South Africa (too little reform) a 3% EM weight but our least preferred Large EM. Other Africa mainly in FM (20% weight). Worst may have passed on Covid, commodity prices (China's re-opening), risk appetite (peaking DM interest rates). Top pick: Maur...

A middle-income country challenger to US currency remains long-term project despite Russia’s de-dollarisation. Western measures to isolate Russia complicate closer cooperation within the BRICS+ countries. Not all BRICS+ countries have financial means...

Crude oil thefts and force majeure drove the Q3 loss, the first since oil price crash in 2020. We have revised our target prices lower to reflect lower volumes, but our recommendations are unchanged. Updates: Seplat is converting OMLs to the new Petr...

Forex: Volatility in the Ghanaian cedi bounces higher. Fixed Income: Kenya shows more signs of a potential debt restructuring. Macroeconomic: Investment interest in Africa’s LNG sector increases as Europe's energy woes intensify.

Ghana declares end to Marburg virus, as Nigeria kicks off local vaccine production project. Ghana’s Q2 22 GDP was better than expected, despite record-high inflation and hawkish stance. Bank of Ghana meets 26 Sep. Nigeria oil production drops below 1...

Emerging markets dominate foreign lobbying in the US but the payback on this spend is mixed. Lobbying probably does not trump long-running strategic interests in shaping US foreign policy. Yet emphasis on financial over military tools in US foreign p...