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.

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.

IMF granted Board approval for Zambia's US$1.3bn ECF and published the DSA that will serve as basis for restructuring. Calls for 35-45% NPV cut on external debt and US$8.4bn of cashflow relief from 2022-25, roughly = to maturities over ECF. Implies r...

Forex: Nigerian naira remains near its weakest level on record. Fixed Income: African bonds remain in bear market territory. Macroeconomic: Freight rates ease as global trade starts to stagnate  .

Forex: Egypt signals openness to looser management of the pound. Fixed Income: Zambia lays out a plan for its complex debt restructuring. Macroeconomic: IMF programmes are becoming all the more important for heavily indebted African countries.

AfCFTA aims to create a single market size of 1.3bn people with a combined annual GDP of $3.4trn. Some progress has been made on the AfCFTA, with a pilot phase underway. There is a greater need to accelerate efforts towards implementation strategies....