Africa-Press – Ghana. The cedi fell 1.6% on Tuesday, extending this year’s slump to 35% and making it the world’s worst performer among the 150 currencies tracked by Bloomberg, after bankrupt Sri Lanka’s rupee. The annual inflation rate in July climbed more than expected to 31.7% from 29.8% a month prior, the statistics office said Aug. 10.
The MPC will meet to “review recent developments in the economy,” according to a statement emailed from the capital, Accra. That’s after it left borrowing costs unchanged at 19% last month on expectations that inflation may be leveling off and to allow a cumulative 550 basis points of rate hikes since November to filter through the economy.
The central bank is the second in sub-Saharan Africa after the Bank of Uganda to hold an emergency meeting since Russia’s war with Ukraine erupted in February.
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