Africa’s two most populous economies brave tough reforms

When times are tough, politicians reach for metaphors. In Ethiopia, which floated its currency and entered a $3.4bn IMF programme on July 29th, the prime minister Abiy Ahmed (pictured) compared reform to “the pain of surgery, endured for healing”. In Nigeria Bola Tinubu, the president, has defended two devaluations, saying the old system was “a noose around the economic jugular of our nation”. Both want to head towards orthodox policy, however much it hurts.

This article appeared in the Finance & economics section of the print edition under the headline “The road more travelled”