Economic Snapshot for Sub-Saharan Africa
July 20, 2022
GDP growth will rebound in 2022
Regional growth should come in at a near decade high this year, barring 2021’s rebound. However, key risks remain, stemming from the fallout of the war in Ukraine. Twin deficits in some countries are widening, and some debt-to-GDP ratios in the region are being pushed up to the highest levels in decades, placing many countries in debt distress risk.
Inflation to rise in 2022
Preliminary data showed regional inflation accelerated to 16.8% in June (May 15.8%). Elevated prices for agricultural commodities like fertilizer and grain, and for fuel—transport accounts for over 10% of the consumer price basket in some countries—continue to push inflation up. Extreme weather events could exacerbate food insecurity.
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5 years of Sub-Saharan Africa economic forecasts for more than 30 economic indicators.
Sub-Saharan Africa Economic News
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Ghana: Inflation comes in at highest level since November 2003 in July
August 10, 2022
Consumer prices rose a seasonally-adjusted 3.15% in July over the previous month, picking up from the 3.02% rise recorded in June.
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Kenya: Inflation comes in at an over five-year high in July
July 29, 2022
Consumer prices increased a seasonally-adjusted 0.67% in July over the previous month, below June's 0.89% increase.
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Kenya: Central Bank surprises markets and keeps rate unchanged in July
July 27, 2022
At its 27 July meeting, the Monetary Policy Committee (MPC) of the Central Bank of Kenya kept its Central Bank Rate on hold at 7.50%, after May’s 50 basis points hike.
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South Africa: Inflation increases to over 13-year high in June
July 20, 2022
Consumer prices rose 1.07% from the previous month in June, accelerating from May's 0.68% increase.
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Nigeria: Central Bank delivers another rate hike in July
July 19, 2022
Nigeria’s Central Bank continued to tighten financial conditions as it raised the monetary policy rate from 13.00% to 14.00% at its 18–19 July meeting.
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