Ghana’s GDP growth picked up in Q3, to 5.1% y/y, following a sharp slowdown in Q2. But given the declines in commodity prices, and tight monetary and fiscal policy, we think that the economy will grow at its slowest pace since the 1980s this year. Elsewhere, the Kenyan central bank left its benchmark interest rate on hold at 8.50%, and the fall in oil prices has caused the MPC to take a less hawkish stance.
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