Africa Economics Weekly Nigeria’s public finances, ups and downs of SA industry The shelf life of Nigeria’s recently presented budget plans is likely to be short with elections due in early-2023 and no guarantee about policy continuity. Any new administration will not only have... 14th October 2022 · 8 mins read
Africa Economics Weekly SARB: treading its own path The bi-annual Monetary Policy Review released this week by the South African Reserve Bank (SARB) bolsters our view that the tightening cycle, while slow to start, is likely to be one of the most... 7th October 2022 · 5 mins read
Africa Data Response South Africa Manufacturing PMI (Sep.) The drop back in South Africa’s manufacturing PMI in September paints a worrying picture that the sector may have contracted again in Q3. Ongoing electricity supply problems, combined with a worsening... 3rd October 2022 · 2 mins read
Africa Economics Weekly Politics and fiscal policy moving in tandem Political considerations ahead of key elections in South Africa and Nigeria are likely to add to reasons to loosen fiscal policy over the coming quarters. And while that may support activity in the... 30th September 2022 · 5 mins read
Africa Chart Pack African central banks stepping up to the plate Just like their peers in advanced economies, monetary policymakers across Sub-Saharan Africa have turned more hawkish recently. Central banks in South Africa and Nigeria hiked interest rates... 29th September 2022 · 12 mins read
Africa Economics Weekly Ghana’s economic woes, perpetual power cuts in SA Despite the release of better-than-expected Q2 GDP growth figures in Ghana, the economic outlook remains gloomy as policy tightening to address the country’s debt woes will increasingly bite. And in... 23rd September 2022 · 7 mins read
Africa Economics Update Hawkish majority to rule the SARB for some time Today’s decision in South Africa to raise the benchmark rate by 75bp, to 6.25%, despite weakness in the economy suggests that policymakers are prioritising tackling inflation above all else. We think... 22nd September 2022 · 3 mins read
Africa Data Response South Africa Consumer Prices (Aug.) The fall in inflation in South Africa, to 7.6% y/y in August, marked the first sign that price pressures are turning a corner. But we doubt this will be enough to convince the Reserve Bank to scale... 21st September 2022 · 2 mins read
Africa Data Response South Africa Activity Data (Jul.) July’s hard activity data out of South Africa suggest that the economy started the third quarter on a weak footing. With little momentum, GDP growth is likely to be subdued over the coming quarters... 14th September 2022 · 3 mins read
Africa Economics Weekly Zambia debt, SA data and stimulus, election challenges Analysis from the IMF this week suggests that, even with debt relief in the pipeline, putting Zambia’s public debt on a sustainable footing will be a tall order. Meanwhile, data this week have raised... 9th September 2022 · 7 mins read
Africa Data Response South Africa GDP (Q2) South Africa’s economy contracted by 0.7% q/q in Q2 and this is likely to be followed by only modest growth in the coming quarters. The outturn might raise second thoughts at the Reserve Bank about... 6th September 2022 · 3 mins read
Africa Economics Weekly Zambia’s IMF deal sealed, reading tea leaves from SA data This week’s rubber-stamping of Zambia’s IMF deal is certainly a welcome step but, with crucial sovereign debt restructuring details unknown, it remains unclear if it will prove to be sufficient to... 2nd September 2022 · 7 mins read
Africa Data Response South Africa Manufacturing PMI (Aug.) The rise in South Africa’s manufacturing PMI in August essentially reversed the sharp decline in July on the back of weaker global demand as well as severe power cuts at home. We expect external... 1st September 2022 · 2 mins read
Africa Economics Weekly Angola’s elections, SA price pressures, Ethiopia’s debt President João Lourenço is on course to secure another term following this week’s elections in Angola. With the political backdrop little changed, we think that the economy will revert to its low... 26th August 2022 · 6 mins read
Africa Data Response South Africa Consumer Prices (Jul.) The latest rise in inflation in South Africa to 7.8% y/y in July will raise the pressure on Reserve Bank officials to continue tightening policy aggressively. Even as signs of a faltering economy... 24th August 2022 · 3 mins read
Africa Data Response South Africa Activity Data (Jun.) The hard activity data out of South Africa for June suggest that the economy contracted by around 1.0% q/q in Q2, and we think that activity will remain weak in the coming quarters too. 17th August 2022 · 3 mins read
