Nigeria reforms, Ghana and Kenya inflation

President Tinubu used his Independence Day address this week to talk up recent improvements in GDP growth and the balance of payments position. He also celebrated the jump in tax revenue this year, although fiscal reforms need to be accelerated if Nigeria is to unlock more resources for public services and to meet key development goals, as well as to reach the president’s lofty 6% growth target. Elsewhere, inflation in Ghana fell again in September and it stayed within target in Kenya suggesting that central banks in both countries can continue cutting interest rates, and by more than most are currently expecting.