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
Central bank support on reserve drawdowns, rising global copper prices and lingering upbeat market sentiment on the resumption of cobalt exports continued to keep the Congolese franc’s performance positive. The CDF gained 3.3% w/w after a 4.8% appreciation the previous week. The upward trend will likely continue in the coming weeks, but security risks that could dampen investor sentiment loom. The XAF marginally depreciated as the euro weakened against the US dollar, a market correction we anticipated to happen after the outcome of the US Fed’s meeting waned. The XAF will likely maintain this trend in the coming weeks, barring any substantial events that uplift the euro’s performance.
Key developments
Angola
- Diamond production: Angola’s state-owned diamond company, Endiama, launched a fully financed bid in September 2025 to acquire a minority holding in De Beers, a leading diamond company, aiming to establish a shared, pan-African ownership structure that includes Botswana, Namibia, and South Africa.
