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

Executive Summary

African nations are navigating a stronger dollar, rising import costs, and currency pressures amid growing global economic uncertainty. President Trump’s tariffs on China, Mexico, and Canada threaten a trade war, driving up prices and straining commodity-dependent economies as the dollar strengthens. The Stears African FX monitor reported a 0.5% m/m average depreciation across 13 currencies tracked between January and February 2025.
Adding to the uncertainty, the G-20 Foreign Ministers Meeting in Johannesburg on February 20-21 revealed mixed fortunes. Western nations, including the UK and the Netherlands—key trading partners for many African countries—announced plans to cut foreign aid in favor of defense spending. This was a setback for South Africa’s President and new G-20 Chair, who sought to secure more funding for the continent.
With Western aid dwindling, African nations