South Africa fiscal rules, Kenya austerity, Ghana CPI

This week saw reports that South Africa’s Treasury is proposing to establish a new “fiscal anchor” in a bid to keep investors on side amid a worsening budget position. But a looser fiscal policy seems an inevitability with looming elections and the country’s debt challenges will persist. Elsewhere, Kenya’s President Ruto celebrated his first anniversary in office. An unhappy population is complicating efforts to reign in large budget shortfalls, meaning Kenyan sovereign default risks remain heightened. Finally, Ghanaian inflation surprised to the downside in August, meaning that the central bank is probably done with rate hikes and cuts will soon come on to the table.