Kenya-Angola fiscal worries, Cocoa Price, Uganda GDP

Angola joined Kenya this week in tapping the dollar bond market, but both countries continue to face fiscal consolidation challenges, meaning sovereign default concerns will linger. Meanwhile, Côte d’Ivoire and Ghana are unlikely to be overly troubled by the recent slump in cocoa prices, as it should be offset by rising supply as well as the surge in the price of gold (another key export). Finally, Uganda’s Q2 GDP data released this week showed growth slowed to 5.5% y/y but we remain confident that the nascent oil sector will lift growth to 7.0% by 2027