Ghana soft inflation, Nigeria’s military get spending boost

Ghana’s surprisingly soft inflation print for July suggests that another rate cut is possible, but robust growth and the BoG’s drive to build its credibility and stabilise the cedi mean we still think a prolonged pause is most likely. Elsewhere, in Nigeria, President Tinubu's large hike in military pay may help in the fight against (worsening) insecurity, but it risks setting a precedent for other public sector workers, threating the CBN’s goal to get inflation below 10%.