NKC African Economics

Egypt - Following its front-loaded approach to the rates cycle in March, we do not expect any further policy rate reductions this year.

Africa – Daily Covid-19 update. East Africa – World Bank allocates $160m to fight locust infestation. eSwatini – Central bank slashes policy rate by 50 bps. Namibia – Moody’s changes outlook on Ba2-ra...

Macroeconomic conditions have improved steadily in recent years as strong growth and an expanding industrial base cemented Côte d’Ivoire's position as one of the standout performers on the continent....

On May 21, the World Bank announced a $500m emergency programme to help countries in Africa and the Middle East fight the ongoing locust infestation that is threatening food security. These funds were...

As of the end of Sunday, May 24 – exactly 100 days after the first recorded case – there were 64,677 active Covid-19 cases in Africa (confirmed cases minus deaths and recoveries), on figures from John...

The Central Bank of eSwatini (CBE) reduced the country’s policy rate by another 50 bps to 4% during its May Monetary Policy Committee (MPC) meeting. The outcome was in line with our expectations and f...

During a televised address on Sunday, May 24, President Cyril Ramaphosa announced that the entire country would move from level 4 to level 3 restrictions on June 1, calling it a “significant shift in...

In what was essentially a non-event, S&P Global Ratings affirmed South Africa's long-term foreign currency credit rating at BB- and its long-term local currency debt rating at BB on Friday, May 22. Th...

Moody’s Investors Service (Moody’s) has affirmed Namibia’s long-term foreign currency credit rating at Ba2 but changed the outlook on the rating to negative from stable. This means that an upgrade in...

Ramaphosa announces significant lifting of restrictions S&P maintains SA junk status Central America struggles to re-open UK retail sales plunge in April

Zambia - The MPC surprised this week with a larger-than-expected rate cut, and under the assumption that the central bank will embrace a dovish bias and consider supply-side inflationary pressures as...

Africa – Daily Covid-19 update. Botswana – Extreme social distancing ends, zoning begins. Egypt – Sovereign taps markets for triple-tranche print. Malawi – Earlier date for fresh elections. Morocco –...

According to the latest data from the High Commission for Planning (HCP), Morocco`s consumer price index (CPI) inflation slowed to 0.8% y-o-y in April, from 1.5% y-o-y in the previous month. A moderat...

Indications are that measures to contain the Covid-19 pandemic have been effective in combating the spread of the virus, but the economic implications will be severe. We expect a 7.2% GDP contraction...