Sarb and Nigeria hold steady as Ghana hikes rates 100bp

gill-marcus3
Gill Marcus

Ghana: The Bank of Ghana has responded to rising inflation with a sharp rate hike, upping its headline interest rate by one percentage point, to 16%.

Inflation in the country climbed to 10.6% in April, from 10.4% in March and 8.8% in January. The central bank said there were "major upside risks" to inflation including high inflation expectations, "lingering" fiscal pressures and the effect of weakened commodity prices on the external sector.

In addition to the rate increase, the Bank of Ghana

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