Many African central banks are expected to lower interest rates in the next three weeks, as they worry that the opportunity to ease could narrow after Trump takes office. Of 14 central banks, eight are expected to cut rates, while five will likely hold, and one (Nigeria) is expected to raise rates. While domestic conditions will influence decisions, Trump’s election win and policies, such as tariffs and a larger US budget deficit, are expected to increase inflationary pressures, which could limit African central banks’ ability to lower rates in 2025.