April 2025 Africa Macro Outlook: South Africa, Egypt, Nigeria, Ghana, Kenya, Cameroon, Morocco, Senegal, DRC & Cote D'Ivoire

Executive Summary

The global economic landscape remained increasingly fragile in March, impacting African markets through worsening currency risks as investors grew cautious and sought shelter in safe-haven assets. President Trump’s tariffs and sanctions, coupled with China’s retaliatory measures—such as reduced U.S. LNG imports—are heightening market anxiety as the likelihood of a trade war increases, dampening global growth prospects and fueling inflationary pressures. Gold prices peaked at a record high of over $3,000/t oz, while the US Fed reduced its growth forecast for the US by 0.4ppt to 1.7% in 2025.
Gold prices uptick as central banks, including those in Africa, continue the buying spree to boost reserve positions to hedge against external vulnerabilities and improve investor confidence. Egypt and South Africa’s gold reserve positions have risen almost 2x in the last