Macro figures by country
35 countries in Kinfolk Capital’s public-markets research. Data as of 29 Oct 2026. F is an IMF projection for 2026; a figure for another period says which.
| Country | Board | Currency | Stock markets, past 3 months | FX vs USD, LTM | Real policy rate | CPI inflation, 2026F | Real GDP growth, 2026F | FX reserves | Sovereign credit rating | Current account balance, 2026F | Government debt, 2026F | Main equity index, local currency, LTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Nigeria | NGX | Naira (NGN) | +9.5% · level 251,212 | +12.1% | +7.4% | 15.6% | 4.2% | 7.1 months | B- | +7.0% surplus | 34.6% | +61.5% |
| Egypt | EGX | Egyptian pound (EGP) | n/a | −4.8% | +5.7% | 13.3% | 5.1% | 4.4 months | B- | −4.4% deficit | 84.0% | n/a |
| Morocco | CSE | Dirham (MAD) | −2.7% · level 17,733 | −1.9% | +1.4% | 0.9% | 4.5% | 5.9 months | BB+ | −4.9% deficit | 66.6% | −12.0% |
| Kenya | NSE | Kenyan shilling (KES) | n/a | −0.1% | +2.8% | 6.0% | 4.5% | 4.6 months | B- | −4.5% deficit | 72.9% | n/a |
| South Africa | JSE | Rand (ZAR) | −1.6% · level 108,507 | +9.3% | +2.8% | 4.4% | 1.0% | 6.2 months | BB | −0.7% deficit | 78.0% | −0.1% |
| Ghana | GSE | Cedi (GHS) | −4.0% · level 14,142 | −10.2% | +9.2% | 4.8% | 5.7% | 3.8 months | B- | +6.0% surplus | 51.7% | +68.4% |
| Mauritius | SEM | Rupee (MUR) | n/a | −0.8% | 0.0% | 4.7% | 2.7% | 5.2 months | BBB- | −7.9% deficit | 87.6% | n/a |
| Botswana | BSE | Pula (BWP) | n/a | +1.9% | −1.7% | 7.2% | 4.4% | 4.7 months | BBB- | −1.0% deficit | 40.3% | n/a |
| Tunisia | Bourse de Tunis (BVMT) (not covered) | Tunisian dinar (TND) | Not covered | +0.6% | +1.5% | 5.5% | 2.4% | 4.5 months | CCC+ | −4.9% deficit | 86.1% | n/a |
| Tanzania | Dar es Salaam Stock Exchange (not covered) | Tanzanian shilling (TZS) | Not covered | n/a | +2.3% | 4.0% | 6.0% | 3.6 months (IMF) | B+ | −2.7% deficit | 48.1% | n/a |
| Uganda | Uganda Securities Exchange (USE) (not covered) | Ugandan shilling (UGX) | Not covered | −4.4% | +5.6% | 4.2% | 6.2% | 2.3 months | B- | −7.3% deficit | 55.1% | n/a |
| Zambia | Lusaka Stock Exchange (not covered) | Zambian kwacha (ZMW) | Not covered | +22.2% | +2.8% | 8.0% | 5.6% | 3.3 months | CCC | +2.3% surplus | 82.1% | n/a |
| Zimbabwe | VFEX | Zimbabwe gold (ZiG) (ZWG) | n/a | +3.7% (UN rate) | +23.5% | 4.0% | 5.0% | 0.5 months | Unrated | +5.3% surplus | 33.5% | n/a |
| Rwanda | Rwanda Stock Exchange (RSE) (not covered) | Rwandan franc (RWF) | Not covered | −1.9% | −3.6% | 12.3% | 7.4% | 4.2 months | B | −10.5% deficit | 63.4% | n/a |
| Senegal | BRVM | CFA franc (BCEAO) (XOF) | +21.0% · level 548.38 | +0.3% | +1.6% (2025) | 1.4% (2025) | 6.7% (2025) | 6.9 months (2025) | CC | −1.2% deficit (2025) | 127.7% (2025) | +56.8% |
| Côte d'Ivoire | BRVM | CFA franc (BCEAO) (XOF) | +21.0% · level 548.38 | +0.3% | +0.8% | 2.2% | 6.0% | 6.9 months (2025) | BB | −2.4% deficit | 57.8% | +56.8% |
| Benin | BRVM | CFA franc (BCEAO) (XOF) | +21.0% · level 548.38 | +0.3% | +2.2% | 0.8% | 7.0% | 6.9 months (2025) | B+ | −5.6% deficit | 58.1% | +56.8% |
| Burkina Faso | BRVM | CFA franc (BCEAO) (XOF) | +21.0% · level 548.38 | +0.3% | +0.9% | 2.1% | 4.4% | 6.9 months (2025) | CCC+ | −0.6% deficit | 51.0% | +56.8% |
