Monetary Policy
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Ghana’s cedi surged over 40% to become 2025’s best performing currency while Nigeria’s naira also rallied. But by July both faced fresh dollar demand, showing how quickly currency gains can unravel once supply shifts.
Ghana has allocated 5 billion cedis ($429 million) in its revised 2026 budget to finance gold purchases aimed at boosting foreign exchange reserves, after shifting responsibility for financing the program from the central bank to the government.
Ethiopia raises interest rate for first time in two years, ends credit growth cap to fight inflation
Ethiopia’s central bank raised its benchmark interest rate for the first time in two years and scrapped the credit growth ceiling that had restricted bank lending since 2023.
Kenya has overhauled how it charges banks for operating licences, replacing a 32-year-old flat-fee model with a new structure tied to each institution’s gross annual revenue
Kenya’s Capital Markets Authority has approved two new unit trust schemes and additional sub-funds under four existing schemes, expanding the range of regulated investment products available to Kenyan savers.
In June alone, the apex bank sold $200 million to commercial banks to meet urgent import demand. Since January, it has injected roughly $3 billion into the FX market. The bank argues the steps are necessary to stabilise the local currency, and boost system liquidity.
Nigeria is moving to raise fresh funds from international debt markets, with the government opening a competitive search for banks and advisers to manage a new Eurobond.
Ghana will require large-scale miners to sell 30% of gold output to the state from July 1, up from 20%, targeting 157 metric tonnes in reserves by 2028 as central banks globally hoard bullion.
Ethiopia’s foreign exchange reserves tripled to $6.8bn in 2025 as currency reforms, easing inflation, and 9.2% GDP growth reshaped the country’s macroeconomic outlook, per Afreximbank.
This article traces the full arc of the Excess Crude Account and makes the case that rebuilding and properly anchoring the account is one of the most important fiscal steps Nigeria can take right now
Nigeria’s apex bank is introducing a new benchmark financing rate. According to the bank, the framework is designed to reflect the actual cost of short term funding within the financial system. Here are some key facts about the new rate.
The IMF has warned Nigeria that a $5 billion currency swap with a UAE lender poses risks to foreign exchange stability and fiscal sustainability, even as the deal aims to shore up reserves.
Nigeria’s foreign reserves hit $50.11 billion, a 17-year high, fueled by oil gains, remittances, and FX reforms—but analysts warn the rebound may hinge on fragile global conditions.
South Africa imports nearly all of its fuel. When oil prices rise, the rand takes the first hit. With Brent crude still elevated, the pressure on the currency may be far from over.
Ethiopia is set to transform its insurance industry with a new draft law allowing foreign insurers to enter the market for the first time in decades.
South Africa’s National Treasury is proposing significant reforms to its exchange control regulations, moving from a rigid system to a modern, risk-based framework aimed at attracting foreign investment and preventing capital flight.
On March 31st 2026, Nigeria announced it would borrow $5 billion from First Abu Dhabi Bank through a financial instrument most people have never heard of: a total return swap.
The Democratic Republic of Congo’s central bank will impose strict restrictions on cash transactions in US dollars and foreign currencies starting April 9, 2027, aiming to combat money laundering and bolster the local franc.
Kenya’s central bank has maintained its benchmark lending rate at 8.75%, halting its easing cycle in response to potential inflation risks linked to the Iran conflict.
The South African Reserve Bank (SARB) has maintained its repo rate at 6.75% amid rising inflation risks due to soaring global oil prices linked to the ongoing conflict in Iran.
