Forex: Nigeria’s foreign exchange reserves remain under pressure. Fixed Income: Fitch downgrades Ghana’s credit rating on the back of the debt exchange announcement. Macroeconomic: Headline inflation in Egypt surges to a near-5-year high in November.

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...

Food prices down 15% and crude oil down 40% since March 2022 Russia-Ukraine War peak: small relief for importers. Conditions for importers are still difficult with ytd average food and oil prices 15% and 40% higher than full year 2021. Food and fuel....

Food processing segment back profits in 2022f. Panda’s turnaround to be the major growth catalyst. Earnings projected to grow at a 20.8% CAGR between 2021-2024f.

4,750 is a strong short-term support and we expect it to hold. The profit taking sales should be perceived healthy after the breathless rise in BIST 100 lately. Brent prices are still macro positive.

Forex: Ghanaian cedi extends recovery as debt restructuring takes place. Fixed Income: Emerging market debt default fears have eased. Macroeconomic: Recap of latest Africa interest rate decisions.