| Mali | BRVM | CFA franc (BCEAO) (XOF) | +21.0% · level 548.38 | +0.3% | 0.0% | 3.0% | 5.5% | 6.9 months (2025) | CCC | −3.4% deficit | 39.7% | +56.8% |
| Niger | BRVM | CFA franc (BCEAO) (XOF) | +21.0% · level 548.38 | +0.3% | +4.9% | -1.9% | 7.0% | 6.9 months (2025) | CCC- | −3.0% deficit | 46.3% | +56.8% |
| Togo | BRVM | CFA franc (BCEAO) (XOF) | +21.0% · level 548.38 | +0.3% | +1.9% | 1.1% | 5.0% | 6.9 months (2025) | B- | −4.8% deficit | 64.7% | +56.8% |
| Guinea-Bissau | BRVM | CFA franc (BCEAO) (XOF) | +21.0% · level 548.38 | +0.3% | +0.5% | 2.5% | 4.7% | 6.9 months (2025) | Unrated | −7.0% deficit | 73.9% | +56.8% |
| DR Congo | None registered (no stock exchange in ISO 10383) | Congolese franc (CDF) | Not covered | +27.0% | +8.2% | 4.3% | 5.2% | 1.7 months | B- | −1.9% deficit | 23.7% | n/a |
| Republic of Congo | BVMAC, the Central African regional exchange (not covered) | CFA franc (BEAC) (XAF) | Not covered | +0.3% | +0.5% | 4.0% | 3.5% | 3.4 months (2025) | CCC | +5.2% surplus | 80.5% | n/a |
| Cameroon | BVMAC, the Central African regional exchange (not covered) | CFA franc (BEAC) (XAF) | Not covered | +0.3% | +1.1% | 3.4% | 3.2% | 3.4 months (2025) | CCC+ | −4.8% deficit | 40.1% | n/a |
| Equatorial Guinea | BVMAC, the Central African regional exchange (not covered) | CFA franc (BEAC) (XAF) | Not covered | +0.3% | +1.2% | 3.3% | -1.7% | 3.4 months (2025) | Unrated | −0.1% deficit | 32.9% | n/a |
| Gabon | BVMAC, the Central African regional exchange (not covered) | CFA franc (BEAC) (XAF) | Not covered | +0.3% | +3.7% | 0.8% | 3.0% | 3.4 months (2025) | CCC- | +1.3% surplus | 83.7% | n/a |
| Chad | BVMAC, the Central African regional exchange (not covered) | CFA franc (BEAC) (XAF) | Not covered | +0.3% | +5.2% | -0.7% | 4.5% | 3.4 months (2025) | B- | +1.3% surplus | 31.1% | n/a |
| Malawi | Malawi Stock Exchange (not covered) | Malawian kwacha (MWK) | Not covered | +1.6% (UN rate) | +2.1% | 21.9% | 2.6% | 0.4 months (IMF) | Unrated | −12.2% deficit | 78.0% | n/a |
| Madagascar | None registered (no stock exchange in ISO 10383) | Ariary (MGA) | Not covered | +3.8% (UN rate) | +4.1% | 8.4% | 3.8% | 5.5 months | B- | −8.7% deficit | 49.8% | n/a |
| Mauritania | None registered (no stock exchange in ISO 10383) | Ouguiya (MRU) | Not covered | −0.1% (UN rate) | −1.5% | 8.0% | 4.4% | 5.4 months | Unrated | −7.8% deficit | 38.3% | n/a |
| Angola | BODIVA, Angola Securities Exchange (not covered) | Kwanza (AOA) | Not covered | −0.1% | +4.2% | 10.6% | 4.4% | 5.3 months | B- | +2.8% surplus | 51.5% | n/a |
| Mozambique | Mozambique Stock Exchange (BVM) (not covered) | Metical (MZN) | Not covered | 0.0% | +3.7% | 5.6% | 1.0% | 3.4 months | CC | −41.0% deficit | 91.0% | n/a |
| Lesotho | Maseru Securities Market (MSM) (not covered) | Loti (LSL) | Not covered | +9.2% | +2.4% | 4.6% | 1.1% | 5.5 months | B | −2.5% deficit | 47.5% | n/a |
| Guinea | None registered (no stock exchange in ISO 10383) | Guinean franc (GNF) | Not covered | −1.1% (UN rate) | +3.2% | 6.3% | 7.2% | 1.3 months | B+ | −10.7% deficit | 34.8% | n/a |
Reading the figures
- + and −
- On the currency and US-dollar index figures: + gained against the dollar over the 12 months, − lost.
