The performance of African economies diverged early this year, but the latest data provide clearer signs that growth across the region is now slowing. Economic weakness seems most pronounced in Ghana, where the impact of the country’s sovereign debt crisis is taking a heavy toll. Elsewhere, South Africa’s economy appears to have struggled this quarter, after a strong Q3. Nigeria is the one economy where the data have picked up a little but, even then, the economy looks very weak. This is likely to set the tone for 2023; we think GDP growth across sub-Saharan Africa will slow, and by more than most are currently anticipating.
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