Bank Crisis, Sticky Inflation to Spur Rate Hikes in Africa’s Biggest Economies

Central banks in Africa’s biggest economies are poised to raise interest rates this month to contain sticky inflation and deter a selloff in their assets exacerbated by the collapse of US lender Silicon Valley Bank and stress at Credit Suisse Group AG.

Nigeria, South Africa, Egypt, Morocco and Kenya are projected to raise borrowing costs in the next two weeks. Monetary authorities in nations such as Ghana and Angola, where inflation is on a downswing are predicted to hold. Six smaller African economies will stake out different approaches to bring prices under control and deal with the contagion caused by the global banking crisis.