- Not covered
- A country whose main board our research does not cover: its stock exchange is named, as the ISO 10383 registry names it (or the exchange itself, where the registry is out of date or silent), and no index figure is shown for it. “None registered” means the registry lists no stock exchange there.
- UN rate
- Where BIS has no current rate and the central bank's cannot be read automatically, the currency is measured on the UN Treasury's operational rate in force at each month's end. The UN sets it for its own accounts, so it is not a market rate: where both exist, its 12-month change has differed from the central bank's by up to 2.6 points.
- IMF (reserves)
- Where the World Bank's reserves figure is more than five years old, the IMF's regional outlook figure is shown instead. It measures import cover slightly differently.
- Central banks
- Where BIS republishes a central bank's rate late, the central bank's own month-end rate is used; the country's card names it.
Sources
- Mansa Markets
- Main equity index closes. Mansa Markets, main board index closes, as stored by Onyx.
- Yahoo Finance
- Main equity index closes where Mansa serves none current. Yahoo Finance, index closes through Onyx's market-data router, as stored by Onyx.
- BIS
- Exchange rates against the US dollar and their 12-month change. BIS US dollar exchange rates (WS_XRU), monthly, end of period.
- Bank of Ghana
- The cedi's rate, from the series BIS republishes, where BIS runs behind. Bank of Ghana, interbank FX rates, USDGHS mid.
- Bank of Uganda
- The shilling's rate, from the series BIS republishes, where BIS runs behind. Bank of Uganda, daily interbank exchange rates, USD mid-rate (Exchange Rates workbook).
- Banque Centrale du Congo
- The franc's rate, from the central bank's own series, where BIS runs behind. Banque Centrale du Congo, cours de change indicatif, USD/CDF moyen (mid).
- Banco de Moçambique
- The metical's rate, from the series BIS republishes, where BIS runs behind. Banco de Moçambique, taxas de câmbio de referência diárias, USD média (mean).
- UN Treasury
- Where BIS has no current rate and the central bank cannot be read: the UN's operational rate, set for its own accounts. UN Treasury, UN Operational Rates of Exchange, rate in force at month-end (for the UN's internal record-keeping).
- S&P, Moody's, Fitch
- Sovereign credit ratings. Long-term foreign-currency sovereign ratings: the weakest of S&P, Moody's and Fitch in S&P notation, from each agency's latest action as recorded in Onyx's macro table (each country's binding action on the table page).
- IMF World Economic Outlook
- Real GDP growth, CPI inflation, current account balance and government debt; current-year projections. IMF World Economic Outlook (DataMapper): NGDP_RPCH, PCPIPCH, BCA_NGDPD, GGXWDG_NGDP.
- World Bank
- FX reserves in months of import cover. World Bank, total reserves in months of imports (FI.RES.TOTL.MO).
- IMF Regional Economic Outlook
- Pooled FX reserves of the WAEMU and the CEMAC, and a country's own where the World Bank's figure is out of date, in months of imports. IMF Regional Economic Outlook: Sub-Saharan Africa, Reserves (Months of Imports) (AFRREO/BRASS_MI), WAEMU and CEMAC aggregates.
- ISO 10383 market identifier codes
- The stock exchange of each country whose board is not covered, by the registry's name. ISO 10383 MIC registry, maintained by SWIFT for ISO, operating MICs with status ACTIVE, retrieved 28 Oct 2026.
- Business in Cameroon
- The BVMAC as the CEMAC states' one exchange since the Douala Stock Exchange merged into it in 2019, which the ISO registry still lists. “CEMAC: the unified exchange will be officially launched on Jul 5, 2019 in Douala”.
