Figures by country

Country

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

Notes

Nigeria

+9.5%

+12.1%

+7.4%

15.6%

4.2%

7.1 months

B-

+7.0% surplus

34.6%

+61.5%

1,368 NGN/USD. Currency: 12 months to Jul 2026; rate at the end of Jul 2026. Reserves: months of imports, 2025. Index: 251,290.54 at the 26 Oct 2026 close, 12 months from 24 Oct 2025 (Mansa Markets).

Egypt

n/a

−4.8%

+5.7%

13.3%

5.1%

4.4 months

B-

−4.4% deficit

84.0%

n/a

51.09 EGP/USD. Currency: 12 months to Jul 2026; rate at the end of Jul 2026. Reserves: months of imports, 2025. Index: no current close from any producer Onyx publishes.

Morocco

−2.7%

−1.9%

+1.4%

0.9%

4.5%

5.9 months

BB+

−4.9% deficit

66.6%

−12.0%

9.324 MAD/USD. Currency: 12 months to Jul 2026; rate at the end of Jul 2026. Reserves: months of imports, 2025. Index: 17,054.31 at the 23 Oct 2026 close, 12 months from 23 Oct 2025 (Mansa Markets).

Kenya

n/a

−0.1%

+2.8%

6.0%

4.5%

4.6 months

B-

−4.5% deficit

72.9%

n/a

129.4 KES/USD. Currency: 12 months to Jul 2026; rate at the end of Jul 2026. Reserves: months of imports, 2025. Index: no current close from any producer Onyx publishes.

South Africa

−1.6%

+9.3%

+2.8%

4.4%

1.0%

6.2 months

−0.7% deficit

78.0%

−0.1%

16.58 ZAR/USD. Currency: 12 months to Jul 2026; rate at the end of Jul 2026. Reserves: months of imports, 2025. Index: 109,759.05 at the 28 Oct 2026 close, 12 months from 28 Oct 2025 (Yahoo Finance).

Ghana

−4.0%

−10.2%

+9.2%

4.8%

5.7%

3.8 months

B-

+6.0% surplus

51.7%

+68.4%

11.69 GHS/USD. Currency: 12 months to Jul 2026; rate at the end of Jul 2026, from the Bank of Ghana. Reserves: months of imports, 2025. Index: 14,107.58 at the 23 Oct 2026 close, 12 months from 23 Oct 2025 (Mansa Markets).

Mauritius

n/a

−0.8%

0.0%

4.7%

2.7%

5.2 months

BBB-

−7.9% deficit

87.6%

n/a

47.48 MUR/USD. Currency: 12 months to Jul 2026; rate at the end of Jul 2026. Reserves: months of imports, 2024. Index: no current close from any producer Onyx publishes.

Botswana

n/a

+1.9%

−1.7%

7.2%

4.4%

4.7 months

BBB-

−1.0% deficit

40.3%

n/a

13.25 BWP/USD. Currency: 12 months to Jul 2026; rate at the end of Jul 2026. Reserves: months of imports, 2024. Index: no current close from any producer Onyx publishes.

Tunisia

Not covered

+0.6%

+1.5%

5.5%

2.4%

4.5 months

CCC+

−4.9% deficit

86.1%

n/a

2.938 TND/USD. Currency: 12 months to Jul 2026; rate at the end of Jul 2026. Reserves: months of imports, 2024. Index: no main board in coverage.

Tanzania

Not covered

n/a

+2.3%

4.0%

6.0%

3.6 months

B+

−2.7% deficit

48.1%

n/a

n/a TZS/USD. Currency: no BIS rate since Apr 2025, when it was 2,679. Reserves: months of imports, 2025 (IMF). Index: no main board in coverage.

Uganda

Not covered

−4.4%

+5.6%

4.2%

6.2%

2.3 months

B-

−7.3% deficit

55.1%

n/a

3,752 UGX/USD. Currency: 12 months to Jul 2026; rate at the end of Jul 2026, from the Bank of Uganda. Reserves: months of imports, 2024. Index: no main board in coverage.

