Central banks in seven of 11 African nations will likely raise interest rates at their final monetary policy committee meetings of the year to tackle stubbornly high inflation and support their currencies. Nigeria, South Africa and Ghana are among those projected to raise borrowing costs over the next two weeks.
Citibank ‘cautiously optimistic’ about SA’s 2023 economic outlook After front-loading its fight against inflation, the MPC will probably opt for a three-quarter point increase to add to the “upfront medicine” and not risk further eroding the differential that makes local assets attractive to foreign investors, said Elize Kruger, an independent economist.
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