Ghana's central bank on Monday surprised analysts by raising its main interest rate to 29.5%, a sign the monetary committee does not yet see the country's economic situation stabilising despite two consecutive months of slowing inflation.
The cocoa, gold and oil-producing nation, one of West Africa's largest economies, is facing its worst economic crisis in a generation and is in the process of restructuring its debt in order to secure a $3 billion loan from the International Monetary Fund.
"To place the economy firmly on the path of stability and reinforce the basis for disinflation, it is important that monetary policy stance is tuned firmer to re-anchor inflation expectations toward the medium target," Bank of Ghana Governor Ernest Addison told a news conference.slowed to 52.8% year-on-year in February, from 53.6% in January. Addison said on Monday he expected inflation to reach 29% by the end of the year.
Addison said on Monday that negotiations with those lenders were "proceeding well", and that the Bank had finalised a zero financing agreement with the finance ministry for the 2023 budget, which was a prior action required by the IMF for programme support.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ghana: Harris Pledges Security Assistance, Partnership in Ghana VisitVice President Kamala Harris on Monday pledged more than $100 million in U.S. assistance to Ghana and stressed that U.S. interests in African nations extend beyond competing with China, on the first full day of her weeklong tour of the continent.
Read more »
US Vice President Harris to announce $139m aid for Ghana in 2024 | News24US Vice President Kamala Harris will on Monday announce a $139 million aid package for Ghana for next year as she begins a week-long trip to Africa, part of Washington's drive to counter growing Chinese and Russian influence on the continent.
Read more »
Kamala Harris starts Africa tour in Ghana, announces security aidKamala Harris starts Africa tour in Ghana, announces security aid: The United States will provide $100m (R1.8bn) to Ghana and four other West African countries to help them deal with violent extremism and instability, Vice President Kamala Harris said on…
Read more »
Ghana, and how not to tax mobile money - TechCentralGhana's e-levy is designed to raise more tax revenue by extracting larger tax contributions from the informal sector.
Read more »
Kamala Harris starts Africa tour in Ghana, announces security aidThe United States will provide $100m (R1.8bn) to Ghana and four other West African countries to help them deal with violent extremism and instability, Vice President Kamala Harris said on Monday during a visit to Ghana.
Read more »
Idris Elba, Sheryl Lee Ralph join US vice-president Harris in GhanaUS vice-president Kamala Harris surprised onlookers in Ghana when she stopped at a local recording studio joined by two famous actors.
Read more »