Zambia

Not covered

+22.2%

+2.8%

8.0%

5.6%

3.3 months

CCC

+2.3% surplus

82.1%

n/a

18.79 ZMW/USD. Currency: 12 months to Jul 2026; rate at the end of Jul 2026. Reserves: months of imports, 2024. Index: no main board in coverage.

Zimbabwe

n/a

+3.7%

+23.5%

4.0%

5.0%

0.5 months

Unrated

+5.3% surplus

33.5%

n/a

25.93 ZWG/USD. Currency: 12 months to Jul 2026; the UN Treasury's rate at the end of Jul 2026, not a market rate (see the table page). Reserves: months of imports, 2024. Index: 275.06 at the 28 Oct 2026 close; no close a year earlier is stored yet, so no 12-month change (Victoria Falls Stock Exchange).

Rwanda

Not covered

−1.9%

−3.6%

12.3%

7.4%

4.2 months

−10.5% deficit

63.4%

n/a

1,468 RWF/USD. Currency: 12 months to Jul 2026; rate at the end of Jul 2026. Reserves: months of imports, 2024. Index: no main board in coverage.

Senegal

+21.0%

+0.3%

+1.6% (2025)

1.4% (2025)

6.7% (2025)

6.9 months (2025)

−1.2% deficit (2025)

127.7% (2025)

+56.8%

571.1 XOF/USD. Currency: 12 months to Jul 2026; rate at the end of Jul 2026. Reserves: pooled at the BCEAO; the WAEMU's, months of imports, 2025 (IMF). Index: 529.14 at the 23 Oct 2026 close, 12 months from 23 Oct 2025 (Mansa Markets).

Côte d'Ivoire

+21.0%

+0.3%

+0.8%

2.2%

6.0%

6.9 months (2025)

−2.4% deficit

57.8%

+56.8%

Benin

+21.0%

+0.3%

+2.2%

0.8%

7.0%

6.9 months (2025)

B+

−5.6% deficit

58.1%

+56.8%

Burkina Faso

+21.0%

+0.3%

+0.9%

2.1%

4.4%

6.9 months (2025)

CCC+

−0.6% deficit

51.0%

+56.8%

Mali

+21.0%

+0.3%

0.0%

3.0%

5.5%

6.9 months (2025)

CCC

−3.4% deficit

39.7%

+56.8%

Niger

+21.0%

+0.3%

+4.9%

-1.9%

7.0%

6.9 months (2025)

CCC-

−3.0% deficit

46.3%

+56.8%

Togo

+21.0%

+0.3%

+1.9%

1.1%

5.0%

6.9 months (2025)

B-

−4.8% deficit

64.7%

+56.8%

Guinea-Bissau

+21.0%

+0.3%

+0.5%

2.5%

4.7%

6.9 months (2025)

Unrated

−7.0% deficit

73.9%

+56.8%

DR Congo

Not covered

+27.0%

+8.2%

4.3%

5.2%

1.7 months

B-

−1.9% deficit

23.7%

n/a

2,269 CDF/USD. Currency: 12 months to Jul 2026; rate at the end of Jul 2026, from the Banque Centrale du Congo. Reserves: months of imports, 2023. Index: no main board in coverage.

Republic of Congo

Not covered

+0.3%

+0.5%

4.0%

3.5%

3.4 months (2025)

CCC

+5.2% surplus

80.5%

n/a

571.1 XAF/USD. Currency: 12 months to Jul 2026; rate at the end of Jul 2026. Reserves: pooled at the BEAC; the CEMAC's, months of imports, 2025 (IMF). Index: no main board in coverage.

