Angolan oil, Ghana CPI & cedi, SA inflation target

Angola's oil sector is continuing to struggle and, while investment announcements from multinationals this week should help eventually, a backdrop of lower oil prices and a fragile fiscal position will keep sovereign default fears elevated. Elsewhere Ghana’s inflation slowed again in August and, while the cedi has wobbled, we think the central bank will continue easing monetary policy at a fast pace. Finally, news emerged this week that South Africa’s Treasury and Reserve Bank are close to finalising the inflation target review which should pave the way for much lower interest rates and local currency bond yields.