- Maseru Securities Market
- Lesotho's securities market, which the ISO registry does not list. Maseru Securities Market, Background, read 28 Oct 2026.
Policy rates and ratings, by country
- Nigeria
- Policy rate 23%: Central Bank of Nigeria (MPC) · MPR, 307th MPC, 22 Sep 2026 (rate read off cbn.gov.ng; meeting date from press reports — the communiqué PDF is behind a Cloudflare challenge), reviewed 14 Oct 2026. Rating B-: weakest of the three: Moody's B3, outlook change (stable to positive), rating affirmed 2026-08-28; S&P B Stable (2026-05-15); Moody's B3 Positive (2026-08-28); Fitch B Positive (2026-10-09) (swept 2026-10-27), reviewed 27 Oct 2026.
- Egypt
- Policy rate 19%: Central Bank of Egypt (MPC) · overnight deposit rate, held 24 Sep 2026 (read from Arab Finance and Amwal Al Ghad — cbe.org.eg refuses automated reads), reviewed 14 Oct 2026. Rating B-: weakest of the three: Moody's B3, upgrade (Caa1 to B3), positive outlook maintained 2026-10-16; S&P B Stable (2026-10-09); Moody's B3 Positive (2026-10-16); Fitch B Stable (2026-10-08) (swept 2026-10-27), reviewed 27 Oct 2026.
- Morocco
- Policy rate 2.25%: Bank Al-Maghrib · key rate, held at the 22 Sep 2026 Council, reviewed 14 Oct 2026. Rating BB+: weakest of the three: Moody's Ba1, outlook change (stable to positive), rating affirmed 2026-03-06; S&P BBB- Stable (2026-03-27); Moody's Ba1 Positive (2026-03-06); Fitch BB+ Stable (2026-09-17) (swept 2026-10-27), reviewed 27 Oct 2026.
- Kenya
- Policy rate 8.75%: Central Bank of Kenya (MPC) · CBR, cut 10 Feb 2026, held 7 Oct 2026, reviewed 14 Oct 2026. Rating B-: weakest of the three: Moody's B3, upgrade (Caa1 -> B3; outlook positive -> stable) 2026-01-27; S&P B Stable (2026-08-21); Moody's B3 Stable (2026-01-27); Fitch B- Stable (2026-01-23) (swept 2026-10-27), reviewed 27 Oct 2026.
- South Africa
- Policy rate 7.25%: South African Reserve Bank (MPC) · official repo rate, raised 23 Sep 2026 (cross-checked against BIS WS_CBPOL), reviewed 14 Oct 2026. Rating BB: weakest of the three: S&P BB, affirmation 2026-05-29; S&P BB Positive (2026-05-29); Moody's Ba2 Positive (2026-05-22); Fitch BB Stable (2026-06-05) (swept 2026-10-27), reviewed 27 Oct 2026.
- Ghana
- Policy rate 14%: Bank of Ghana (MPC) · MPR, cut 18 Mar 2026 (129th MPC), held at the 132nd, reviewed 14 Oct 2026. Rating B-: weakest of the three: S&P B-, affirmation 2026-09-25; S&P B- Stable (2026-09-25); Moody's B3 Stable (2026-10-09); Fitch B Positive (2026-05-08) (swept 2026-10-27), reviewed 27 Oct 2026.
- Mauritius
- Policy rate 4.75%: Bank of Mauritius (MPC) · Key Rate, raised 20 May 2026, held 12 Aug 2026, reviewed 14 Oct 2026. Rating BBB-: weakest of the three: Moody's Baa3, affirmation; outlook changed to negative from stable 2025-01-30; S&P withdrawn 2026-03-18; Moody's Baa3 Negative (2025-01-30); Fitch not rated (swept 2026-10-27), reviewed 27 Oct 2026.
- Botswana
- Policy rate 5.5%: Bank of Botswana (MPC) · MoPR, raised 30 Apr 2026, held 18 Jun and 27 Aug 2026 (BoBC notices to 13 Oct 2026 still state 5.5), reviewed 14 Oct 2026. Rating BBB-: weakest of the three: S&P BBB-, affirmation 2026-09-11; S&P BBB- Negative (2026-09-11); Moody's Baa2 Stable (2026-09-25); Fitch not rated (swept 2026-10-27), reviewed 27 Oct 2026.
