Ghana hikes rates again as inflation passes 40%

Ernest Addison, governor, Bank of Ghana
Ernest Addison, governor, Bank of Ghana
Photo: Steven Adusei

The Bank of Ghana hiked its key rate by 250 basis points on November 28 to 27%, its highest level since 2003.

Governor Ernest Addison said food costs and the weakening currency were driving up prices, while high oil prices had increased the current account deficit. The official October inflation reading was 40.4% year on year, up from 37.2% in September, far above the central bank’s target of 6–10%.

Addison said forecasts predicted inflation would peak in the first quarter of next year and

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