Economist Kelvin Chisanga said Africa’s central banks in 2026 are navigating a delicate balance between supporting economic recovery and containing emerging inflation pressures.
Chisanga noted that at the start of the year, several economies began with relatively high policy rates, including Ghana at 15.5%, Zambia at 13.5%, Kenya at 12.5% and Nigeria at 26.5%.
He said many of these economies have since started easing as inflation moderated and growth required support, signalling a clear shift from the tight monetary stance of 2022–2024.
The Economist explained that rising global oil prices and geopolitical tensions in the Middle East are slowing momentum, reintroducing inflation risks.
He observed that some central banks are maintaining stability, with South Africa’s rate at 6.75% and Morocco at 2.25%, while others remain cautious such as Botswana at 2.4%, Uganda at 9.5%, Malawi at 24% and Zimbabwe prioritising currency stabilisation.
Chisanga said the short-term outlook of three to six months suggests most central banks are expected to pause easing cycles, maintaining a data-driven approach.
The Economist stated that 2026 marks a transition toward adaptive, resilient central banking across Africa where flexibility and responsiveness will define the monetary landscape.