The Bank of Ghana, wrestling with runaway inflation, is expected to deliver another hefty interest rate hike at its meeting later this month, with the country's currency and public finances still under pressure, a Reuters poll of economists showed.
Nigeria's central bank, meanwhile, is due to hold its key rate steady at the conclusion of its meeting later on Tuesday. The Central Bank of Kenya is also expected to keep rates steady at its meeting later this month.
"In Ghana, despite the central bank delivering 1,350 basis points of interest rate hikes, inflation has continued to rise," said Virág Fórizs at Capital Economics.surged to 54.1% in December, its highest level in 22 years, driven by fuel, utilities and food. Rates in Ghana are expected to rise another 25 basis points to 29.00% in March, then stay steady in May. The central bank is then forecast to cut them by 1 percentage point each in the third and last quarter of this year.
"The cedi appreciating in December will aid in driving inflation lower, but we only forecast this to happen from February or March onwards," du Preez said.In Nigeria, Africa's largest economy, the benchmark rate is due to hold steady at a much more modest 16.5% after four straight rate rises at its previous meetings.
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