Key View

• We expect that the Bank of Zambia (BoZ) to maintain its benchmark policy rate at 14.50% over the remainder of 2025, having held at its most recent meeting on May 23, before cutting the rate by 150 basis points in 2026.
• While inflation is expected to remain on a downward path, supported by improved food availability, lower energy costs, and

Key View

• HoldiPharma partnership with Dawah Pharma will boosting international reach of Egypt-made pharmaceuticals.
• International drugmakers will continue to seek business opportunities in Egypt, driving continued domestic investment and growth.
• Egypt’s pharmaceutical market will experience gradual recovery, despite ongoing pressure on household

Key View

• Despite improvements, risks of social unrest in Sierra Leone remain elevated, as inflation continues to significantly curtail purchasing power despite a projected slowdown in price growth to 10.1% in 2025, alongside ongoing economic challenges and low real GDP per capita.
• IMF-driven fiscal reforms face challenges due to USAID cuts and rising

Key View

• US President Donald Trump's upending of the global trade system presents Zimbabwe with a potential opportunity.
• Zimbabwe has plentiful supplies of the critical minerals such as rare earths and lithium that the US is keen to secure, and President Emmerson Mnangagwa has taken an emollient approach on tariffs.
• Social discontent will be

Key View

• We expect that the US’s retrenchment from foreign financial commitments under President Donald Trump will have a destabilising impact on Mozambique.
• Cuts to US aid will keep social discontent in Mozambique elevated over the coming quarters.
• Smaller budgets for development programmes, humanitarian aid and social transfers will also complicate

Key View: Despite an uptick in real household spending over 2025, our outlook for South Africa remains mixed. Consumer confidence weakened over Q1 2025, unemployment has risen, and trade tensions will result in muted economic growth, all presenting key downside risks. To the upside, retail sales and wages are experiencing real growth, while

Key View

• IHS Towers' sale of its Rwandan unit is part of its broader asset monetisation strategy to reduce its debt profile amidst operational cost pressures. It will also help finance expansion in its core Latin American growth market.
• The buyer, Paradigm Tower Ventures, is leveraging this acquisition to strengthen its presence in Sub-Saharan Africa

Latest Development: In line with our expectations, the Bank of Zambia (BoZ) held the policy rate at 14.50% at its monetary policy meeting on May 23, after hiking by 50 basis points (bps) in February. 

Forecast Implications: The decision was in line with our expectations that policymakers would refrain from easing monetary policy, despite slightly

Key View

• We retain our belief that the Government of National Unity (GNU) and the Government of National Stability (GNS) will remain the de facto authorities in Libya's west and east, respectively through 2025. Despite ongoing discussions, we also maintain our view that Libya will not hold national elections in 2025.
• The recent escalation of violence