African markets are navigating a busy day of economic indicators, political developments, and global trends on Thursday, May 8, 2025. From court decisions in Côte d’Ivoire to monetary policy announcements in Uganda and inflation data releases in Mauritius, Tanzania, and Ethiopia, the continent’s investors have much to consider.
In Côte d’Ivoire, a significant political event is underway. A court in Abidjan is set to hear a case that could potentially strip Tidjane Thiam of his position as president of the Democratic Party of Côte d’Ivoire (PDCI), one of the country’s main opposition parties. Thiam, a former Credit Suisse CEO, returned to politics amid hopes of reform and stability. The outcome of the case may affect the country’s political landscape ahead of future elections.
In East Africa, all eyes are on Uganda’s central bank, which is expected to announce its new lending rate decision today. The market is looking for signals on whether inflation concerns or economic growth pressures will influence the central bank’s stance. Uganda’s monetary policy moves are closely watched in the region as the country continues to manage inflation and currency stability.
Elsewhere on the continent, three countries—Mauritius, Tanzania, and Ethiopia—are expected to release their latest inflation data. Analysts are watching these numbers to gauge how rising global costs and local conditions are impacting consumer prices. Inflation trends in these economies are key for policy direction, especially with fuel, food, and import costs still causing concern in many African nations.
Meanwhile, in global markets, sentiment was slightly more positive. Asian stocks were mostly higher on Thursday, following comments by former U.S. President Donald Trump, who suggested a possible breakthrough in the long-standing tariff conflict with China. This development helped stabilize markets and gave some relief to oil prices, which had fallen more than $1 in the previous session. However, concerns remain about the outcome of the upcoming U.S.-China trade talks, which could sway global demand, especially for energy and raw materials.
South Africa’s financial market opened cautiously. The rand weakened on Wednesday after a strong run against the dollar, as traders took profits and awaited fresh domestic manufacturing data due later today. Bonds also saw a slight weakening, with yields ticking up marginally.
In Kenya, the local shilling was largely unchanged against the U.S. dollar, according to data from the London Stock Exchange Group (LSEG). However, domestic focus shifted to the national budget, where Finance Minister Njuguna Ndung’u confirmed there would be no new taxes or increases in the upcoming proposals. This decision comes after last year’s deadly protests over tax hikes, which caused political and economic tension.
In Guinea, the mining sector was in the spotlight again as authorities reportedly began a process to revoke Emirates Global Aluminium’s mining license. Sources say this move could affect the company’s operations in the mineral-rich West African country, and reflects the government’s tightening grip over natural resource governance.
Security remains fragile in Sudan, where the military reported that it had intercepted drones targeting a naval base in Port Sudan. The city, which has served as the seat of the wartime government, has been at the centre of military conflict, especially since civil war broke out last year.
In Mali, the military government has taken a controversial step by suspending all political activities nationwide. The move comes ahead of planned protests against the junta, which has remained in power since two coups in 2020 and 2021. Political analysts fear this may escalate tensions further and increase pressure from the international community.
Lastly, a peculiar environmental case made headlines in Kenya. A court fined four men $7,700 each for trying to smuggle thousands of ants, a species considered valuable to Kenya’s ecosystem. Experts say this case highlights a shift in biopiracy trends, with smugglers now targeting lesser-known but ecologically important species instead of traditional trophies like ivory.
