Key View

• We have revised up our forecast CAGR for Ghana’s medical devices market in US dollar and local currency terms, supported by tailwinds from rising health budget allocations and an improving economic backdrop.
• All product categories will post high to double-digit growth in US dollar terms, led by consumables and dental products.
• G

The Latest: On September 13 2023, a meeting was held between the State Department for Public Health and Professional Standards in Kenya and Italy's Deputy Ambassador to advance discussions regarding a Memorandum of Understanding (MoU) focused on advancing Universal Health Coverage (UHC) and pharmaceutical production. The initial MoU was signed

Key View

• The synchronisation of the 12 power grids within the West African Power Pool will increase power trading opportunities for markets in West Africa. This will result in a boost in the security of electricity supply in the power pool. 
• The high level of reliance on natural gas generated power amongst the West Africa markets indicates

Key View

• We forecast that Kenya’s current account deficit will narrow from 5.0% in 2022 to 4.7% in 2023, mostly driven by a shrinking goods trade deficit on the back of weak imports.
• In 2024, we forecast that the current account deficit will remain broadly stable, coming in at 4.8% of GDP, as both imports and exports strengthen.
• Lending

Key View

• We have revised down our forecast for Zimbabwean credit growth to 200.0% in 2023, from 220.0% previously, reflecting the slight strengthening of the Zimbabwean dollar (ZWL) following its May-June sell-off.
• We believe that credit growth will slow to 37.0% y-o-y at end-2024 as inflationary pressures ease and weakening domestic

Key View

• We forecast that real GDP growth in Eswatini will accelerate from an estimated 0.9% in 2023 to 1.8% in 2024, owing partially to a modest improvement in the South African economy.
• Nevertheless, economic activity will remain constrained by high inflation and weak consumer spending, as well as persistently poor labour market

Key View

• We expect that real GDP growth in Sub-Saharan Africa (SSA) will soften from an estimated 3.6% in 2022 to 3.0% in 2023, with economic activity in the region’s two largest economies – Nigeria and South Africa – set to slow substantially.
• Elevated inflation, tight financial conditions, coupled with weaker exchange rates and economic

Key View

• We forecast that Uganda’s current account deficit will widen from an estimated 9.5% of GDP in 2022 to 9.7% in 2023, chiefly reflecting above-trend import growth.
• In 2024, the deficit will widen further to 9.9% as export growth, constrained by lower coffee prices, trails import growth (stemming from demand for consumer goods and

Key View

• We have revised down our forecast for Morocco’s GDP growth for 2023 from 2.4% to 1.8% as we expect damage from the September 8 earthquake will disrupt economic activity and decrease tourist inflows.
• We think that the significant extent of the damage and the government’s constrained ability to significantly ramp up investment in

Key View

• We forecast high-single digit growth for Egypt’s medical device market over our forecast period.
• Medical device imports will face headwinds due to high inflation and a weak Egyptian pound.
• Egypt’s government will continue to prioritise healthcare as demand for services from the ageing population increases. 

We forecast high