Latest Ghana Benchmark Rate Hike the Largest on Record — President Promises Action Against 'Unacceptable Depreciation of the Cedi'
After seeing Ghana’s inflation rate surge to 31.7% in July, the Bank of Ghana responded by hiking the benchmark interest rate by 300 basis points. In addition to the rate hike, the central bank said it will gradually raise banks’ primary reserve requirements. One expert has said President Nana Akufo-Addo must trim the size of his government.In an attempt to tame the country’s runaway inflation rate, which topped 31.
To boost the supply of foreign exchange to the economy, the Bank of Ghana is working collaboratively with the mining firms, international oil companies, and their bankers to purchase all foreign exchange arising from the voluntary repatriation of export proceeds from mining, and oil and gas companies.President Nana Akufo-Addo Optimistic About Turning Around Ghana’s Economic Fortunesapportioning the blame for Ghana’s economic woes on the Covid-19 pandemic and the Ukraine-Russia war.
Reacting to the BOG’s announcement, Courage Kingsley Martey, an economist with Databank Research, is quoted in the VOA report stating that the steps taken by the central bank mean there are “going to be short-term consequences or tradeoffs.” Another expert, Godfred Bokpin, a professor at the University of Ghana, said it was time for President Nana Akufo-Addo to demonstrate he can rein in spending by reducing the size of his government.Tags in this story
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