president Zuma to stand in next month’s elections and opinion polls suggest that his MK Party will become the third largest in... 12th April 2024 · 7 mins read
Africa Economics Update Nigeria stops ways and means use, but FX debt to rise Nigeria’s authorities have ceased central bank deficit monetisation via the ways and means facility. But the government will struggle to finance its ambitious spending plans – particularly given the... 11th April 2024 · 4 mins read
Africa Economics Update Uganda: strong recovery set to weaken Uganda’s strong recent economic recovery is facing domestic and external headwinds, including international condemnation of the government’s Anti-Homosexuality Bill – and the associated impact on... 8th April 2024 · 5 mins read
Africa Economics Weekly SA weak demand, Nigeria electricity, Kenya rates South Africa’s disappointing PMI for March supports our view that the economic recovery this year will be subdued. Elsewhere, Nigeria’s reduction in household electricity subsidies will help its... 5th April 2024 · 5 mins read