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  • Uganda – Oil impact is mixed - Updated Fri December 12, 2014

    • Uganda will benefit from a lower import bill, but some oil exploration may be deferred • Government spending likely to increase ahead of 2016 elections • BoU seen tightening interest policy in 2015 in response to pressure on the UGX ...

  • Uganda – Ahead of oil production - Updated Fri October 17, 2014

    • Public infrastructure spending and buoyant credit trends to support growth • Fiscal consolidation appears unlikely – we expect upside risks to Uganda’s borrowing requirement • Elections are due in 2016; prime ministerial reshuffle suggests polit...

  • Measuring sustainable development - Updated Wed September 18, 2013

    Most countries now aim to achieve ‘sustainable development’, not just maximum GDP growth. But what does this mean? How can it be measured? And how does it relate to the concept of human well-being and to ‘happiness economics’? • We present a new St...

  • Africa – Local markets outlook - Updated Tue July 16, 2013

    • Local fundamentals are likely to prevail now that some element of an early tapering of QE is priced in • We remain Overweight FX and duration on Nigeria on supportive fundamentals and valuations • We also maintain an Overweight duration stance o...

  • Africa overview – Brighter prospects ahead - Updated Tue July 16, 2013

    • Growth momentum in Sub-Saharan Africa remains largely positive, despite uncertainty related to Fed tapering expectations and slowing trend growth in China • African economies will not be impacted uniformly by a reduction in QE. More liquid marke...

  • Africa Focus - A wealth of diversity - Updated Wed July 10, 2013

    • Prospects in the Sub-Saharan African region remain largely positive, despite uncertainty related to market expectations of Fed tapering, and a slowdown in China’s growth trend to more sustainable levels. • South Africa is more susceptible to glob...



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