Four more African central banks raise rates

Bank of Ghana
The Bank of Ghana

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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