Southern African Development Community

Mozambique's central bank left its key interest rate steady for the second time, saying this decision was justified by a deterioration of the risks and uncertainties in the context of an expected rise in prices in 2021 against the backdrop of repressed economic activity.

Fitch Ratings has affirmed Ghana's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B' with a Stable Outlook.

In Senegal, the port of Dakar raised $ 169 million (for $ 107 million sought) on the WAEMU financial market after only 12 days of subscription. A sign of investor confidence. The funds will be used, among other things, for the construction of the industrial port zone of the future port of Ndayane.

Fitch Ratings has revised the Outlook on Lagos State's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to Stable from Negative and affirmed the IDRs at 'B'.

Fitch Ratings has downgraded Zambia's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'C' from 'CC'. Fitch has also downgraded the ratings on Zambia's senior unsecured foreign-currency bonds included in the "consent solicitation" to 'C' from 'CC'. This includes all of the foreign-currency bonds rated by Fitch.

The Monetary Policy Committee (MPC) of the Bank of Ghana has maintained the policy rate at 14.5 per cent, citing improved outlook to growth and inflation.

The central bank of the Indian Ocean island of Mauritius left its benchmark interest rate steady but lowered its forecast of economic growth this year to a contraction of 13 percent versus its July forecast of a 12.5 percent contraction as its economy continues to suffer from the impact of the COVID-19 pandemic.

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), announced on September 22 that the bank has lowered its key interest rate from 12.5 to 11.5%.

Three East African countries have joined forces to implement a World Bank-funded financial project that aims to connect regional stock markets electronically. This means they can operate as a single market with a view of reducing the cost and time of trading in shares of companies listed on markets across the borders.

Fitch Ratings has affirmed African Export-Import Bank's (Afreximbank) Long-Term Issuer Default Rating (IDR) at 'BBB-' with Stable Outlook. Fitch has also affirmed the bank's Short-Term IDR at 'F3' and senior unsecured debt at 'BBB-'.