Africa interest rate outlook

Across the continent, there are signs that the cycle of sharp interest-rate hikes may be starting to ease, but the picture isn’t the same everywhere. While inflation is cooling in some African economies, others are still under pressure from weak currencies, high food prices and global uncertainty. From South Africa and Ghana to Nigeria, Kenya and Egypt, central banks are having to make careful calls: support growth, or stay tight to protect stability. We take a closer look at what these decisions could mean for consumers, businesses and investment as we head into 2026. Angelika Goliger, EY Africa chief economist unpacks.