- Tunisia
- Policy rate 7%: Central Bank of Tunisia · taux directeur, held 7 Oct 2026 (in force since 7 Jan 2026), reviewed 14 Oct 2026. Rating CCC+: weakest of the three: Moody's Caa1, upgrade (Caa2 -> Caa1, outlook stable) 2025-02-28; S&P withdrawn 2013-12-19; Moody's Caa1 Stable (2025-02-28); Fitch B- Stable (2026-09-08) (swept 2026-10-27), reviewed 27 Oct 2026.
- Tanzania
- Policy rate 6.25%: Bank of Tanzania (MPC) · CBR, raised 2 Jul 2026 (MPC 244), held 7 Oct 2026 (MPC 245), reviewed 14 Oct 2026. Rating B+: weakest of the three: Moody's B1, affirmation 2026-02-20; S&P not rated; Moody's B1 Stable (2026-02-20); Fitch B+ Positive (2026-08-21) (swept 2026-10-27), reviewed 27 Oct 2026.
- Uganda
- Policy rate 9.75%: Bank of Uganda (MPC) · CBR, held 13 Aug 2026, reviewed 14 Oct 2026. Rating B-: weakest of the three: S&P B-, outlook change (stable to positive), rating affirmed 2025-11-07; S&P B- Positive (2025-11-07); Moody's B3 Stable (2026-05-29); Fitch B Stable (2026-08-07) (swept 2026-10-27), reviewed 27 Oct 2026.
- Zambia
- Policy rate 10.75%: Bank of Zambia (MPC) · MPR, cut 30 Sep 2026, reviewed 14 Oct 2026. Rating CCC: weakest of the three: Moody's Caa2, affirmation; outlook changed to positive from stable 2025-04-11; S&P CCC+ Stable (2026-06-09); Moody's Caa2 Positive (2025-04-11); Fitch B- Stable (2025-11-28) (swept 2026-10-27), reviewed 27 Oct 2026.
- Zimbabwe
- Policy rate 27.5%: Reserve Bank of Zimbabwe (MPC) · bank policy rate, cut 28 Sep 2026, reviewed 14 Oct 2026. Rating unrated: S&P / Moody's / Fitch — no live rating: S&P not rated; Moody's not rated; Fitch not rated (swept 2026-10-27), reviewed 27 Oct 2026.
- Rwanda
- Policy rate 8.75%: National Bank of Rwanda (MPC) · CBR, raised at the 26 Aug 2026 MPC (announced 27 Aug), reviewed 14 Oct 2026. Rating B: weakest of the three: Moody's B2, outlook change (negative -> stable), rating affirmed 2025-09-19; S&P B+ Stable (2026-05); Moody's B2 Stable (2025-09-19); Fitch B+ Stable (2026-09) (swept 2026-10-27), reviewed 27 Oct 2026.
- Senegal
- Policy rate 3%: BCEAO (WAEMU union central bank) · principal taux directeur, in force since 16 Mar 2026, held 9 Sep 2026 CPM, reviewed 14 Oct 2026. Rating CC: weakest of the three: S&P CC, downgrade (from CCC+) 2026-09-04; S&P CC Negative (2026-09-04); Moody's Caa2 Negative (2026-08-28); Fitch not rated (swept 2026-10-27), reviewed 27 Oct 2026.
- Côte d'Ivoire
- Policy rate 3%: BCEAO (WAEMU union central bank) · principal taux directeur, in force since 16 Mar 2026, held 9 Sep 2026 CPM, reviewed 14 Oct 2026. Rating BB: weakest of the three: S&P BB, affirmation 2025-11-14; S&P BB Stable (2025-11-14); Moody's Ba2 Stable (2026-03-13); Fitch BB Stable (2026-06-12) (swept 2026-10-27), reviewed 27 Oct 2026.
- Benin
- Policy rate 3%: BCEAO (WAEMU union central bank) · principal taux directeur, in force since 16 Mar 2026, held 9 Sep 2026 CPM, reviewed 14 Oct 2026. Rating B+: weakest of the three: Fitch B+, affirmation; outlook changed to positive from stable 2026-01-16; S&P BB- Stable (2026-10-16); Moody's Ba3 Stable (2026-08-07); Fitch B+ Positive (2026-01-16) (swept 2026-10-27), reviewed 27 Oct 2026.
