Kenyan rates will remain on hold, but cuts elsewhere

Kenyan policymakers left their key policy rate unchanged this week, and we think that they will hold rates over the remainder of the year. Peers in Angola and Ghana – who cut this week – will probably continue to loosen policy over the coming months. Next week’s State of the Nation Address in South Africa may provide clues about the government’s plan to address the escalating crisis at Eskom, the country’s state-owned electricity utility.