The most important developments in sub-Saharan Africa. Six days a week.
Senegal will present its debt treatment strategy to external creditors on a call hosted by the International Monetary Fund (IMF) on 6 October, the finance ministry announced. Officials will update creditors on the economy, the reform programme and the staff-level agreement on a $2.2 billion Extended Credit Facility reached on 1 September, which still needs IMF board approval. Senegal's previous IMF programme was frozen after the government revealed in 2024 that earlier administrations had under-reported debt. The call will signal how Senegal intends to treat its external debt, and whether Eurobond holders and other lenders face losses. Investors will look for detail on timing and scope.
The Bank of Zambia cut its policy rate by 250 basis points to 10.75% on 30 September, its second cut this year. Inflation eased to 6.1% in September, inside the 6–8% target band, helped by cheaper maize and a stronger kwacha. Governor Denny Kalyalya said the cut aims to lower borrowing costs and support growth, which the bank forecasts at 5.3% this year. Cheaper credit helps firms and the government, but leaves less room to defend the kwacha if copper prices or capital inflows weaken. The decision comes as Zambia negotiates a new International Monetary Fund (IMF) programme, with talks running until 10 October.
The Bank of Mozambique kept its benchmark MIMO rate at 9.25% on 1 October, its fourth consecutive hold. Governor Felisberto Navalha cited risks to fuel and food prices from climate shocks and prolonged geopolitical conflicts, although inflation slowed to 6.5% in August from 7.5% in June. The bank also changed reserve requirements to favour lending to firms that cut imports or raise exports. Keeping rates on hold while growth stays weak, at 1.7% in the second quarter, keeps credit expensive for most businesses. The targeted reserve rules show the bank trying to steer lending towards exporters without a general rate cut.
