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Fitch Ratings warns of a possible default by Ghana

Forex: Egypt goes against the tide and leaves rates on hold. Fixed Income: The belly of Kenya’s local currency bond curve is underperforming amid rising fiscal concerns. Macroeconomic: Gold miners are facing mounting costs.
ETM Analytics Kieran
Kieran Siney @ ETM Analytics 23 September 2022
West Africa in Focus / Global

How low can Nigeria’s oil production go?

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...
Tellimer Research Janet
Janet Ogabi @ Tellimer Research 22 September 2022
How low can Nigeria’s oil production go?
How low can Nigeria’s oil production go?

Egypt, SA and the UK are set to follow in the Fed's footsteps

Forex: Nigerian naira among the worst-performing African currencies in September. Fixed Income: Ghanaian Eurobonds tank as fears grow that the debt restructuring could include external debt. Macroeconomic: Hawkish hike sends tremors across markets.
ETM Analytics Kieran
Kieran Siney @ ETM Analytics 22 September 2022

Markets are trading cautiously ahead of FOMC rate decision

Forex: Producer price inflation in Ghana surges to a multi-year high with a weaker cedi contributing. Fixed Income: Ghana is making progress towards securing a deal with the IMF. Macroeconomic: Fixed income markets are on edge ahead of the FOMC rate....
ETM Analytics Kieran
Kieran Siney @ ETM Analytics 21 September 2022

African credit default swaps surge as external lending conditions deteriorate

Forex: A rise in remittance inflows may alleviate some pressure on Egypt’s current account balance. Fixed Income: The cost to insure against a sovereign default in Africa has surged. Macroeconomic: Kenya backtracks on fuel subsidy.
ETM Analytics Kieran
Kieran Siney @ ETM Analytics 20 September 2022

S&P affirms Botswana's BBB+ rating, Zambia's debt restructuring is back in focus

Forex: Kenya’s foreign remittance inflows declined by 0.8% y/y in August. Fixed Income: Botswana’s sovereign credit rating remains buoyed in investment grade territory. Macroeconomic: Slowing Chinese demand weighs on copper prices.
ETM Analytics Kieran
Kieran Siney @ ETM Analytics 19 September 2022