Ghana central bank hikes lending rate further to dampen inflation [Financial Post (Toronto, Ontario, Canada)]
Gold Fields Limited American Depositary Shares (GFI)
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Source: Financial Post
The cocoa, gold, and oil-producing nation, one of West Africa's largest economies, has experienced successive jumps in inflation which climbed to an annual 40.4% in October, a 21-year peak despite aggressive central bank lending rate hikes this year. The local cedi currency has plummeted more than 50% against the dollar in 2022. Bank of Ghana Governor Ernest Addison told a news briefing that the Monetary Policy Committee believed that there were signs that earlier rate hikes had dampened the pace of month-on-month inflation. He said annual inflation could settle at around 25% by the end of 2023 if a tight policy stance was maintained. Presenting the 2023 budget last week, the finance minister promised new measures to cut spending and boost revenue as the government negotiates a relief package with the International Monetary Fund (IMF). Foreign bond haircuts are being considered as part of efforts to restructure spiraling debt. Ghana's total public debt stood at $48.9 bill
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