Reports suggest that metal producers in South Africa are contemplating cost-cutting measures on the back of the slump in global metals prices, presenting another headwind to the modest pick-up in growth we expect this year. The same slump in prices is hurting the balance of payments position, leaving the rand more vulnerable to bouts of risk aversion. Elsewhere, Ghana’s debt restructuring talks are being held up by private creditors seeking to link repayments terms to growth. And a potential domestic anti-LGBTQ+ law could put much of Ghana’s multilateral funding at risk and lock it out of international capital markets for even longer.
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