Growth prospects in Sub-Saharan Africa look bright, with inflation low or falling for most and a monetary easing cycle well under way, with many central banks likely to cut rates deeper than most anticipate. Balance of payment pressures will be most acute for energy exporters but, in Nigeria’s case at least, improved external competitiveness reduces the likelihood of a sharp depreciation in the naira. Debt fears are fading for many, although sovereign default concerns will linger in the likes of Angola and Kenya.
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