KEY TAKEAWAYS

• The Ghana Statistical Service reported headline inflation fell to 4.6 percent year-over-year in July, down from 5.3 percent in June and 12.1 percent in July 2025 — the first monthly decline since March, with food inflation easing to 3.1 percent and non-food to 6.1 percent (Ghana Statistical Service — Aug 6, 2026).
• Nedbank Group has received most regulatory approvals for its R13.9 billion (~$842 million) acquisition of 66 percent of Kenya's NCBA Group, with CEO Jason Quinn saying the deal will expand corporate and investment banking, infrastructure finance, and wealth management into East Africa (Nedbank Investor Relations — Aug 4, 2026).
• The US 10-year Treasury yield sat at 4.677 percent Monday morning after retreating to 4.65 percent Friday on the shock July payrolls contraction; S&P 500 closed at a record 7,757.64 and gold surged 2.11 percent to $4,342/oz (Trading Economics — Aug 10, 2026).
• Cleveland Fed President Beth Hammack speaks Monday at 3:00 PM ET — the first FOMC voice out of the July 31 blackout, with markets watching for guidance on the September 16 rate decision after fed-funds futures priced September hike odds down to 42-44 percent from 55 percent pre-payrolls (Econoday — Aug 10, 2026).
• The Reserve Bank of Australia announces its rate decision Tuesday at 4:30 GMT — all 37 economists polled expect a hold at 4.35 percent, with markets watching for whether Governor Michele Bullock removes the "could hike again" guidance (Investing Live — Aug 6, 2026).
• Nigeria introduced stamp duty and withholding-tax requirements for cryptocurrency and digital-asset transactions last week, covering cryptocurrencies, stablecoins, and other virtual assets — a material shift for Nigerian fintech operators (Flex Finance Africa — Aug 10, 2026).
• Nigeria's Stanbic IBTC Bank PMI eased to 52.5 in July from 53.4 in June — still in expansion territory but signalling moderating momentum in Africa's largest economy (Flex Finance Africa — Aug 10, 2026).

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STORIES THAT MATTER

GHANA — Ghana Statistical Service Reports July Inflation Fell To 4.6 Percent Ending Three-Month Rise

Ghana's Government Statistician Alhassan Iddrisu announced Thursday, August 6 that annual headline inflation fell to 4.6 percent in July 2026 from 5.3 percent in June — the first month-over-month decline since March and the lowest reading in recent months (Ghana Statistical Service — Aug 6, 2026).

The reading is 7.5 percentage points below the 12.1 percent print recorded in July 2025.

Food inflation eased to 3.1 percent in July from 3.9 percent in June, while non-food inflation dropped to 6.1 percent from 6.3 percent.

Locally produced goods inflation slowed to 5.9 percent from 6.7 percent, and imported goods inflation fell to 2.0 percent from 2.3 percent — a signal that the stabilisation of the cedi around GHS13.10/USD through Q2 is now transmitting into consumer prices (Ghana News Agency — Aug 7, 2026).

Month-over-month inflation slowed to just 0.1 percent from 0.2 percent, indicating consumer prices were near-flat during the month.

The July print reopens the door for Bank of Ghana easing after three consecutive holds at the 14.00 percent Monetary Policy Rate.

Trading Economics forecasts August inflation at 4.3 percent, which would strengthen the case for a September rate cut. BoG's Monetary Policy Committee is scheduled to open its next round of deliberations later this month with an announcement expected before end-August.

Why It Matters

Diaspora capital allocators positioned in Ghanaian sovereign paper and mid-cap equities are now trading a genuine disinflation curve, not just a stabilisation.

Gold-mining supply-chain equities and Ghana Stock Exchange composite constituents should re-rate 4-6 percent on any BoG signal of a September or Q4 cut.

Cedi-denominated dollar-linked bonds retain carry advantage until BoG cuts; investors with maturity walls in Q1 2027 should extend duration modestly now ahead of expected front-end rally.

KENYA / SOUTH AFRICA — Nedbank Secures Regulatory Approval For 66 Percent Stake In NCBA Group

Nedbank Group Chief Executive Jason Quinn told investors on the bank's half-year earnings call on August 4 that Nedbank has received most regulatory approvals for its 66 percent takeover of Kenya's NCBA Group, valued at R13.9 billion (approximately $842 million) (Nedbank Investor Relations — Aug 4, 2026).

COMING UP...

KENYA / SOUTH AFRICA — Nedbank Secures Regulatory Approval For 66 Percent Stake In NCBA Group

NIGERIA — Federal Inland Revenue Service Introduces Stamp Duty And Withholding Tax On Digital Assets

UNITED STATES — Cleveland Fed's Hammack Speaks Monday As US 10-Year Yield Sits At 4.68 Percent

AUSTRALIA / GLOBAL — Reserve Bank Of Australia Expected To Hold Cash Rate At 4.35 Percent Tuesday

Outstanding approvals are expected to be completed toward the end of Q3 2026 or early Q4 2026.

Quinn said Nedbank plans to use the NCBA stake to expand corporate and investment banking, infrastructure finance, and wealth management capabilities across East Africa, and highlighted NCBA's Loop digital-banking platform as a vehicle to export fintech capabilities into new markets.

The transaction is structured as 20 percent cash and 80 percent equity in newly issued Nedbank ordinary shares listed on the Johannesburg Stock Exchange at R250 per share, with the total offer oversubscribed at 79.9 percent of NCBA's issued share capital (BusinessTech — July 21, 2026).

Approvals already secured include the South African Reserve Bank's Prudential Authority, the SARB Financial Surveillance Department, Kenya's Capital Markets Authority, and regulators in Rwanda, Tanzania, and the East African Community Competition Authority.

NCBA will remain independently governed with its brand, local leadership, and Nairobi Securities Exchange listing intact.