Four more African central banks raise rates
Ghana raises policy rate to highest level since 2017, plus hikes in Uganda, Sierra Leone and Tunisia
Ghana: The Bank of Ghana’s monetary policy committee added 250 basis points to the policy rate on October 6. The decision brings the headline rate to 24.5%, the highest figure since 2017.
Ghana faces economic difficulties on several fronts, including a weakening currency, spiralling prices, dwindling reserves, a large fiscal deficit and a heavy sovereign debt load. The Ghanaian government requested a financing package from the International Monetary Fund, in early July.
Since last November
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