Africa's Largest Economies to Change Course on Rates for First Time in Years [BNN Bloomberg (Canada)]
STANDARD BANK GRP SP/ADR (SGBLY)
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Source: BNN Bloomberg
At least five others including Morocco's and Ghana's are poised to follow South Africa in adjusting their policy levers lower in the coming days, with many seen undertaking small interest-rate cuts to anchor inflation expectations. Angola is set to be among those that will join Nigeria, which has raised interest rates since May 2022, in keeping policy stances unchanged. “African central banks will continue to make monetary policy decisions with one eye on the exchange rate,” said Citi Chief Africa Economist David Cowan. “This will result in a cautious rate cycle across Africa for the rest of 2024 and into 2025, with central banks prepared to continue to run quite significantly real positive policy rates to limit currency depreciation.” Geopolitical risks that threaten to destabilize inflation expectations could also prompt some caution among the continent's central bankers, said Jibran Qureshi, head of African research at Standard Bank Group Ltd. For a calendar of forthcoming i
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