Cameroon

Not covered

+0.3%

+1.1%

3.4%

3.2%

3.4 months (2025)

CCC+

−4.8% deficit

40.1%

n/a

571.1 XAF/USD. Currency: 12 months to Jul 2026; rate at the end of Jul 2026. Reserves: pooled at the BEAC; the CEMAC's, months of imports, 2025 (IMF). Index: no main board in coverage.

Equatorial Guinea

Not covered

+0.3%

+1.2%

3.3%

-1.7%

3.4 months (2025)

Unrated

−0.1% deficit

32.9%

n/a

571.1 XAF/USD. Currency: 12 months to Jul 2026; rate at the end of Jul 2026. Reserves: pooled at the BEAC; the CEMAC's, months of imports, 2025 (IMF). Index: no main board in coverage.

Gabon

Not covered

+0.3%

+3.7%

0.8%

3.0%

3.4 months (2025)

CCC-

+1.3% surplus

83.7%

n/a

571.1 XAF/USD. Currency: 12 months to Jul 2026; rate at the end of Jul 2026. Reserves: pooled at the BEAC; the CEMAC's, months of imports, 2025 (IMF). Index: no main board in coverage.

Chad

Not covered

+0.3%

+5.2%

-0.7%

4.5%

3.4 months (2025)

B-

+1.3% surplus

31.1%

n/a

571.1 XAF/USD. Currency: 12 months to Jul 2026; rate at the end of Jul 2026. Reserves: pooled at the BEAC; the CEMAC's, months of imports, 2025 (IMF). Index: no main board in coverage.

Malawi

Not covered

+1.6%

+2.1%

21.9%

2.6%

0.4 months

Unrated

−12.2% deficit

78.0%

n/a

1,724 MWK/USD. Currency: 12 months to Jul 2026; the UN Treasury's rate at the end of Jul 2026, not a market rate (see the table page). Reserves: months of imports, 2025 (IMF). Index: no main board in coverage.

Madagascar

Not covered

+3.8%

+4.1%

8.4%

3.8%

5.5 months

B-

−8.7% deficit

49.8%

n/a

4,250 MGA/USD. Currency: 12 months to Jul 2026; the UN Treasury's rate at the end of Jul 2026, not a market rate (see the table page). Reserves: months of imports, 2024. Index: no main board in coverage.

Mauritania

Not covered

−0.1%

−1.5%

8.0%

4.4%

5.4 months

Unrated

−7.8% deficit

38.3%

n/a

39.84 MRU/USD. Currency: 12 months to Jul 2026; the UN Treasury's rate at the end of Jul 2026, not a market rate (see the table page). Reserves: months of imports, 2021. Index: no main board in coverage.

Angola

Not covered

−0.1%

+4.2%

10.6%

4.4%

5.3 months

B-

+2.8% surplus

51.5%

n/a

912.6 AOA/USD. Currency: 12 months to Jul 2026; rate at the end of Jul 2026. Reserves: months of imports, 2025. Index: no main board in coverage.

Mozambique

Not covered

0.0%

+3.7%

5.6%

1.0%

3.4 months

−41.0% deficit

91.0%

n/a

63.91 MZN/USD. Currency: 12 months to Jul 2026; rate at the end of Jul 2026, from the Banco de Moçambique. Reserves: months of imports, 2024. Index: no main board in coverage.

Lesotho

Not covered

+9.2%

+2.4%

4.6%

1.1%

5.5 months

−2.5% deficit

47.5%

n/a

16.57 LSL/USD. Currency: 12 months to Jul 2026; rate at the end of Jul 2026. Reserves: months of imports, 2024. Index: no main board in coverage.

Guinea

Not covered

−1.1%

+3.2%

6.3%

7.2%

1.3 months

B+

−10.7% deficit

34.8%

n/a

8,717 GNF/USD. Currency: 12 months to Jul 2026; the UN Treasury's rate at the end of Jul 2026, not a market rate (see the table page). Reserves: months of imports, 2024. Index: no main board in coverage.

Kinfolk Capital is an investment firm focused on Africa's private and public markets.