Figures released this month added to the evidence that African economies are struggling this year. The worst news was from South Africa and Angola, where recent activity data suggest that GDP actually fell in Q1. We also received very bearish signals from Zambia, where the yield curve on government debt inverted. And even in Nigeria, where oil production rose, surveys of other sectors softened in recent months. Ghana was a rare positive story. After a weak start to the year, conditions there seem to have stabilised in March.
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