The Sable Daily Brief | 30 October 2026

Egypt’s central bank raised interest rates for the first time since March 2024, days after the pound weakened past 56 to the dollar. South Africa’s statistics agency now measures the economy as 5.3% larger than it previously reported, and Botswana’s central bank held its policy rate while ending a freeze on bank lending rates.

Sable | Friday, 30 October 2026

1. EGYPT | CENTRAL BANK RAISES RATES BY 100 BASIS POINTS

Egypt’s central bank raised its key policy rates by 100 basis points on Thursday, taking the overnight deposit rate to 20% and the overnight lending rate to 21%, its first increase since March 2024. A basis point is one hundredth of a percentage point, so the move adds one full percentage point to what banks pay to borrow from the central bank. The Monetary Policy Committee said it acted against an unfavourable external environment and rising uncertainty, to anchor inflation expectations and keep inflation on its downward path.

The pound crossed 56 to the dollar at the central bank for the first time on Monday, 26 October, when the bank quoted it at 56.21 to buy and 56.35 to sell. Annual urban inflation slowed to 13.9% in September from 14.5% in August, still above the central bank’s target of 7%, plus or minus two percentage points, for the fourth quarter of 2026. The central bank put net international reserves at $57.35 billion at the end of September.

2. SOUTH AFRICA | REBASED FIGURES SHOW A LARGER ECONOMY

South Africa’s economy was 5.3% larger in 2025 than previously estimated, Statistics South Africa said on Thursday, putting nominal GDP for the year at R8.04 trillion ($483 billion) against an earlier R7.64 trillion ($459 billion). The agency rebased its national accounts, which means it updated the reference year, data sources and methods it uses to measure output so the figures match how the economy is structured today; the new base year is 2022, replacing 2015.

Statistician-General Risenga Maluleke said 2022 was chosen because the Covid-19 pandemic disrupted activity in 2020 and 2021. All ten industries the agency tracks recorded higher output, with mining, finance and trade showing the largest increases, partly because illegal and informal activity is now better captured; the non-observed economy made up 8.7% of activity in 2022, up from 7.3%. Real growth for 2025 was revised to 0.9% from 1.1%, and the larger base lowers every ratio measured against GDP, including government debt.

3. BOTSWANA | CENTRAL BANK HOLDS RATE, ENDS FREEZE ON LENDING RATES

Botswana’s central bank kept its Monetary Policy Rate at 5.5% on Thursday and lifted a moratorium that had barred commercial banks from raising their prime lending rates. The prime lending rate is the benchmark banks use to price most loans to households and businesses, and the Bank of Botswana said it expects the change to bring prime rates down because bank funding costs have eased and liquidity has improved.

Headline inflation slowed to 7.8% in September from 9.3% in August, above the bank’s 3% to 6% objective range, and the Monetary Policy Committee projects it will average 8.1% in 2026 and 5.4% in 2027, returning to the range in the second quarter of 2027. Real GDP grew 3.7% in the 12 months to June 2026, against a 2.9% contraction a year earlier, on stronger mining output, the bank said. The committee’s final meeting of the year is on 3 December.

4. NIGERIA | NESTLÉ NIGERIA NINE-MONTH PROFIT UP 42.6%

Nigeria’s food and beverage maker Nestlé Nigeria Plc reported a 42.6% rise in profit after tax to N103.37 billion ($76.6 million) for the nine months to September, according to unaudited results filed with the Nigerian Exchange on Thursday. Revenue rose 10.4% to N976.53 billion ($724 million), and pre-tax profit increased 51.5% to N193.88 billion ($144 million).

Net finance costs, the interest a company pays minus the finance income it earns, fell 73.2% to N14.33 billion ($10.6 million) from N53.39 billion ($39.6 million), helped by N35.34 billion ($26.2 million) in gains from translating foreign-currency balances. Accumulated losses narrowed to N9.40 billion ($7.0 million) from N112.78 billion ($83.6 million) at the end of December, and Managing Director Wassim Elhusseini described the period as the company’s eighth consecutive profitable quarter since its return to profit in the fourth quarter of 2024.

5. GHANA | RUSAL TO DEVELOP BAUXITE AND ALUMINA PROJECTS

Ghana’s state-owned Ghana Integrated Aluminium Development Corporation (GIADEC) agreed on Thursday with Russian aluminium producer Rusal to develop bauxite mining with annual output of up to 5 million tonnes and an alumina refinery with capacity of 1.2 million tonnes a year, Rusal said. Bauxite is the ore from which alumina is refined, and alumina is then smelted into aluminium.

The projects will be built at the Nyinahin deposit in southwestern Ghana, where Rusal estimates resources in the area earmarked for development at more than 100 million tonnes, through two joint ventures in which Rusal will hold majority stakes and the Ghanaian side a minority that includes a non-dilutable 10%, the company said. GIADEC Chief Executive Reindorf Twumasi Ankrah said the agreement supports the corporation’s goal of an integrated aluminium industry that processes bauxite in Ghana. The agreement was signed in Moscow.

