Bank of Ghana hikes rates and tightens forex controls in bid to defend currency

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The Bank of Ghana raised interest rates by 200 basis points to 18% at an emergency meeting today in an attempt to stem depreciation of the cedi, which slumped to record lows against the dollar earlier today.

The decision, which was originally scheduled for February 17-19, was brought forward on Tuesday following a steeper decline in the currency amid increased volatility in several emerging markets in recent weeks. The cedi lost 23% against the dollar over the past year and 6% so far in 2014. It

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