Rand Merchant Bank

Rand Merchant Bank is warning of constrained fiscal policy in African countries such as Ghana and Zambia due to elevated costs of funding. The two countries are presently undertaking debt restructuring to bring their debt levels to sustainable levels. In its forecast for the year 2023, the South African based research arm of First National Bank, said it expects further reliance by African countries on multilateral and domestic funding to support the various country deficits. “Fiscal policy will remain constrained across most markets, partly due to elevated costs of funding. Nevertheless, we expect further reliance on multilateral and domestic funding…