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Cooper Inveen, Reuters News
November 28, 2022
ACCRA – Ghana’s central bank on Monday raised its main lending rate by a further 250 basis points to 27%.
The West African cocoa, gold, and oil-producing nation faces its worst economic crisis in a generation.
Consumer price inflation climbed to an annual 40.4% in October — a 21-year peak despite aggressive central bank lending rate hikes this year.
The local cedi currency has currency plummeted more than 50% against the dollar in 2022.
Presenting the 2023 budget last week, the finance minister promised new measures to cut spending and boost revenue as the government negotiates a relief package with the International Monetary Fund.
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