6. KENYA | KENGEN CUTS DIVIDEND AS INVESTMENT RISES

Kenya’s electricity generator KenGen cut its dividend to KSh0.75 ($0.006) a share for the year to June 2026 from KSh0.90 ($0.007), with shareholders approving the payout at Thursday’s annual general meeting. Capital spending rose 14.3% to KSh15.5 billion ($119 million), and Chairman Frank Konuche said the company has to balance returns to shareholders with investment and debt reduction.

Revenue rose 6.4% to KSh59.7 billion ($459 million), while profit after tax fell 1.2% to KSh10.35 billion ($79.6 million), which the company attributed mainly to lower finance income as cash moved into capital projects. Borrowings fell by KSh12.2 billion ($93.9 million) to KSh97.1 billion ($747 million). KenGen supplied 8,975 gigawatt hours to the grid, 57.2% of national demand, with more than 90% from renewable sources; a gigawatt hour is one million kilowatt hours, the unit used on a household electricity bill. The dividend is payable on or about 21 January 2027.

7. CÔTE D’IVOIRE | ORANGE CÔTE D’IVOIRE PROFIT RISES 18.3%

Côte d’Ivoire’s Orange Côte d’Ivoire group reported net profit of 141 billion CFA francs ($246 million) for the nine months to September, up 18.3% from 119 billion CFA francs ($208 million) a year earlier, according to results published on Thursday. Consolidated revenue rose 15.5% to 1,012 billion CFA francs ($1.77 billion).

The group operates in Côte d’Ivoire, Burkina Faso and Liberia and is listed on the BRVM, the regional stock exchange shared by eight West African countries. Investment spending equalled 18.6% of revenue over the period, according to the published figures.

8. ETHIOPIA | TALKS WITH EIB ADVANCE €190 MILLION IN FINANCING

Ethiopia’s Ministry of Finance said talks on Thursday with EIB Global, the development arm of the European Investment Bank, advanced €190 million ($218 million) in financing for rural finance and energy. EIB financing of €110 million ($126 million) has been approved for the Third Rural Financial Intermediation Programme, which channels credit to rural enterprises, and both sides agreed to speed up signing of €80 million ($92 million) for a project to modernise the electricity transmission system, the ministry said.

State Minister of Finance Tiguist Fisseha met an EIB Global delegation led by Director General Andrew McDowell, and the two sides also discussed financing for the planned Bishoftu International Airport and public-private partnerships in energy. The ministry listed groundwork for future green bond issuance among its priorities; a green bond is debt whose proceeds are reserved for climate and environmental projects.

9. UGANDA | 25-YEAR BOND YIELD RISES ABOVE 18%

Uganda’s government accepted a yield of 18.475% on its 25-year Treasury bond at this week’s auction, according to results published by the Bank of Uganda on Thursday, up from 16.25% at the 23 September auction. The 2-year bond cleared at 16%, against 12% in September, and the 15-year and 5-year bonds cleared at 17.925% and 16.8%.

A bond’s yield is the annual return an investor earns at the price paid, so a higher accepted yield raises what the government pays to borrow for the life of the bond. The government offered Shs1.4 trillion ($333 million) and accepted more than Shs1.8 trillion ($429 million), about Shs932 billion ($222 million) of it in the 25-year bond against Shs350 billion ($83 million) offered on that tenor. The Bank of Uganda raised its policy rate by 225 basis points to 12% on 14 October.

10. MOROCCO | CASABLANCA SHARES EXTEND OCTOBER SLIDE

Morocco’s benchmark MASI index fell 0.74% on Thursday to close at 16,801.43 points, with telecoms the weakest sector as Maroc Telecom shares dropped 2.86% to 85 dirhams ($8.62). The MASI tracks all shares listed on the Casablanca Stock Exchange, and turnover reached 106.68 million dirhams ($10.8 million), led by property developer Addoha and Attijariwafa bank.

The index has lost about 5.3% since 30 September, when it ended the third quarter at 17,733.06 points after falling 2.66% over the quarter. Steel maker Sonasid recorded the day’s largest decline, down 4.71%, while beverages was the best-performing sector, up 4.75%.

WHAT TO EXPECT

Today, 30 October, the Kenya National Bureau of Statistics publishes October consumer price inflation, after a September reading of 6.8%, and the Uganda Bureau of Statistics releases its October figure, after 4.6% in September. The Bank of Botswana also auctions Government Notes today.

The Central Bank of Kenya closes its sale of reopened 15-year and 30-year Treasury bonds on 4 November, seeking KSh50 billion ($385 million). In Morocco, the tender offer for CMT shares at 2,217 dirhams ($225) a share runs from 3 to 17 November.

Egypt’s statistics agency, CAPMAS, publishes October inflation on 10 November, the first reading after Thursday’s rate increase. Ghana’s 2027 budget is scheduled for presentation to Parliament on 12 November, and the Bank of Botswana’s Monetary Policy Committee holds its final meeting of the year on 3 December.

Sable Daily brings together the developments shaping Africa’s businesses, markets, and economies, so you can stay informed and make sense of what is happening across the continent.