Ghana ramps up prime rate by 200 bps as inflation climbs

2022-05-23 10:48:00 PM

Ghana ramps up prime rate by 200 bps as inflation climbs

Ghana ramps up prime rate by 200 bps as inflation climbs

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

23 May 2022 - 21:14Cooper InveenVehicles travel along a road in Accra, Ghana. Picture: GETTY IMAGES/BLOOMBERG/CRISTINA ALDEHUELAAccra  — Ghana’s central bank on Monday raised its main interest rate by 200 basis points (bps) to 19% to curb inflationary pressures and promote macroeconomic stability, governor Ernest Addison said.

In March, the Bank of Ghana raised its policy rate by 250 basis points to 17% — the largest hike in its history — to stem runaway inflation in one of West Africa's more prosperous nations as the government cut spending to reduce the budget deficit and save a sliding local currency.

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Limpopo’s botanical garden to create about 200 temporary jobs – The CitizenThe North West is now the only province without a botanical garden Zimbos will destroy it

KZN Floods | 1 killed, over 200 evacuatedThe eThekwini Municipality says many of the people rescued are secondary victims of the April flooding. Kzn people need to relocate to North West but no we don't want izinkabi there Nah Maan!!!! This is not normal in SA!!! What is really going on here🤔

At least 200 people evacuated from their homes due to floods in KZNKZN Co-operative Governance MEC Sipho Hlomuka gave an update on rescue efforts on Sunday after a weekend of heavy rains that have damaged several roads, buildings, and bridges over the coastline.

'Over 200 people evacuated from their homes overnight'As KwaZulu-Natal continues to experience heavy rains that are causing floods in the area, more than 200 people were evacuated from their homes on Saturday night.

KZN Cogta MEC says more than 200 people evacuated from their homes overnightAs KwaZulu-Natal continues to experience heavy rains that are causing floods in the area, more than 200 people were evacuated from their homes on Saturday night.

10th anniversary Global Citizen Festival to be held in New York and GhanaLebashe chair Tshepo Mahloele is a key part of the 10th anniversary event and initiatives to end global poverty after his appointment as patron of Global Citizen in Africa earlier this year. He will occupy the office for the next three years.

Increase to 19% follows Bank of Ghana’s 250 bps hike in March, the largest in its history, 23 May 2022 - 21:14 Cooper Inveen Vehicles travel along a road in Accra, Ghana.Traditional dancers perform at the launch of the Thohoyandou National Botanical Garden in the Vhembe Municipality, Limpopo, yesterday.DURBAN - Over 200 people have been evacuated following heavy rains in KZN.JOHANNESBURG - At least 200 more people have been evacuated from their homes as KwaZulu-Natal continues to experience flooding.

Picture: GETTY IMAGES/BLOOMBERG/CRISTINA ALDEHUELA Accra  — Ghana’s central bank on Monday raised its main interest rate by 200 basis points (bps) to 19% to curb inflationary pressures and promote macroeconomic stability, governor Ernest Addison said. In March, the Bank of Ghana raised its policy rate by 250 basis points to 17% — the largest hike in its history — to stem runaway inflation in one of West Africa's more prosperous nations as the government cut spending to reduce the budget deficit and save a sliding local currency. Technically, a relaunch after the department of forestry, fisheries and the environment took it over after the facilities in the Vhembe district fell into disrepair, the park joins 10 other parks in eight other provinces. But in April the consumer inflation rate in the gold, oil and cocoa producer hit an 18-year high of 23. Source.6%. “The National Botanical Gardens Expansion Strategy aims to firstly, establish at least one botanical garden in each province; secondly to ensure that all biomes are represented in the establishment of new botanical gardens and. “The committee took the view that it needed to decisively address the current inflationary pressures to re-anchor expectations and help foster macroeconomic stability,” Addison told a press briefing in the capital Accra. "We have instructed every municipality to identify and allocate community halls or public facilities to be used as homeless shelters.

The rapid depreciation of Ghana's cedi has slowed but the currency has still lost over a quarter of its value since the year began.. Capital outflows have entirely offset a $1.3bn trade surplus gained from a 61% jump in crude oil export revenues in the first quarter. Technically, a relaunch after the department of forestry, fisheries and the environment took it over after the facilities in the Vhembe district fell into disrepair, the park joins 10 other parks in eight other provinces. Addison said that had created an overall balance of payments deficit of $934.5m in the first quarter compared with $429. “The National Botanical Gardens Expansion Strategy aims to firstly, establish at least one botanical garden in each province; secondly to ensure that all biomes are represented in the establishment of new botanical gardens and lastly to expand existing national botanical gardens as we have recently done for the Harold Porter National Botanical Garden in the Western Cape,” Minister Barbara Creecy said yesterday.

9m in the same period last year. Though the jump in April inflation was mainly driven by transport costs, prices rose for more than 96% of surveyed items, meaning most Ghanaians are feeling the pinch.” ALSO READ: More than 11% of South Africans with higher education considering emigration – study Except, and no fault of the department, 200 temporary jobs will never fill a province’s pockets. Central bank forecasts show a “prolonged horizon” for inflation to return to its target band, Addison said. Finance minister Ken Ofori-Atta had said another hike would be a “knee-jerk reaction” to mostly imported inflation, making it hard for the government to service its domestic debt.8% unemployment under the expanded definition. Addison said the total public debt stood about 78% of GDP and that Ghana had been unable to access capital markets since Fitch and Moody’s Investors Service both downgraded its sovereign credit rating earlier this year.

Though one analyst called Monday’s rate increase a “bold move”, it remains to be seen how broadly recent hikes will bolster investor confidence. And the pressure for jobs came crashing down on Creecy’s shoulders as speaker after speaker implored her to use local labour and, local government. Ghanaian benchmark bond yields have risen to 5-year highs since the beginning of May. The benchmark 10-year treasury note yield rose to 25. “This programme will fight poverty and unemployment in our area,” said Kwinda It’s a tall order for the provincial leadership, and the Limpopo MEC for economic development, environment and tourism Thabo Mokone took note of.913% on Monday, up from 24.625% at the end of last week. “There were people around here, you could see there was no order.

“While there was at least a further tightening, by our calculations, the policy rate is likely to remain negative for some time,” said Razia Khan, Standard Chartered’s chief economist for Africa and the Middle East. Reuters .” “As the ANC government, we have to acknowledge where we make mistakes.