- Burkina Faso
- Policy rate 3%: BCEAO (WAEMU union central bank) · principal taux directeur, in force since 16 Mar 2026, held 9 Sep 2026 CPM, reviewed 14 Oct 2026. Rating CCC+: weakest of the three: S&P CCC+, affirmation 2026-05-08; S&P CCC+ Stable (2026-05-08); Moody's not rated; Fitch not rated (swept 2026-10-27), reviewed 27 Oct 2026.
- Mali
- Policy rate 3%: BCEAO (WAEMU union central bank) · principal taux directeur, in force since 16 Mar 2026, held 9 Sep 2026 CPM, reviewed 14 Oct 2026. Rating CCC: weakest of the three: Moody's Caa2, outlook change (stable -> negative), Caa2 affirmed 2026-05-29; S&P could not be determined; Moody's Caa2 Negative (2026-05-29); Fitch could not be determined (swept 2026-10-27), reviewed 27 Oct 2026.
- Niger
- Policy rate 3%: BCEAO (WAEMU union central bank) · principal taux directeur, in force since 16 Mar 2026, held 9 Sep 2026 CPM, reviewed 14 Oct 2026. Rating CCC-: weakest of the three: Moody's Caa3, affirmation 2025-07-03; S&P not rated; Moody's Caa3 Stable (2025-07-03); Fitch not rated (swept 2026-10-27), reviewed 27 Oct 2026.
- Togo
- Policy rate 3%: BCEAO (WAEMU union central bank) · principal taux directeur, in force since 16 Mar 2026, held 9 Sep 2026 CPM, reviewed 14 Oct 2026. Rating B-: weakest of the three: Moody's B3, outlook change (stable to positive), rating affirmed 2026-09-25; S&P B+ Positive (2026-10-16); Moody's B3 Positive (2026-09-25); Fitch not rated (swept 2026-10-27), reviewed 27 Oct 2026.
- Guinea-Bissau
- Policy rate 3%: BCEAO (WAEMU union central bank) · principal taux directeur, in force since 16 Mar 2026, held 9 Sep 2026 CPM, reviewed 14 Oct 2026. Rating unrated: S&P / Moody's / Fitch — no live rating: S&P not rated; Moody's not rated; Fitch not rated (swept 2026-10-27), reviewed 27 Oct 2026.
- DR Congo
- Policy rate 12.5%: Banque Centrale du Congo (CPM) · taux directeur, cut 17 Jul 2026 (CPM communiqué 03/2026); held 8 Oct 2026 per press reports, reviewed 14 Oct 2026. Rating B-: weakest of the three: S&P B-, outlook change (stable to positive), rating affirmed 2026-01-23; S&P B- Positive (2026-01-23); Moody's B3 Stable (2025-04-29); Fitch not rated (swept 2026-10-27), reviewed 27 Oct 2026.
- Republic of Congo
- Policy rate 4.5%: BEAC (CEMAC union central bank) · TIAO, cut 29 June 2026 CPM, held 28 Sep 2026 CPM, reviewed 14 Oct 2026. Rating CCC: weakest of the three: Moody's Caa2, outlook change (stable -> positive) 2026-05-27; S&P CCC+ Stable (2026-07-24); Moody's Caa2 Positive (2026-05-27); Fitch CCC+ (2026-08-14) (swept 2026-10-27), reviewed 27 Oct 2026.
- Cameroon
- Policy rate 4.5%: BEAC (CEMAC union central bank) · TIAO, cut 29 June 2026 CPM, held 28 Sep 2026 CPM, reviewed 14 Oct 2026. Rating CCC+: weakest of the three: Moody's Caa1, affirmation 2025-08-22; S&P B- Stable (2026-09-18); Moody's Caa1 Stable (2025-08-22); Fitch B- Stable (2026-10-16) (swept 2026-10-27), reviewed 27 Oct 2026.
- Equatorial Guinea
- Policy rate 4.5%: BEAC (CEMAC union central bank) · TIAO, cut 29 June 2026 CPM, held 28 Sep 2026 CPM, reviewed 14 Oct 2026. Rating unrated: S&P / Moody's / Fitch — no live rating: S&P not rated; Moody's not rated; Fitch not rated (swept 2026-10-27), reviewed 27 Oct 2026.
