Ghana central bank raises lending rate again to 27%

Reuters | Updated: 28-11-2022 17:44 IST | Created: 28-11-2022 17:24 IST
Ghana central bank raises lending rate again to 27%
Representative Image Image Credit: ANI
  • Country:
  • Ghana

Ghana's central bank on Monday raised its main lending rate by a further 250 basis points to 27%.

The West African cocoa, gold, and oil-producing nation faces its worst economic crisis in a generation. Consumer price inflation

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 currency plummeted more than 50% against the dollar in 2022. 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.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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