SA coalition cracks, Kenya protests, Ghana debt deal

Disagreements between the South Africa’s largest party, the ANC, and its main partner in the government of national unity, the DA, over cabinet posts reinforces our point that the coalition is fragile and that, even if it holds, governing will be a lot more fractious than over the past 30 years. Elsewhere, protests in Kenya over the past week have forced President Ruto to refuse to assent the 2024/25 Budget. If revised fiscal tightening measures can’t be agreed, sovereign default fears are likely to build. There’s been more to cheer in Ghana, where the government took a step closer to a debt restructuring deal, although it will be some time before it can return to international capital markets.