- Gabon
- Policy rate 4.5%: BEAC (CEMAC union central bank) · TIAO, cut 29 June 2026 CPM, held 28 Sep 2026 CPM, reviewed 14 Oct 2026. Rating CCC-: weakest of the three: Fitch CCC-, affirmation 2026-05-22; S&P withdrawn 2016-04-01; Moody's Caa2 Negative (2026-06-26); Fitch CCC- none (Fitch does not assign outlooks at CCC+ and below) (2026-05-22) (swept 2026-10-27), reviewed 27 Oct 2026.
- Chad
- Policy rate 4.5%: BEAC (CEMAC union central bank) · TIAO, cut 29 June 2026 CPM, held 28 Sep 2026 CPM, reviewed 14 Oct 2026. Rating B-: weakest of the three: S&P B-, affirmation 2026-09-11; S&P B- Stable (2026-09-11); Moody's not rated; Fitch B- Stable (2026-10-08) (swept 2026-10-27), reviewed 27 Oct 2026.
- Malawi
- Policy rate 24%: Reserve Bank of Malawi (MPC) · policy rate, cut 5 Mar 2026, held 6 Aug 2026, reviewed 14 Oct 2026. Rating unrated: S&P / Moody's / Fitch — no live rating: S&P not rated; Moody's not rated; Fitch withdrawn 2009-08-25 (swept 2026-10-27), reviewed 27 Oct 2026.
- Madagascar
- Policy rate 12.5%: Banky Foiben'i Madagasikara (CPM) · taux directeur, raised 4 Aug 2026 (read from press reports — the bank's own rate series at this link ends at 9.5% on 3 May 2019), reviewed 14 Oct 2026. Rating B-: weakest of the three: S&P B-, CreditWatch negative resolved; rating affirmed, outlook stable 2026-01-23; S&P B- Stable (2026-01-23); Moody's not rated; Fitch not rated (swept 2026-10-27), reviewed 27 Oct 2026.
- Mauritania
- Policy rate 6.5%: Banque Centrale de Mauritanie (Conseil de politique monétaire) · taux directeur, raised 18 May 2026, reviewed 14 Oct 2026. Rating unrated: S&P / Moody's / Fitch — no live rating: S&P not rated; Moody's not rated; Fitch not rated (swept 2026-10-27), reviewed 27 Oct 2026.
- Angola
- Policy rate 14.75%: Banco Nacional de Angola (CPM) · Taxa BNA, cut at the 14–15 Sep 2026 CPM (read off the BNA's own "Taxa BNA" list; 14.75 was the absorption rate before September, so not to be confused with it), reviewed 14 Oct 2026. Rating B-: weakest of the three: S&P B-, affirmation 2026-08-14; S&P B- Stable (2026-08-14); Moody's B3 Positive (2026-09-27); Fitch B- Stable (2026-05-08) (swept 2026-10-27), reviewed 27 Oct 2026.
- Mozambique
- Policy rate 9.25%: Banco de Moçambique (CPMO) · MIMO, cut 28 Jan 2026, held 30 Sep 2026, reviewed 14 Oct 2026. Rating CC: weakest of the three: Fitch CC, affirmation 2026-07-24; S&P CCC Negative (2026-09-25); Moody's Caa3 Stable (2026-09-18); Fitch CC (2026-07-24) (swept 2026-10-27), reviewed 27 Oct 2026.
- Lesotho
- Policy rate 7%: Central Bank of Lesotho (MPC) · CBL rate, raised 24 Sep 2026 (121st MPC), reviewed 14 Oct 2026. Rating B: weakest of the three: Fitch B, affirmation (the last dated action found) 2025-06-09; S&P not rated; Moody's not rated; Fitch B Stable (2025-06-09) (swept 2026-10-27), reviewed 27 Oct 2026.
- Guinea
- Policy rate 9.5%: Banque Centrale de la République de Guinée · taux directeur, cut 30 Mar 2026 (21st CPM), held 18 Sep 2026, reviewed 14 Oct 2026. Rating B+: weakest of the three: S&P B+, outlook change (stable to positive), rating affirmed 2026-03-13; S&P B+ Positive (2026-03-13); Moody's not rated; Fitch not rated (swept 2026-10-27), reviewed 27 Oct 2026.
For information only. Not investment advice.