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ACCRA: Ghana’s central bank on Monday raised its main interest rate by 200 basis points to 19%, Governor Ernest Addison said in a statement.

The Bank of Ghana shocked markets in March by hiking its policy rate by 250 basis points to 17.00% - then the largest increase in the West African country’s history - to stem runaway inflation in one of the region’s more prosperous nations.

Ghana’s government also announced sweeping spending cuts that month to try to reduce the budget deficit and save a sliding local currency, with the country on the brink of a full-blown debt crisis.

The gold, oil and cocoa producer saw consumer inflation rise to an 18-year record of 23.6% in April.

The country’s overall balance of payment deficit stood at $934.6 million, Addison said.

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samir sardana May 31, 2022 10:00pm
The Future of AU is PRC The USA and Russia do not have Africa,on their Radar - no time and no funds.The EU has no cash,and PRC has recovered from COVID,and has abundant cash.This is the time for the China-Africa Reinassance.The aim has to be to control Africa trade,commodities,infra and finance,and thus,the shipping routes and the Horn of Africa.If USA chokes Malacca,PRC can choke The Horn of Africa COVID has made manufacturing obsolete in EU,and PRC has to lower its cost of production. The Solution is to shift PRC manufacturing to Africa,with a mix of Chinese and African staff,to avail of LDC benefits, to export to EU and PRC.Exports from Africa to EU,will be HAVE MUCH LOWER COST OF PRODUCTION, AND ALSO, VERY LOW FREIGHT COSTS,AND WILL BE ENTITLED TO EU GRANTS,SUBSIDIES AND SOFT LOANS. This will WIPE OUT ALL the EXPORTS FROM INDIA,TO THE EU.India has neither the funds nor the resolve and intellect,to replicate the abovesaid model.dindooohindoo
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