SA current account, Ghana GDP, Nigeria fiscal policy

Data out this week showed that South Africa’s current account deficit has widened, but the shortfall is still small and suggests the rand will continue to hold up and that the Reserve Bank can cut rates further than most expect. Elsewhere, data from Ghana showed the economy expanded by 6.3% y/y in Q2 and, with disinflation and more interest rate cuts coming, we see scope for growth to beat consensus forecasts over the coming years. Meanwhile, signs of fiscal slippage in Nigeria ahead of the 2027 election reinforce the concerns we set out in an in-depth Focus earlier this week.