Rate Cuts Are Over; Hike Expected By End-10

BMI View: In the aftermath of the Bank of Ghana's decision to cut interest rates by a greater-than-expected 150bps on July 16, we hold to our out-of-consensus view for the prime rate to be hiked by year-end. We believe that inflation will rise sharply over H210, giving the monetary policy committee little choice but to reverse at least part of the latest rate cut.

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