Sovereign debt restructuring discussions between Zambia and Ghana and their bilateral creditors have been encouraging, but challenging talks with private lenders remain. Meanwhile, Nigeria’s government dispensed cash hand-outs to cushion the effects of high inflation, which will increase further after the naira fell again this week. But further spending means Nigeria will continue to struggle to manage its public finances. Finally, South African inflation jumped last month which, together with the hawkish tone of the Monetary Policy Review, underscore that policymakers are unlikely to turn to monetary easing anytime soon.
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