Leaders across Sub-Saharan Africa faced with fiscal strains are embracing tax reform rather than rises to maintain fiscal consolidation efforts, but we doubt that this will be sufficient to prevent slippage on fiscal targets, at least in the short-term. Meanwhile, South Africa’s President Ramaphosa sought to turn attention away from fiscal matters this week, setting out reform plans for municipal government. But the potential impact on the nation’s long-term growth prospects is likely to be limited. Finally, Ghana’s disinflation process looks set to continue helped by a stronger currency, setting the scene for the central bank to resume its easing cycle later this month.
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