West African economies, CFA franc, commodities, and reforms.
Nigeria
Nigeria issues ₦4trn bonds to settle GenCo arrears; USDNGN=X stability and EMB spreads will gauge whether liquidity lifts dispatch sustainably or shifts risk onto the sovereign curve as CL=F volatility and local yields drive refinancing pressure.
Cameroon
Cameroon’s Coeur de Ville codifies capex continuity as EMB gauges frontier credit appetite and AFK tracks Africa equity flows, while XAF=X and oil benchmarks CL=F and BZ=F shape imported input costs and funding spreads into 2027.
Nigeria
Nigeria’s $15bn creative push formalizes SMEs as NGN=X steadies and frontier flows via FM track export fulfilment, bank credit growth, and IP uptake to gauge whether fashion can deliver scalable non-oil earnings and jobs by 2026–2028.
Cabo Verde
Cabo Verde’s 2.1% CPI and euro peg discipline keep EURUSD=X-implied FX risk low while benign oil dynamics via BZ=F support the external balance; debt trends toward ~105% of GDP as consolidation and standards-led exports compress risk premia.
Cameroon
Cameroon’s EUDR pivot ties cocoa and credit: with (CC=F) elevated and (NIB) trending higher, audited traceability can compress yields on XS1313779081 and XS2360598630, while HSY and NSRGY absorb margin pressure as supply tightens.
Nigeria
Shell’s $2 billion HI gas FID adds 350 mmscfd capacity, strengthening Nigeria’s LNG and FX resilience as NGN=X stabilizes; SHEL leads execution while BZ=F oil and TTF=F gas benchmarks anchor revenue outlook and investor confidence through 2028.
West Africa
The BRVM Composite (COMPOSITE) rose +0.87% to 332.53, driven by SAPH (+7.45%), TTF (+7.40%), and SOGB (+2.7%), while SNTS led turnover at FCFA 2.7 bn (33%). Market cap reached FCFA 12.8 tn, P/E 12.5×, yield 7.4%, signaling disciplined institutional flow.
Togo
Togo’s debt mix is shifting fast — external debt now 41.1% of total, up from 28.3% in 2019, with 60% of new loans from IMF, World Bank, and AfDB. WAEMU bonds trade near 7.9%, while EMB ETF (NYSEARCA: EMB) spreads narrowed 70bps, signaling rising confidence in Lomé’s fiscal model.
Nigeria
Nigeria plans to triple capital gains tax on foreign investors from 10 % to 30 %, risking capital flight as equities on the NGXGROUP face repricing. With USD/NGN ≈ 1 600, inflation at 33 %, and Eurobond yields near 12 %, policy credibility is again on the line.
Ghana
Ghana raises the cocoa farmgate price to GH¢3,625 per bag (≈ USD 3,800 / tonne), boosting farmer income but straining COCOBOD’s GH¢20 bn debt and IMF fiscal targets. With Eurobond yields near 12.6 %, markets question whether policy generosity can stay solvent.
Markets
IMF reviews Togo’s USD 403m ECF as growth hits 5.3% and inflation eases to 2.6%. With USD 129m disbursed, markets eye WAEMU bonds on the BRVM, CFA franc (XOF) stability, and bank tickers ETIT, ORGT, CBI as credibility faces its next test.
Markets
BCEAO launches real-time payments in Togo with Coris (BRVM:CBI), Ecobank (BRVM:ETIT), and Oragroup (BRVM:ORGT). Backed by AfDB & Gates, it signals WAEMU’s digital shift. Success hinges on adoption, trust, and scaling beyond cash’s dominance.