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
Central Africa
Foreign exchange
The Central African CFA franc (XAF) gained last week by 0.3% w/w as the euro gained against the US dollar towards the end of the week when the US jobs data was released, indicating stalling improvements in retail employment. The XAF is likely to retain its upward trend ahead of the US Fed’s meeting in mid-September, as the dollar weakens in a softer interest rate environment. The Congolese franc is losing momentum as foreign exchange demand pressures mount amid declining copper and cobalt exports and bearish sentiments stemming from lingering security risks, which we anticipate will persist in the near term.
Key developments
Angola
- Initial Public Offering (IPO): Banco de Fomento Angola (BFA), the country's second-largest lender, is preparing for a landmark initial public offering (IPO) in September
