Ghana raises rates by 175bp

The Bank of Ghana has hiked its benchmark interest rate to 16% on the back of soaring inflation.

The central bank decided to raise the prime rate from 14.25% after headline inflation hit 15.3% in April. The core measure, which discounts rises in oil and food prices, hit double digits for the first time since June 2006 in March 2008, and rose significantly in April to 11.4% from 10.2% the previous month.

The central bank said on Monday that the uncertainty resulting from the surge in inflation

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