Africa Banking

Côte d’Ivoire’s economic momentum remains strong and, as such, we forecast real GDP growth of 5.9% this year. Our outlook is based on the ongoing expansion of the mining sector – driven by rising gold, oil, and gas production – coupled with robust growth in the services sector. Our view on the ...

It was a quiet month on the data front, with no new developments significantly affecting Egypt's short- to medium-term economic outlook. In addition, Egypt counts itself among the 29 African countries subjected to the 10% baseline US tariff surge, having escaped the latest round of US tariffs. A ...

South Africa's real GDP growth rate for 2025 is maintained at 0.8% in this forecast round, but next year's growth rate is lowered marginally to 1.3% from 1.4% previously. Although the 30% tariff on South African goods entering the US remains broadly unchanged from the Liberation Day announce ...

Ghana’s Monetary Policy Committee (MPC) has signalled a clear shift toward monetary easing by cutting its policy rate by a record 300 bps to 25% in July. With inflation on a downward path and fiscal and external risks more contained, the central bank now has scope for an additional 200 bps of rate c ...

Lesotho's economy was notably weaker than anticipated at the start of the year, declining by 1.6% y/y in Q1. Although a rebound is likely in the second quarter, the impact of US tariffs on Lesotho's manufacturing sector, cuts to US foreign aid focused on investments, and delays in the second ...

The services sector and non-diamond mining output continue to drive the Namibian economy. Still, these sectors face some headwinds this year as the domestic monetary easing cycle that buoyed services growth concludes and US protectionist measures rattle global trade and commodity markets. Diamond mi ...

The Nigeria cash in transit services market size reached approximately USD 272.08 million in 2024. The market is projected to grow at a CAGR of 8.10% between 2025 and 2034, reaching a value of around USD 592.86 million by 2034. Key Trends in the Market Cash in transit (CIT) services are used for the ...

The economy's outlook remains clouded due to global and domestic pressures, mainly from weaker global growth, persistent US-China trade tensions, and increased uncertainty over recent US tariff actions. Though Tunisia's direct exposure to tariffs is limited, it may dent broader investment se ...

Eswatini's economy contracted in the fourth quarter of 2024, primarily due to a weaker service sector. The full-year economic growth reading for 2024 was significantly weaker than expected. In April, private sector credit extension (PSCE) declined for a second consecutive month, for the first ti ...

The island nation of Seychelles's real GDP expanded by 3.5% in 2024, higher than our projection of 3.1%. We estimate that the stronger growth rate was driven by both household and government spending. Tourist arrivals still fall short of pre-pandemic levels, and the first quarter's performan ...

Mozambique's economy suffered a major setback in Q4 2024 when violent protests erupted country-wide following the disputed election. The impact of the turmoil continued to drag down economic growth in Q1 2025, while the prevailing global economic uncertainty stemming from the global trade war ha ...

Libya's oil production rose steadily to 1.38 million bpd in April 2025, signalling a recovery despite ongoing political tensions that threaten production stability. Lower inflation and resilient oil production support a cautiously optimistic medium-term outlook, with real GDP forecast to expand ...

Macroeconomic Outlook Report: Morocco Summary According to GlobalData, mining, manufacturing, and utilities contributed 31.8% to the gross value added (GVA) in 2024, followed by other services (22.2%) and wholesale, retail, and hotels business activities (14.6%). In nominal terms, the three sectors ...

Angola won its independence from Portugal in 1975 but the various factions which fought for independence failed to reach an understanding on future governance and a civil war ensued with the Soviet Union?Cuba backing the governing MPLA and the USA/South Africa backing the rebel UNITA. The civil war ...

Real GDP growth is forecast to slow to 6.9% in 2025, down from 8.9% in 2024. We primarily attribute this decline to the possibility of sanctions and funding withdrawals because of the regional tensions in eastern DRC. Additionally, a potential reduction in agricultural output due to predicted below- ...

We forecast Malawi's real GDP growth to recover modestly to 2.7% this year from 1.8% in 2024. Better rainfall compared with last year's severe drought will increase overall agricultural production; that said, heavy rains in some areas have adversely affected the quality of crops, moderating ...

Declining global iron ore prices, slower mining production, weak governance and high inflation weakened Sierra Leone's economic growth in 2024. Furthermore, weak domestic demand and threats to global trade activity are key short-term risks. The country's agricultural sector also remains expo ...

Despite the closed Beninese-Nigerien border, Niger continues to transport oil to international markets. On February 24 this year, the government said it had successfully shipped 14.1 million barrels of oil through the 2,000-km pipeline that connects the Agadem oilfield in Niger with the Beninese Por ...

Global volatility and uncertainty have heightened, and oil producers will likely be worse off. International capital and commodity markets were shaken when US President Donald Trump announced extremely severe reciprocal tariffs on April 2. Algerian companies were poised to pay a 30% tariff on goods ...

Banks in Nigeria Summary Banks in Nigeria industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value 2019-24, and forecast to 2029). The profile also contains descriptions of the leading players including key financial metrics and ...

Banks in South Africa Summary Banks in South Africa industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value 2019-24, and forecast to 2029). The profile also contains descriptions of the leading players including key financial me ...

Considering South Africa's uncertain political environment combined with the backdrop of building global headwinds, our outlook for the South African economy has deteriorated. We have consequently made several changes to our baseline forecast to reflect increased stagflation risks. Real GDP grow ...

Banks in Egypt Summary Banks in Egypt industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value and volume 2019-24, and forecast to 2029). The profile also contains descriptions of the leading players including key financial metri ...

New shockwaves hit the global economy on April 2: President Donald Trump announced much higher than expected and wide-ranging reciprocal tariffs, intensifying worldwide trade and economic uncertainty. Egypt escaped relatively unscathed, with only a 10% baseline tariff on goods exported to the US. Ho ...

Ghana’s economic growth rate slowed to 3.6% year-over-year (y/y) in Q4 2024, resulting in a still-impressive expansion of 5.8% for the year. Although high-frequency data released in Q1 2025 suggests that price pressures remain a key drag on private sector activity, we believe prospects of price stab ...