QUARTERLY COUNTRY RISK RATING UPDATE: SEPT 2023

   Mon, 02 October 2023

In the coming quarter, the most prominent risk facing African countries will be a shortage of foreign exchange, which has driven up the risk of non-payment and economic volatility. A spree of recent military interventions has also resulted in reconsiderations of political instability in both Africa and the Middle East. Natural disasters in North Africa have suddenly reversed recent governance and economic gains, while tense run-ups to upcoming elections are exacerbating the outlook for unrest. More positively, there are notable improvements in the country risk outlook of Botswana, Côte d'Ivoire, Ethiopia, and Senegal.

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