SARB can resist rate hikes, Nigeria reshuffle, E. Africa fuel

This week’s latest comments from SARB Governor Kganyago reaffirmed the growing risks of interest rate hikes. For now, though, a high policy rate and a strong external position are reasons we think policy will remain on hold. In Nigeria, President Tinubu used a high-profile cabinet reshuffle to demonstrate that his “renewed hope” reform agenda remained on track amid the challenge of the looming January polls. Elsewhere, East African governments this weak floated plans to build their own “Dangote refinery” to help improve energy insecurity – these are among the most vulnerable economies in the region to energy supply disruptions.