Ethiopia has increased its measured economic output by 59.21 percent following a comprehensive rebasing of its national accounts, according to the Ministry of National Strategy. Nominal GDP for the 2024/25 fiscal year rose from 15.09 trillion birr under the previous statistical framework to 24.03 trillion birr, equivalent to $201.4 billion. The revision adds nearly 8.94 trillion birr to the country's previously reported output, significantly enlarging its measured economic base and potentially improving key fiscal indicators including debt and tax ratios. The rebasing comes as Ethiopia restructures its debt and seeks to strengthen domestic revenue collection.
South Africa has also revised its GDP figures upward by approximately five percent, resulting in a decline in its debt-to-GDP ratio to 74.6 percent, according to the National Treasury. The updated figures were published after Statistics South Africa rebased and benchmarked the country's national accounts, which improved the government's reported fiscal position and lowered its projected budget deficit. However, the revision does not reduce the nominal value of government debt or automatically improve the government's capacity to service it.
Inflationary pressures remain a challenge across the region. Ghana's annual inflation rate rose to 5.5 percent in October 2026, up from 5.2 percent in September, according to the Ghana Statistical Service, marking the highest inflation rate in 11 months. Higher transport and services costs drove the increase, offsetting easing food prices. Ethiopia's annual inflation stood at 14.9 percent in September, with non-food inflation reaching 15.1 percent, reflecting higher electricity tariffs, fuel costs and other household expenses.
The National Bank of Ethiopia maintained its benchmark interest rate at 16 percent despite sharp acceleration in money supply growth and persistent inflationary pressures. Following its eighth Monetary Policy Committee meeting, the central bank retained its interest rate corridor at 300 basis points above and below the benchmark. The central bank warned that inflation would remain in double digits for at least another six months, signalling a continued restrictive monetary policy stance.
In a separate development, the Africa Credit Rating Agency, a Mauritius-based agency launched last month following an African Union initiative dating back to 2018, is in talks with 15 African governments and plans to publish its first sovereign credit assessments by the end of March 2027. The agency intends to begin research in countries including Togo, Kenya, Seychelles, Burundi and Mauritius. The launch represents an effort to broaden the sources of credit assessments available to African governments and investors.
For savers, borrowers and businesses across Ethiopia and South Africa, larger GDP figures improve measured fiscal positions but do not automatically translate to stronger household incomes, higher productivity or improved government revenue capacity.