This report does not constitute a rating action. PARIS (S&P Global Ratings) Nov. 6, 2026--Inflation has eased, but the next shock may be building for African markets, S&P Global Ratings said in a report published on Nov. 5, 2026,"African Markets Quarterly Highlights: Inflation And Financing Remain Key Risks ."Median inflation fell to around 5% in September, yet the spillovers from wars--including tight diesel markets and higher food prices--and El Niño remain notable risks. Growth in African markets remains resilient but sustaining it requires productivity gains. We project real median GDP growth at 4.6% over 2026-2029. West Africa’s expanding workforce offers substantial potential, but job creation, power supply, and digital infrastructure remain constraints. Higher financing costs are squeezing
