Dar es Salaam, July 8 -- AS the United States Federal Reserve edges closer to cutting interest rates, financial markets across the globe are preparing for a synchronised easing cycle.

After over a year of monetary tightening aimed at cooling inflation, the tone has shifted toward soft landings, accommodative signals and renewed support for growth.

Across emerging markets, pressure is building on local central banks to align with the anticipated global pivot. Yet for African economies, the stakes are far more complex.

Mimicking this global easing cycle without careful consideration of local dynamics may prove not just ineffective—but outright harmful. Imported easing can easily translate into local pain, triggering capital flight,...