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Ghana ramps up prime rate by 200 bps as inflation climbs

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Increase to 19% follows Bank of Ghana's 250 bps hike in March, the largest in its history

23 May 2022 - 21:14Vehicles travel along a road in Accra, Ghana. Picture: GETTY IMAGES/BLOOMBERG/CRISTINA ALDEHUELA

But in April the consumer inflation rate in the gold, oil and cocoa producer hit an 18-year high of 23.6%. Capital outflows have entirely offset a $1.3bn trade surplus gained from a 61% jump in crude oil export revenues in the first quarter. Central bank forecasts show a “prolonged horizon” for inflation to return to its target band, Addison said.

 

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