Absa’s Africa financial markets index 2023, covering 28 African states in 2022 and published in October, made for grim reading for a few countries across the world’s second-largest and second-most populous continent.
Among the lowlights were a fall in foreign-exchange reserves and liquidity in Uganda, a deterioration in reserves and price stability in Ghana, and falling reserves in Côte d’Ivoire and Madagascar.
Ghana’s FX reserves fell to just 0.6 months of imports in 2022, down from 2.4
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