Quarterly edition · Q3 2026 · July to September
The Africa Business Review: Q3 2026
An uneven recovery. How to protect cash flow and grow selectively across southern Africa.
- A letter from our Group Chief Servant, Jerry More Nyazungu
- Q3 2026 at a glance: inflation, interest rates, growth and exchange rates across six economies
- Country spotlights: Zambia, Zimbabwe, Malawi, South Africa, Mozambique and Botswana
- Pan-African trends: commodities, trade, payments, digital adoption and the changing workforce
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What defined Q3 2026
10.75%
Zambia's policy rate after a 2.5-point cut on 30 September
Bank of Zambia
US$782m
Zimbabwe lithium exports in H1 2026, up 230%
Mid-term budget review
20.0%
Malawi's annual inflation in August, with non-food inflation at 31.8%
NSO Malawi
7.25%
South Africa's repo rate after a 0.25-point rise on 25 September
SARB
0.6%
World Bank 2026 growth projection for Mozambique
World Bank
Baa2
Botswana's Moody's rating after a downgrade on 28 September
Moody's
About this edition
Inside this issue
There is no single southern African story any more. In Q3 2026, Zambia and Zimbabwe cut interest rates, South Africa raised its rate, and Malawi, Mozambique and Botswana held. Inflation ranged from under 4% to 20%.
This edition of The Africa Business Review gives you a country-by-country view of what changed, what it means for your business and what to watch in Q4. It closes with the tax and payroll deadlines you need for October to December 2026.
- A letter from our Group Chief Servant, Jerry More Nyazungu
- Q3 2026 at a glance: inflation, interest rates, growth and exchange rates across six economies
- Country spotlights: Zambia, Zimbabwe, Malawi, South Africa, Mozambique and Botswana
- Pan-African trends: commodities, trade, payments, digital adoption and the changing workforce
- What we're seeing in the market: five pressures on businesses, and the first step for each
- Feature: a system is not a software. What to understand before an ERP project
- Feature: before you build a strategy
- Q4 2026 compliance calendar: key tax and payroll dates by country
- Q4 outlook: three scenarios to plan against
Sneak peek
A look inside
Plan the next quarter with confidence
Download the review, then talk to our team about what it means for your business in each market you operate in.