Ghana central bank raises lending rate again to 27%

A man holds Ghana’s cedi notes in Accra July 3, 2007. Luc Gnago, Reuters
Reuters Images

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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