Africa Weekly: Weak rand and the SARB, Ghana and Nigeria inflation

The rand’s recent weakness has raised worries in the market that the SARB’s easing cycle will slow. There are upside risks to our rates forecast, but we still believe tight fiscal policy and spare capacity in the economy will keep inflation in check and allow for rates to be cut 150bp to 6.25%, more than most expect. Elsewhere, Inflation in both Nigeria and Ghana recorded an uptick last month, which means that interest rate cuts will be put off for some time.