Africa Economics Update Tighter policy in Ghana to lead to further growth slowdown While Ghana’s authorities continue discussions with the IMF about a possible programme, the macroeconomic situation in the country appears to be getting worse. We suspect that the eventual tightening... 21st October 2014 · 1 min read
Africa Economics Update Weaker currencies add to need for tighter monetary policy African currencies have not been immune to the recent sell-off in EM financial markets, raising concern in some countries about rising inflation. In this Watch, we examine which economies are likely... 7th October 2014 · 1 min read
Africa Chart Pack South Africa comes back into the firing line The South African rand has come under pressure this month as renewed attention on monetary tightening in the US has put the country’s large current account deficit back into the spotlight. The latest... 29th September 2014 · 1 min read
Africa Economics Update Ghana’s markets rebound, but SA’s take a tumble Ghana’s markets have rallied in response to the news that the government has turned to the IMF for support, with the currency strengthening and the yields of dollar-denominated bonds falling this... 26th September 2014 · 1 min read
Africa Economics Update Ghana keeps rates on hold as IMF talks open The Ghanaian authorities’ turn to the IMF and the subsequent rally in the cedi allowed the central bank to keep interest rates on hold today, in spite of above target inflation. Looking ahead, we... 17th September 2014 · 1 min read
Africa Economics Update Risks from spate of USD bond issuances look manageable We think that the risks from the recent glut of foreign currency bond issuances by African governments are, for the most part, manageable. Granted, both Ghana and Zambia have turned to the IMF... 8th September 2014 · 1 min read
Africa Chart Pack Weaker growth looms for twin deficit countries Ghana’s authorities bowed to the inevitable earlier this month by formally requesting assistance from the IMF in dealing with the country’s enormous twin budget and current account deficits. This... 29th August 2014 · 1 min read
Africa Economics Update South African markets shrug off bank downgrades South African markets appear to have taken the collapse of African Bank and the subsequent decision by Moody’s to downgrade the ratings of the country’s four largest banks in their stride. Local... 21st August 2014 · 1 min read
Africa Economics Update Glimmers of hope for reform of South Africa’s labour market South Africa’s labour market rigidities have been a key constraint on economic growth over the past few years, but some recent developments have given glimmers of hope that much-needed reform can be... 20th August 2014 · 1 min read
Africa Economic Outlook Cracks emerge in the “Africa Rising” story The long-run growth outlook for sub-Saharan Africa (SSA) remains good, but recent developments have caused cracks to emerge in the “Africa Rising” story. Budget and current account positions have... 15th August 2014 · 1 min read
Africa Economics Update After Zambia and Ghana, will others turn to the IMF? Recent moves by both Zambia and Ghana to request IMF help have focused attention on vulnerabilities in other economies in the region that run large current account deficits. But strong inflows of... 6th August 2014 · 1 min read
Africa Economics Update Ghana faces up to economic woes by turning to the IMF Ghana’s authorities bowed to the inevitable on Sunday by formally requesting help from the IMF in dealing with the country’s enormous twin budget and current account deficits. The most likely form of... 4th August 2014 · 1 min read
Africa Chart Pack Tightening cycles have further to run The tightening cycles that began in Ghana and South Africa earlier this year continued in July and, in both cases, we think that further interest rate hikes are likely before the end of 2014. Ghana’s... 31st July 2014 · 1 min read
Africa Economics Update Interest rate hikes alone won’t solve Ghana’s economic woes Slow progress in tackling the enormous twin budget and current account deficits means that today’s decision from the Bank of Ghana to hike interest rates is unlikely to curb the sharp depreciation in... 9th July 2014 · 1 min read
Africa Chart Pack Zambia turns to the IMF – could Ghana follow suit? As the tailwinds from the past decade’s commodity boom fade, several economies in Africa are losing their shine. Zambia remains the focus of attention – faced with widening twin budget and current... 26th June 2014 · 1 min read
Africa Economics Update Concerns over policy credibility emerge in Nigeria Concerns over policy credibility in Nigeria have surfaced over the past month. The Central Bank’s (CBN’s) new governor Godwin Emefiele recently hinted at moves towards looser monetary policy, despite... 17th June 2014 · 1 min read
