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By Monday, the Ghana cedi had tumbled to a record 35% low against the US dollar since the beginning of the year, leaving businesses and consumers anxious in the import-dependent west African economy.
Data from the country’s statistical authority pegged July inflation at a record 31.7% amidst a junk status downgrade by international ratings agencies S&P and Moodys.
After a meeting on Wednesday, the Bank of Ghana explained that “under the circumstances, and considering the risks to the inflation outlook, the Committee decided on a 300 basis points increase in the Monetary Policy Rate to 22%”.
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