Long Reads

Sub-Saharan Africa Monthly Outlook: Currency Round-Up: Broad Depreciatory Trend With Few Outliers

Presentation / Country Risk / Africa / Sat 30 Jul, 2022

Most Sub-Saharan African currencies are on a weakening trend, and we expect that they will continue to depreciate in the short term due to global risk-off sentiment amid rising recession risks and the Russia-Ukraine War. While we still expect that the Angolan kwanza and Zambian kwacha will appreciate in 2022, we have become more bearish on the outlook for the South Africa rand, and the Nigerian naira.

Download this presentation for our latest currency outlooks for key economies, including:

  • Bearish Short-Term Outlook For Most SSA Currencies
  • The Angolan Kwanza Looks Set For A Particularly Strong Year
  • The Zambian Kwacha Will Also Be Among The Outperformers In 2022
  • Nigerian Naira Will Depreciate Slightly Over The Coming Quarters
  • Kenyan Shilling Will Remain Under Pressure In H222
  • The Outlook For The South African Rand Has Weakened
  • Ghanaian Cedi To Be Among The Worst-Performing Currencies

The presentation also includes Fitch Solutions forecasts versus Bloomberg Consensus for 2022 GDP Growth, Exchange Rates, Inflation and Interest Rates.

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