Economic Overview
June 2024 was marked by a series of economic and political events that will continue to shape investor sentiments towards sub-Saharan Africa. The most recent development was the protests in Nairobi, Kenya, triggered by the now-withdrawn 2024 Finance Bill, which proposed new income taxes. The demonstrations and unfortunate government response—opening fire at civilian protesters—caused significant damage to property and loss of life. Tensions will likely de-escalate in the coming weeks, but we expect market sentiments towards Kenya to remain bearish, especially as Kenyans call for President Ruto’s impeachment. The unrest has worsened public discontent about the Ruto administration, raising security and safety concerns in Kenya that threaten near-term macroeconomic stability and the chances of a positive IMF review in July.
In South Africa, investors closely monitor the unexpected but cohesive political alignment through the Government of National Unity (GNU)—a coalition of ten political parties united by a shared commitment to
