250bps Interest Rate Hike Ahead

The Bank of Ghana (BoG)'s monetary policy committee has a difficult job on its hands, having to balance the need for aggressive interest rate tightening against deteriorating macroeconomic fundamentals. We expect a 250bps interest rate hike to 18.50% on July 21, with both upside and downside risk present, believing the central bank will act to return real interest rates to positive territory.

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