Foreword

The past year has been one of gradual recovery and stabilization for many Sub-Saharan African economies, with a moderation of inflationary pressures, a stabilization of public debt ratios, and a cautious return to international capital markets. This progress, while encouraging, has been hard-won and remains fragile.

Looking ahead, a modest acceleration in economic growth is forecasted across the region. This growth, however, masks significant disparities between countries and sectors. Resource-rich nations are likely to benefit from ongoing global demand for critical minerals, while non-resource-intensive economies continue to demonstrate resilience through diversification efforts.

Monetary policy across the region is expected to take a more nuanced approach in 2025. We foresee a divergence in strategies, with some central banks maintaining a cautious stance to anchor inflation expectations, while others may have room to ease policy to support economic recovery. This balancing act will be crucial in fostering sustainable growth without compromising price stability.

Currency markets are likely to remain a focal point for policymakers and investors alike. While greater stability for some of the region’s major currencies is expected, others may face continued depreciation pressures. The management of foreign exchange reserves and the potential adoption of innovative payment systems will be critical in navigating these challenges.

Debt sustainability remains a pressing concern for many countries in the region. The high cost of servicing external debt continues to constrain fiscal space, limiting the ability to invest in critical infrastructure and social programs. Creative solutions and international cooperation will be essential in addressing this issue.

Overall, the monetary and currency landscape of 2025 is expected to be characterized by strategic adaptation, resilience, and innovation. This report provides a country-oriented analysis, with specific insights dedicated to investors, policymakers, and business leaders operating in the region. It is our hope that it will contribute to support decision-making on these specific opportunities and challenges that lie ahead in Sub-Saharan Africa.