The Stears Weekly Macroeconomic Report highlights the macroeconomic trends and policy shifts shaping the African investment landscape, helping you make informed decisions in dynamic markets.
Country Updates
South Africa
- Foreign Exchange: After a 1.1% gain last week, the South African rand weakened by 0.1% this week, closing at R18.04/$ from R18.02/$. A stronger US dollar weighed on the rand, but upcoming positive local data on producer prices, GDP growth, and interest rates may lend support in the coming days. Q4 2024 forecast: R17.2/$.
- Corporate Credit Ratings: On November 27, S&P Global upgraded Eskom's long-term global scale foreign and local currency credit ratings from ‘B’ stable to ‘B’ positive. The upgrade reflects confidence in the R254 billion Eskom Debt Relief Act, which aims to mitigate liquidity risks, enhance financial stability, and bolster investor confidence while ensuring energy security.
- IMF Artive IV review: The Fund completed its annual consultation commending South Africa’s post-election political stability under
