President Cyril Ramaphosa’s latest state of the nation address came against a grim backdrop of figures suggesting that the economy re-entered recession in Q4. The president’s plans to open up the electricity market are welcome, but his preference for sector-wide negotiations mean that progress will be slow. Elsewhere, the postponement of Ethiopia’s election has underlined the fragility of its political system, which faces its first big democratic test since Prime Minister Abiy Ahmed began to liberalise the authoritarian country. And, in Ghana, we expect that policymakers will leave their key rate on hold this year, rather than cutting as most expect.
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