Contents
- Executive Summary
- Côte d'Ivoire
- Ghana
- Nigeria
- Senegal
- Quarterly & Annual Data Tables
Executive summary
- Global trade conditions remain under strain, with persistent trade tensions and policy uncertainty continuing to disrupt supply chains, raise input costs, and dampen market efficiency. Nevertheless, easing geopolitical tensions in the Middle East have revived risk appetite, prompting higher capital inflows into West Africa. External balances have benefited from stable, healthy prices, bolstering export revenues. However, unresolved US-EU trade negotiations ahead of President Trump’s July 9, 2025, tariff deadline cloud export prospects.
- Currency markets responded unevenly, shaped by both global shifts and domestic policies. The West African franc appreciated, reflecting the euro’s safe-haven appeal, while the Ghanaian cedi depreciated under sustained forex demand. Meanwhile, the Nigerian naira appreciated, supported by improved liquidity, central bank interventions, and ongoing reforms. Near-term exchange rate stability is anticipated, backed by recovering investor confidence, sustained capital inflows, and rising reserves.
- Monetary policy has
